Market updates on August 29

Market updates on August 29

US preliminary GDP – 15:30 MT (12:30 GMT) time

  • After correcting to the 1-2235-1.2249 levels on H4, GBP/USD moved lower. The cable has tested the ground below the 50-period SMA at the 1.2194 level. If this level is broken, the next support in focus will be placed at 1.2171. In case of an upside movement, we will be looking for a retest of the 1.2213 level. After that, the retest of the levels placed between 1.2235 and 1.2249 will be in focus.


  • EUR/USD has been trading between 1.1073 and 1.1086 levels. If the USD gets stronger on today’s release, the pair will slide below the 1.1073 level. The next support for the pair will be placed at 1.1065. The further downward movement will be limited by the lower border of a long-term symmetric triangle. On the other hand, bulls will pay attention to the 1.1086 level. If it is broken, the next resistance level will lie at 1.1095 (50-period SMA).


  • USD/JPY is looking for a break of 50-period SMA and 106.22 level on the more risky sentiment. Buyers may focus on the next level at 106.4 if the current resistance is broken. The next key level will lie at 106.6. From the downside, the first support level will be placed at 105.82. The break of this level will make the pair vulnerable to a fall towards the 105.64-105.51 levels.




What to Trade on August 22–26?
What to Trade on August 22–26?

How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3­­ Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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