
This week, the majors will be affected by the interest rate decision by the Federal Reserve, NFP, the BOE Meeting, and more events.
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.
This week, the majors will be affected by the interest rate decision by the Federal Reserve, NFP, the BOE Meeting, and more events.
Reasons behind the USD's advance, the earnings season in the United States, the outlook for EUR, JPY, Apple, Amazon, and more in this video!
This week, we will continue monitoring the developments in the stock and commodity markets as tensions between Ukraine and Russia and Fed’s tightening cycle remain the main issues driving the markets.
More reports, the start of a rally in crypto, outlook for gold and forex. This week is full of impactful releases, and we are here to trade on them.
Gold is about to break the most significant support. The US dollar index keeps gaining momentum. However, the situation might change this week, and we might see a tiny correction. Investors might return to risk-on and push the US stock market indices and cryptocurrencies to the upside. These and more trade ideas are in our new weekly video! Do not miss it!
This week is likely to be pivotal for many assets, including gold, USD, and several stocks. However, we need to be focused and react fast to the ever-changing environment to get the most from it.
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