Weekly Market Report: Aug 01-06, 2022
The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!
Aug 01-06, 2022
Weekly Market Report: August 1-6, 2022
US stocks were trading slightly lower during Sunday’s evening deals, after major benchmark indices finished this week significantly higher and finishing July with the largest gains since April 2020, with market participants looking ahead to a continued deluge of earnings results and key NFP data Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were all trading 0.4% lower.
The RSI is bullish and calls for further upside.
For long positions above 31670, check out targets at 33300 and 34110 in extension.
In the event of a price drop below 31670, look for a further downside with 30745 and 30125 as targets.
The USD/CAD pair is getting bids around the psychological support of 1.2800 in the early Tokyo session. The asset defended the monthly support of 1.2788 on Friday and is displaying downside exhaustion signals near the critical support area.
The RSI lacks downward momentum.
Should the rate climb above 1.2820, with targets at 1.3080 and 1.3240 in extension.
Should the price dip below 1.2820, look for a further downside with 1.2680 and 1.2515 as targets.
The gold price (XAU/USD) remains pressured despite bouncing off the intraday low, down for the first time in four days, as buyers take a breather around the one-month peak. Gold recently rises to $1,763, after refreshing the intraday low to $1,760 during Monday’s Asian session.
The RSI calls for a slump.
If the rate falls below 1880.00, find new targets at 1560.00 and 1450.00 in extension.
If the rate increases above 1880.00, look for a further upside with 2000.00 and 2070.00 as targets.
WTI crude oil extends pullback from two-week top as sellers attack 200-HMA. WTI crude oil prices retreat towards $97.00, after posting the biggest weekly gains in two months.
As long as the resistance at 102.00 is not surpassed, the risk of the break below 90.00 remains high.
For short positions below 102.00, discover fresh targets at 90.00 and 85.00 in extension.
If the rate climbs above 102.00, look for a further upside with 111.30 and 118.00 as targets.
EUR/USD prints mild losses as it consolidates two-week gains inside monthly ascending triangle. EUR/USD pulls back to 1.0210 as bulls take a breather after a two-week uptrend during Monday’s Asian session.
The RSI is mixed to bearish.
If the rate slides below 1.0370, check out targets at 0.9950 and 0.9800 in extension.
Should the price move above 1.0370, look for a further upside with 1.0600 and 1.0800 as targets.
GBP/USD bulls take a breather at multi-day top as the key week begins. GBP/USD prices grind higher as it begins the key week comprising the Bank of England (BOE) monetary policy meeting and the US employment data for July.
The RSI lacks upward momentum.
Should the rate move below 1.2350, with targets at 1.1750 and 1.1430 in extension.
In the case of a price rise above 1.2350, look for a further upside with 1.2670 and 1.2820 as targets.
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