Weekly Market Report: Aug 22-27, 2022
The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!
Aug 22-27, 2022
Weekly Market Report: Aug 22-26, 2022
US stock futures fell during Sunday's evening deals, after major benchmark averages finished the week lower amid renewed rate hike fears from Fed policymakers ahead of the Jackson Hole Symposium later this week. Dow Jones Futures and S&P 500 Futures fell 0.3% while Nasdaq 100 Futures dipped 0.4%.
The RSI is bullish and calls for further advance.
Traders looking to go long may find the opportunity to do so should the price break out above 12930.00. Should this happen, the next targets will be at 13700.00 and 14275.00 in extension.
Conversely, a price breakout below 12930.00 will steer the price lower to12030.00 and 11040.00 as targets.
USDJPY is firm in the open following the sharply higher US 10-year bond yield and firm close on Friday, trading at 137.12.
The RSI shows upside momentum.
A buying opportunity will present itself if the price breaks out above 131.00, with targets at 137.50 and 139.40 in extension.
A breakout below 131.00 would open the downside with 128.60 and 126.30 as targets.
Oil prices fell sharply on Monday on reports suggesting that Iran and Western countries were close to striking a deal that would lift sanctions on crude supply from the West Asian nation. U.S. crude oil sank over 1% to $89.39 a barrel.
As long as 95.40 is resistance, a decline to 80.00 is likely.
A breakout below 95.40 would trigger some short-selling action, with targets at 80.00 and 75.00 in extension.
Should the price break out above 95.40, look for further upside with 100.00 and 105.00 as targets.
Gold prices will likely sustain below $1,750.00 as investors await US Jackson Hole Symposium. Gold price (XAUUSD) has declined consecutively for five trading sessions after printing a monthly high of $1,807.96.
The RSI is mixed with a bullish bias.
A breakout above 1735.00 will steer the price higher towards 1845.00 and 1880.00 in extension, leaving room for buying action.
A breakout below 1735.00 will send the price tumbling towards 1680.00 and 1645.00 as targets.
The EURUSD pair has continued its two-day losing streak after dropping below Friday’s low at 1.0032 in its opening session. The asset is declining towards parity as investors expect hawkish guidance from the Federal Reserve (Fed) at US Jackson Hole Symposium this week.
The RSI is mixed to bearish.
Traders looking to go short may take advanage of that opportunity should the price break out below 1.0370, with targets at 0.9950 and 0.9800 in extension.
Should the price break out above 1.0370, look for further upside with 1.0600 and 1.0800 as targets.
GBPUSD has been in free fall over the last three trading days, reaching a pivotal point around 1.1812, at the time of writing.
The RSI is mixed to bearish.
A breakout below 1.2350 will open the downside path, with targets at 1.1750 and 1.1430 in extension.
Should the price break out above 1.2350, look for further upside with 1.2670 and 1.2820 as targets.
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