Market updates on August 23

Market updates on August 23

Key events ahead:

  1. Canada’s core retail sales – 15:30 MT (12:30 GMT)
  2. Speech by the Fed Chair Powell at Jackson Hole Symposium – 17:00 MT (14:00 GMT)
  • During the Asian trading session, the comments by the Governor of the Reserve bank of New Zealand Adrian Orr supported the New Zealand dollar. He said that the rate cut by 50 basis points reduced the probability of another one soon. On H4, NZD/USD has risen towards the resistance at 0.6391 and corrected. If bears continue to drag the pair down, the first support for it will lie at 0.6363. Alternatively, if the pair retests the 0.6391 level, the next one will lie at 0.6419 (50-period SMA).

NZDUSDH4.png

  • EUR/USD is awaiting the speech by the Fed Chair Jerome Powell. If he provides hawkish comments on the current situation in the economy and reassures the rate cut expectations, the USD will get stronger. In this case, the 1.1065 level will be broken and bears will try to pull EUR/USD lower towards the next support at 1.1028. If he is dovish, the pair will rise up to the resistance at 1.1088. The next key levels will lie 1.1106-1.1114.

EURUSDH4.png

  • USD/CAD inched higher on the news that the European Union will stop the import of some Canadian products from September. After the test of the 1.3325 level, the pair slid to the support at 1.3311. If the CAD is supported today by higher-than-expected core retail sales, the current support will be broken, and the next support will lie at 1.33. Alternatively, pay attention to the 1.3325 level. In case of a breakout of that level, the next resistance will lie at 1.3338.

USDCADH4.png

  • Gold may move on the comments by the Fed Chair, too. At the moment it trades in a range between the $1,504 and $1,494 levels. Dovish comments by Mr. Powell may push the price of the yellow metal higher to the $1,504 level. If it is broken, the next resistance will lie close to the 50-period SMA at $1,508. In case of strong bullish pressure, there will be a possibility of reaching the $1,516 level. From the downside, after the breakout of the $1,494 level, the next one will lie at 1,490.

XAUUSDH4.png

Similar

USD Gains Momentum
USD Gains Momentum

The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Gold Rises as Central Banks Buy More
Gold Rises as Central Banks Buy More

About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.

US Evades Default This Time
US Evades Default This Time

Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera