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It seems that August is going to be a very interesting and eventful month, and traders will have a lot of profit opportunities.
During the past few days, many currency pairs made big moves. The USD went broadly up. Its index versus a basket of currencies reached a new important mark of 96.00. The dollar’s advance will continue if it rises above this resistance. Otherwise, it may pull back to 95.00.
EUR/USD slid below the psychological level of 1.15. The euro was hit as the European Central Banks expressed worries that the euro zone banks may suffer because if their ties to Turkey. At the moment of writing, the euro got some support from the 100-week MA and an important Fibonacci level at 1.1440. A close below 1.15 and the decline below the mentioned support would mean means that the euro got to a new, lower range targeting 1.1365 and 1.13. Any attempts of EUR/USD to recover will meet resistance at 1.15.
Turkish markets were in turmoil because of political tensions between Turkey and the United States. If the situation doesn’t calm down, volatility in USD/TRY will remain high.
GBP/USD dropped from 1.30 to levels below 1.28 under a threat that Britain will leave the European Union without any kind of agreement. The pound got to the lowest level since June 2017. It got oversold but the resistance at 1.29 will limit it on the upside. There are no serious support levels until 1.2580/00.
In the upcoming days, traders will focus on such events as British employment and euro zone’s GDP growth on Tuesday; British CPI and the US retail sales on Wednesday; Australian employment, British retail sales and the US building permits on Thursday; and Canadian CPI on Friday.
There will be active trading in both Forex majors and cross pairs like EUR/GBP, GBP/JPY, NZD/JPY, and exotics like USD/TRY.
The Federal Reserve speeds up its quantitative tightening, and this is certainly bullish news for the USD. At the same time, this is a negative factor for the American stocks, which have entered their seasonally worst month.
The gold has made a perfect retest, but will it hold against the rising dollar? Also, the Jackson Hole Symposium and Jerome Powell's speech may become critical for most assets, and finally, more economic releases and earnings reports await you.
After last week's CPI turned the markets upside down, we are looking at the performance of the US dollar…
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.
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