AUDUSD 4 HOUR CHART – JPY CROSSES
AUD and NZD both outperforming while JPY is weaker (USDJPY higher) suggest JPY crosses are at play.
AUDUSD .6610 is a key resistance
Support below the market as long as it trades above .6545.
Whatever the case, the blowout to the downside (just one week ago) indicates the bottom is in.
THIS WEEK’S MARKET-MOVING EVENTS (all days local)
Wednesday’s US CPI is expected show limited if any progress in July with monthly rates expected to be modestly higher but still exceeding those of June and with annual rates unchanged to marginally lower at best. US retail sales on Thursday are expected to be slightly higher to flat while industrial production on Thursday is expected to reverse prior gains. Consumer sentiment on Friday is expected to edge higher but remain depressed.
Chinese data on Friday are also expected to prove uninspiring with no change in July growth rates for fixed asset investment and industrial production and only modest improvement from a depressed June for retail sales.
Policy announcements will be limited to the Reserve Bank of New Zealand which is expected to hold rates steady on Wednesday. Headline inflation in the UK is expected to move modestly higher on Wednesday with the first estimate for second-quarter GDP expected to hold firm on Thursday.
Consumer inflation data from India is expected to slow significantly in data for July. Australian wage data on Tuesday is expected to be steady with Australian employment expected to moderate in data on Thursday.
Econoday
XAUUSD – Gold Weekly Chart
Supports : 2415.00 , 2395.00 & 2300.00
Resistances : 2460.00 , 2475.00 & 2490.00
GBPUSD Daily
Resistances : 1.27750 , 1.27850 & 1.28050
Supports : 1.27450 , 1.27250 & 1.26750
After breaking below the Channel Trend line, the same one is now acting as a Resistance -1.28050
It doesn’t mean that we’ll be watching Bears dancing, as it might be just a correction, but if that resistance shows strength, we should be falling one more leg…all the way to the Major Support at 1.24150.
That development can take about 4 days to happen….so it can be traded both ways ( as it is always the case with the Demon )
EURUSD 4H
Supports : 1.09100 , 1.09000 & 1.08800
Resistances : 1.09300 , 1.09450 & 1.09650
After quite an action early this week (Monday-Tuesday ) market decided to let it be…
Very lame …
First thing on Monday it should first test the supports and depending on the outcome try Up again.
But it might be just my wishful thinking…it can react like a dead horse after all…we’ll see
The week below has a full calendar in markets that remain hyper sensitive to news… see full previews
SPX: S&P 500 Logs 2.3% for Best Day Since 2022 as Jobs Data Offsets Recession Worries
S&P 500 gains big, Nasdaq, Dow join.
Jobless claims surprise to the downside.
Markets slosh around in thin summer trading.
The S&P 500 posted a huge win on Thursday as emboldened investors rushed in to scoop up battered shares from technology to banking and beyond. The broad-based index logged a 2.3% increase for its best day since November 2022. The powerful rally was made complete when the Dow Jones and the Nasdaq joined, clocking out with advances of 1.8% and 2.9%, respectively.
Jobless claims for the week ending August 3 totaled 233,000, undershooting consensus views of 240,000. In other words, fewer people than expected filed for unemployment benefits. The data was enough to send stocks flying — jobless claims are used as a proxy for layoffs and this one report eased concerns over an economic recession and offered some hope that the dismal July jobs figure might be a one-off event, and not a trend.
USDJPY Daily
Pair is within the brackets of 142.100 & 148.200
USD/JPY: Dollar on Track for Fourth Straight Day of Gains as Carry Trade Almost Unwound
Yen pares gains to dollar.
Exchange rate tops ¥147.50.
Carry trade unwinding at 75%.
Popular carry trade has been unwinding, offering dollar bulls a chance to pocket some gains as yen moves to the downside.
The USDJPY pair is treading volatile waters this week. On Thursday, the pair logged its third straight day of gains and was flaunting green Friday morning, en route for a fourth winning session. The popular forex trade kicked off the week with a massive selloff, which — added to the total drop over the past four weeks — nearly erased all dollar gains for the year. Earlier today, the pair jumped above ¥147.50 before sliding below the mark.
Bitcoin – BTCUSD
BTC/USD: Bitcoin Rockets 15% as Good Jobs Data Ignites Post-Selloff Bargain Hunt
Bitcoin prices rally 15%.
Ether prices join rally.
Traders hunt for bargains.
Crypto enthusiasts snapped up tokens on discount left and right after jobless claims offered glimmer of hope that the economy may not be that bad.
EU futures are presently exactly where the Asian session opened last night. A complete ____ after all is said and done. What has my attention entering the weekend is Ukraine forces entering Russia and killing over 400 troops, causing major destruction of Russian military assets, and sinking a Russian nuclear attack submarine. That and the oh so nice people in support of Palestinian terrorists. That and a Nordic undersea communications cable cut with a saw device almost surely by Russia.
And the people in support of Palestinian terrorists and open borders.
One crazy person gets into the grid or hacks something major and its on. In a big bad way.
And there are those who think they can be negotiated with.
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