Weekly Market Report: Aug 16-21, 2022
The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!
Aug 16-21, 2022
Weekly Market Report: Aug 15-20, 2022
Last week both CPI (consumer price index) and PPI (producer price index) inflation data for the month of July moved lower. After surprising to the upside last month, markets welcomed the lower-than-expected headline.
The RSI shows downside momentum.
For short positions below 33300, look for targets at 28900 and 26480 in extension.
Should the rate climb above 33300, look for a further upside with 34750 and 36960 as targets.
The USD/JPY pair builds on the previous day's goodish recovery move from the 131.75-131.70 area, or a one-and-half-week low and gains some positive traction on Friday. The pair maintains its bid tone through the early part of the European session and is currently placed just below mid-133.00s.
The pair has broken above a declining trend line and remains supported by its rising 50-week moving average.
For long positions above 116.00, look out for targets at 139.00 and 144.00 in extension.
If the price falls below 116.00, look for a further downside with 110.95 and 107.50 as targets.
Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency (IEA), but benchmark contracts were headed for weekly gains as recession fears eased.
The RSI calls for a rebound.
Should the rate climb above 1793.00, check out targets at 1808.00 and 1814.00 in extension.
Should the rate drop below 1793.00, look for a further downside with 1789.00 and 1783.00 as targets.
Gold Prices have rallied more than 7.5% off the yearly lows with XAU/USD attempting to mark a fourth consecutive weekly advance. The rebound off downtrend support is now testing downtrend resistance and we’re looking for a pivot off this zone in the days ahead for guidance.
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
If the price drops below 1880.00, find new targets at 1680.00 and 1560.00 in extension.
In the event of a price rise above 1880.00, look for a further upside with 2000.00 and 2070.00 as targets.
Intraday bias will be back to the downside for retesting 0.9951 low. Nevertheless, firm break of 1.0348 will argue that rally from 0.9951 is at least correcting the fall from 1.1494. Further rise should then be seen to 38.2% retracement of 1.1494 to 0.9951 at 1.0540.
The pair has broken below a rising trend line and is capped by its declining 50-week moving average.
Should the proce dip below 1.1500, discover fresh targets at 0.9900 and 0.9400 in extension.
If the rate rises above 1.1500, look for a further upside with 1.1900 and 1.2350 as targets.
GBP/USD is licking its wounds while trading around the weekly close near 1.2140, as the US dollar clings to Friday’s recovery gains in early Asia this Monday.
The pair stands below its moving averages.
If the price moves below 1.3200, check the next targets at 1.1415 and 1.1000 in extension.
Should the rate climb above 1.3200, look for a further upside with 1.3700 and 1.4375 as targets.
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