Don’t waste your time – keep track of how NFP affects the US dollar!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
Warning! Old version of the browser!
Press one of the icons below to proceed to the official website of the developer and download the latest version of your browser.
Online Forex broker
Information is not investment advice
Technical tips
Nasdaq reached all-time highs at 10 300 after that encouraging news. Meanwhile, S&P 500 has risen for the fourth day. If the price crosses the resistance at 3 110, it will open doors towards the next resistance at 3 225. Support levels are at the 200-moving average at 3 025 and at the key psychological mark at 3 000.
Let’s move on to EUR/USD. The pair rose significantly yesterday after the worse-than-expected ADP report. Most analysts have bullish prospects for the euro. The first reason is the weakening dollar. Its global dominance is waning. The second reason, unlike Europe, the USA is suffering from the resurgence in new infections and, therefore, has grimmer economic outlook. Reuters strategists set a target price for the EUR at 1.15 in 12 months.
EUR/USD has just crossed the strong resistance at 1.126, but stopped below the 100-period moving average and the top trendline. If it breaks it through, it will surge further to the high of June 29 at 1.129 and then to the next resistance at 1.133. Support levels are at the 1.1250 and 1.1205. The NFP report today at 15:30 MT time will add fresh volatility.
The gold price is moving down. It will meet the support level at the recent low of June 24 at $1 760.If it breaks it down, it may fall even deeper to the 50-day moving average at $1 727. It’s likely to be a short correction rather than a reverse. Gold may take a breath for a while and then surge again. Follow the NFP report. If the data comes worse than the forecast, gold can rise.
Finally, let’s talk about oil. The encouraging oil report gave stimulus for prices to increase. The WTI oil price is slightly above $40 dollars a barrel now. Analysts believe it will stay near this level for some time. Support levels are at $38 and $36.
The NFP report will be released at 15:30 MT time. Stay tuned!
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.
The overall market sentiment is mixed as investors await the Federal Reserve’s statement today at the evening.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
The US NFP will be published on August 7 at 15:30 MT time.
The RBA will make a rate statement on August 4 at 7:30 MT time.
