What events to follow and how to trade during the week of July 2-6?
Market updates on October 30
US ADP Non-farm employment change – 14:15 MT (12:15 GMT)
US advance GDP – 14:30 MT (12:30 GMT)
BOC monetary policy report – 16:00 MT (14:00 GMT)
FOMC statement and Federal funds rate – 20:00 MT (18:00 GMT)
FOMC press conference – 20:30 MT (18:30 GMT)
- EUR/USD has got bullish momentum in anticipation of the rate cut by the Fed. The pair has tested the 1.1123 level (50-period SMA) on H4. If this level is broken, the next resistance will be placed at 1.1132. The breakout of that level may help bulls to push the pair further up to the 1.1150 level. If the USD is supported today by important events, the pair will fall below the 1.1106 level. After that, the chances of reaching the 1.1090 level are high. The next key support level will be situated at 1.1072.
- USD/CAD is trading close to the 50-period SMA on the 4-hour chart. The pair has tested the 1.3077 level ahead of the BOC meeting. Bears will be looking for a breakout of the level in an attempt to reach 1.3067. Further downside movement may be limited by the 1.3054 level. Bulls need to pay attention to the 1.3094 level. The next resistance levels will lie at 1.3108 and 1.3122.
- After the formation of the doji candlestick at the top of a trend on H4 yesterday, the USD/JPY pair has been going down. If the USD is weak today, bears may be quite excited to reach the 108.65 level (50-period SMA). If this level is broken, the next support will lie at 108.57. The breakout will help us to focus on the 108.51 level. What are the key resistance levels from the upside? The first one is placed at 108.89. The further rise may be limited by 108.99 and 109.09 levels.
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!