Market updates on July 3

Market updates on July 3

Key events ahead:

US ADP Non-Farm Employment Change – 15:15 MT

Forecast of +140K people

Canadian trade balance  - 15:30 MT

Forecast of -1.7 billion CAD

ISM Non-Manufacturing PMI – 17:00 MT

Forecast of 56.1 points

  • Yesterday, the European leaders agreed to nominate the current Chairwoman of the International monetary fund, Christine Lagarde as the next president of the European central bank. According to analysts, she is expected to follow the current dovish tone of Mario Draghi. The EUR/USD pair has tested the support at 1.1269 on H4. If bears continue to pull the pair down, the next support will lie at 1.1252 (200-period SMA). From the upside, pay attention to the resistance levels at 1.3060 (100-period SMA). If this level is broken, the next resistance will lie at 1.1319. After the breakout, the next key level will be placed at 1.1348 (50-period SMA).


  • Gold jumped yesterday amid the fears about global economic growth and geopolitical issues. The price for the yellow metal tested the resistance at $1,435 on H4. At the moment, it is trading near the support at $1,422. As far as this level is broken, the next support will lie at $1,406 (50-period SMA).


  • USD/JPY also fell yesterday. At the moment, the pair is testing the resistance at 107.74 on H4. The next resistance levels are 108.12 and 108.49.  From the downside, the support levels for the pair lie at 107.56, 107.26 and 107.04. The stochastic oscillator is about to form a crossover within the oversold zone. It may provide us a buying opportunity.


  • The Canadian dollar is awaiting the release of Canadian trade balance at 15:30 MT time. At the moment, the key resistance for the USD/CAD pair lies at 1.3116 on H4. The next one is placed at 1.3132. If the Canadian dollar is supported today, the pair will break the support at 1.3094. The next key level is placed at 1.3066.



What to Trade on August 29 - September 2?
What to Trade on August 29 - September 2?

Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.

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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