Risk-off is back. All eyes on the US data.

Risk-off is back. All eyes on the US data.

The market sentiment deteriorated as the USA and some other countries are suffering from the new virus resurgence. Investors worry that the economic reopening may be delayed.

Fundamental factors

  • Australia has recorded its largest peak in COVID-19 cases since April. The US states such as Florida and California exceeded daily highs.
  • Investors are concerned that governments may impose strict restrictions and lockdowns again. That may lead to devastating results for most businesses. Stocks dropped on that worries.
  • Margie Patel, portfolio manager at Wells Fargo Asset Management, said that stocks just need to take a breath and then they may continue rallying.
  • The USA revealed new tariffs on export goods from the Eurozone. The EU considers to ban the entry for Americans. The US-EU tensions began to heat up.
  • The IMF lowered its guidelines for the global economic recovery and predict deeper downturn and slower rebound.

 

Technical tips

S&P 500

S&P 500 dropped dramatically, but the 200-day moving average stopped it at the 3,020 level. If it manages to cross this line, it will open doors towards the key psychological mark at 3,000. Follow the release of the US GDP and unemployment claims at 15:30 MT time. It will be the strong catalyst for the further falling, if the data comes worse than expected. Otherwise, if the market catches the risk-on stimulus after the report, stocks may soar. In this case, look for resistance levels at 3,110 and 3,225.

S&P500Daily.png

XAU/USD

Gold is headed to new highs. Market participants found it the most attractive safe-haven asset amid the current uncertainty. The US dollar gains too, but gold still prevails. If it crosses the resistance at 1,775, it will surge to 1,800. Support levels are 1,717 and 1,700. Again, the US data will have a huge impact on gold. Don’t miss out.

XAUUSDMonthly.png

AUD/USD

AUD/USD has tumbled significantly as Australia suffers from the largest high in coronavirus cases. Look for the break below the 0.6830 level, as the pair may fall even deeper to the next support at 0.6800. Resistance lines are the 50-day moving average at 0.6890 and the high of June 23 at 0.6920.

AUDUSDH4.png

Upcoming event:

The US GDP and unemployment claims at 15:30 MT time will make the market really volatile. Follow the report!

Check the economic calendar

LOG IN

Similar

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera