What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Risk on is back on market
- The risk on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
- GameStop skyrocketed on Wednesday, surprising investors as everybody thought the stock would stabilize after a rally in January, caused by people from Reddit.
- Gold is heading to close the second month in a row in red. The increasing bond yields pressed down the demand for gold as investors favor the USD that returns yields instead of non-yielding bullion.
- Australian Private Capital Expenditure came out 3.0%, beating estimates of 1.1%. AUD/USD soared to the two-years high.
- Crude oil keeps rallying up amid the supply cuts and the rising demand.
- NVIDIA beat market expectations with earnings of $3.1 per share! Even with the GPU shortage, it made a record $5 billion in revenue. The stock trading will be open at 16:30 MT time (GMT+2).
- Follow the US Prelim GDP q/q at 15:30 MT time.
EUR/USD is climbing to the 61.8% Fibonacci retracement level of 1.2200. It’s unlikely to cross this resistance on the first try, but if it does, the way up to the next Fibo level at 1.2260 will be clear. Support levels are 1.2150 and 1.2100.
GBP/USD has been rising for six days in a row. The jump above yesterday’s high of 1.4200 will open the way up to the next round number at 1.4250. Support levels are at the recent lows of 1.4100 and 1.4050.
USD/JPY has approached the key resistance of 106.00. If the price manages to jump above it, the doors towards the next resistance of 106.50 will be open. On the flip side, the move below the 200-day moving average of 105.50 will press the price down to Monday’s low of 105.00.
Finally, let’s discuss NVIDIA. The stock has been moving in an ascending channel since the summer of 2020. Since it’s in a lower part of the channel, it has more potential to keep rising. Besides, the downside is limited by the 50-and 100-day moving averages at $540.00. The move above $580.00 will drive the stock up to the high of February 16 at $615.00.
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Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
What events to follow and how to trade during the week of July 2-6?
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!