Here we gathered the best and the worst performers of the week and the most volatile pairs .
Market updates on July 18
Key events ahead
- British retail sales– 11:30 MT time (9:30 GMT)
- Speech by the FOMC member Williams – 21:15 MT time (18:15 GMT)
- Rate Statement by the South African Reserve bank – 16:00 MT time (13:00 GMT)
- The European trading session started positively for the British pound. GBP/USD has risen on comments by Michel Barnier. He noted that the EU is ready to work on alternative arrangements for the Irish border. On H4, the cable is moving towards the resistance at 1.2477. If this level is broken, the next key resistance will be placed at 1.2504. From the downside, keep an eye on the support levels at 1.2422, 1.2399 and 1.2381.
- As the USD got weaker, the gold was supported yesterday. After the test of the $1,427 level, the yellow metal fell to the support at $1,421. The next support for gold will lie at $1,412. However, the uncertainty around the Fed decision on the rate cut continues, as a result, we may see the yellow metal retesting the $1,427 level with the following breakout and rise to the $1,433 level.
- USD/ZAR is awaiting the decision by the South African Reserve bank scheduled at 16:00 MT. According to analysts, we will see a rate cut today. In this case, the pair will break the resistance at 50-period SMA (14.0202) on H4 and target the next one at 100-period SMA at 14.0785. If the central bank is hawkish, the pair may fall below the 13.9568 levels. The next support will lie at 13.8567.
The European Central Bank will meet today to discuss the current monetary policy and the fate of the quantitative easing program
Canada will publish the headline and core retail sales on January 24 at 15:30 MT time.
The famous pharma giant Pfizer is going to release its earnings report on January 28 at 17:00 MT time.
The Bank of England’s interest rate announcement and monetary report will be out at 14:00 MT on January 30.
The week has started with a cautious note...