Key market drivers for your favorite assets
Trading opportunities for Aug 13-17
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 is going to be a blast! Traders await the meeting of the US, Australian, and British central banks, the OPEC meeting, and the NFP release on Friday…
This week will bring us many interesting events for traders: inflation reports from the UK, Canada, and also PMI reports from the EU, UK, and the US. It will affect almost the entire Forex market. Watch the video to get fresh trade ideas for the week ahead!
It seems like most of the assets have joined Black Friday's sell-off with global indices, risky currencies, and commodities going down.
NFP starts to feel a little bit boring and the market's focus shifts to other important economic data. Inflation is one of them. It is affected by supply shortages, the amount of printed money, and an increase in demand. But how does it affect the market? In this video, we'll find out!
Jerome Powell is getting a second term as chair of the Federal Reserve. Powell is seen as less dovish than Brainard (another nominee). The US dollar should get some support from the possibility of faster-than-expected Fed tapering.