Market updates on July 30

Market updates on July 30

Key events ahead:

South African unemployment rate – 12:30 MT time.

American CB consumer confidence – 17:00 MT time

  • GBP/USD continues to go down on the fears of a no-deal Brexit. At the start of today's Asian trading session, the pound tested the lows at 1.2118. After that, it managed to recover a little towards the resistance 1.2197. However, the downside pressure is still high, and ADX confirms that. If bears take over the market once again, the cable will retest the recent low at 1.2118. The next support will lie at 1.2017. If the British pound is supported, the retest of the 1.2197 level with the following breakout will help the pair to rise further to the 1.2225 and 1.2269 levels.


  • The South African rand has weakened on the negative news about Eskom, South African public utility. Even though the company recently received a 49 billion rand bailout from the government, the company is expected to announce more multibillion-rand losses. On H4, USD/ZAR retested the highs at 14.2127 above the 50-period SMA. The next resistance will lie at 14.2416. From the downside, pay attention to the 14.1364 and 14.0682 levels.


  • US trade Representative Robert Lighthizer and his team of negotiators will meet with Chinese side today to discuss trade. If the outcome is positive, the Australian dollar may be supported. On H4, AUD/USD continues to move within the downtrend. The next support for the aussie will lie at 0.6881. If this level is broken, this will provoke a further fall to the 0.6866 level. In case of the movement to the upside, the first resistance will lie at 0.6911. After that, pay attention to the 0.6932 level. 



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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