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EURUSD 4h
EUR reached support at 1.16850 – as promised 😀
Now resistances are: 1.17200, 1.17450 & 1.17700
When EUR plays this hopscotch game ( dropping down , just to jump back up again ) with lower highs and lower lows, it is correctional.
As long as it stays above 1.16150 we can expect change of current trend ( down) and continuation of the rally – Up
Below that support, there is another one at 1.15300, that has a bit more blunt angle Up
To be able to really endanger the resistance at 1.18450, we need to stay with the sharper angle – so 1.16150 support provides it.
USDX (US DOLLAR INDEX).
Big picture
Down momentum broken on shorter time frames but to confirm on a daily chart, 99.45 would need to be regained.
On a 4 hour chart, 98.23 is next resistance.
As EUR is 57.6% of USDX and the index is often used as a proxy for the EURUSD, the currency would need to break below 1.1680 for USDX to build further upward momentum.
USDX DAILY CHART
Gold Futures Drift Slightly Lower in Directionless Trade
Gold Futures Drift Slightly Lower in Directionless Trade
Gold futures tick lower but remain broadly rangebound. Futures are down 0.1% to $3,338.50 a troy ounce, having recovered most of the losses incurred in the prior session. The precious metal had fallen as much as 1.2% on Monday on a briefly stronger U.S. dollar, before ending the session flat. It still sits up 0.8% on week and slightly lower on month. Technical trading indicators are broadly neutral, preventing bullish and bearish investors from taking any near-term directional clues on gold’s trajectory. This suggests gold traders might have to prepare for an uneventful summer.
US Futures Point to a Rebound
US futures erased most early losses on Tuesday, as investors digested the latest trade developments.
Futures on the S&P 500 rose 0.1%, the Nasdaq 100 edged up 0.2%, and Dow Jones futures hovered near the flatline.
Markets responded to news that President Trump had announced revised tariff rates on 14 countries that have yet to reach trade agreements with the US. Reports also indicated that the US has proposed a deal to the EU that would retain a 10% baseline tariff, with exceptions for sensitive sectors such as aircraft and spirits.
Investors found some relief in the extended timeline for negotiations, as the new tariffs are not set to take effect until August 1st, allowing more time to reach agreements.
On the corporate front, Tesla shares rose nearly 1% in premarket trading, rebounding after a 6.8% decline on Monday.
Other megacap tech stocks were mostly higher ahead of the opening bell, including Nvidia (+0.8%), Amazon (+0.3%), Meta (+0.6%), Broadcom (+0.7%), and Alphabet (+0.5%).
SP 500 Chart
SOL ETF Approval May Come Early, Solana Activity Soars
Key points:
·        SSK’s strong debut with $33M volume puts pressure on SEC to approve more Solana ETFs quickly.
·        Network daily active addresses spike to 14.63M, signalling rising user interest and platform usage.
Solana ETF Coming Earlier?
The U.S. Securities and Exchange Commission (SEC) is moving faster than expected on spot Solana (SOL) ETF applications. According to two sources familiar with the matter, the SEC asked fund issuers to submit updated S-1 filings before the end of July. These updates must include details on staking and in-kind transactions.
Although the Commission has until October 10 to make a final decision, it may act before that date. This shift in pace appears connected to the recent approval of the REX-Osprey Solana and Staking ETF (SSK). That fund launched under the Investment Company Act of 1940, which allowed it to start trading without a formal approval unless the SEC intervened.SSK Launch Raises Urgency for Other Filings
SSK’s launch gives it a key advantage over other proposed ETFs still under review. It became the first Solana staking fund available to U.S. investors. The SEC has previously tried to avoid giving early access to one fund by approving similar products at the same time. This was the case with spot Bitcoin and Ethereum ETFs.
One person familiar with the matter said the existence of an active Solana ETF could increase pressure on the SEC to approve additional filings without delay. The Commission’s request for issuers to update their paperwork suggests the process may now move faster than originally planned. Strong Trading Start for First Solana ETF
SSK began trading last week and drew $12 million in inflows on its first day. It also recorded $33 million in volume, based on data from Bloomberg analyst Eric Balchunas. These early numbers reflect growing interest in Solana-related investment products.
Notably, on-chain data shows a sharp increase in the network’s usage. According to Sentiment data, daily active addresses reached 14.63 million on July 7. Just days earlier, activity had remained below 5 million.
Meanwhile, the rise in user activity comes at a time when Solana’s market price has stayed steady. SOL was trading at $150.06 at press time, down 1.48% over the past 24 hours.
Over the last week, the price has gained 0.61%. Trading volume sits above $4.28 billion. If activity on the network continues to grow, it may support long-term interest from investors and fund managers.
Australia’s Dollar Gains After Central Bank Unexpectedly Leaves Rates Unchanged, Says Mitsubishi UFG
The top performing G10 currency overnight Monday was the Australian dollar (AUD), highlighting that the latest United States trade policy developments haven’t “significantly” undermined global investor risk sentiment, said Mitsubishi UFG.
Market participants remain optimistic that trade deals will eventually be reached to help dampen the impact of higher tariffs, wrote the bank in a note to clients.
Domestic developments have also been favorable for the Australian dollar overnight Monday after the Reserve Bank of Australia unexpectedly decided to leave rates on hold at 3.85%, stated MUFG. The Australian rate market had been almost fully pricing in another 25bp rate cut as of Monday so it was a big surprise to leave rates on hold.
The yield on the two-year Australian government bond initially jumped by almost 10bps after the policy decision, which helped to lift AUDUSD up to a high of 0.6558 from around 0.6510 before the announcement, pointed out the bank. The decision to leave rates on hold wasn’t unanimous. There were three dissenters who voted for the rate cut today while six members voted to leave rates on hold.
In the accompanying press conference, Governor Michele Bullock emphasized that Tuesday’s decision was more about “timing” rather then direction, indicating that the RBA will continue to lower rates in a “sensible, cautious way,” added MUFG. The RBA wants to be more confident that it has “nailed” inflation and is waiting to confirm that inflation is sustainably on track to its 2.5% target.
As a result, the RBA judged that it could wait for more information to confirm inflation, added the bank. The next RBA policy meeting is on Aug. 12 and by that time, the Australian consumer price index report for Q2 will have been released, which, without any major upside surprises, should allow the RBA to resume rate cuts next month.
GBPUSD
Bigger picture
Potential change of direction pattern (two blue AT lines) but would need to break 1.3369 to fully negate the uptrend..
Immediate support is at 1.3562, which is seen across multiple time frames (with a void below it), and the trendline.
Note a weaker EURGBP yesterday, which supported GBPUSD, is firmer today and having the opposite effect.
GBPUSD DAILY CHART
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