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Market news and trade ideas on July 17

Market news and trade ideas on July 17

Information is not investment advice

Fundamental factors

The market sentiment is mixed today as contradictory economic data from China and the USA this week showed that the recovery path will be bumpy and it will take a lot of time to reach pre-crisis levels. It erased the investors’ optimism based on successful vaccine tests. US retail sales came out better than analysts expected. They were 7.5%, while the forecast was 5.0%. However, jobless claims tuned out more by 50 000 than the forecast – 1.3 million people filed for unemployment benefits. The US dollar fell down after report, but then returned to previous levels.

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EUR/USD

Let’s look at the charts. EUR/USD bounced back from the key resistance at 1.1445. Now it’s moving upward to the resistance at 1.1415. If it breaks through this level, it may surge again to the recent high at 1.1445. Support levels are 1.1343 and 1.1280. Follow the EU Final CPI at 12:00 MT time and the US Consumer Sentiment at 17:00 MT time, the latter will have a huge impact on the market.

EURUSDH4.png

S&P 500

The S&P 500 reached the key resistance at 3 225, but failed to break it through. The move above will push the price to the next resistance at 3 300. Support levels are 3 135 and 3 110. The US consumer sentiment should define the further S&P movement.

S&P500Daily.png

Gold

Gold dropped dramatically and even broke through the lower trend line. It reversed from the support at $1 794 and crossed the key psychological mark at $1 800. It will meet soon the resistance at $1 810. Support levels are at $1 794 and $1 778.

XAUUSDH4.png

USD/JPY

Finally, let’s look at the USD/JPY. The pair has just crossed the support at 107.2. It's moving towards the next one at 107.0. Resistance levels are at 107.35 and 107.7. Follow the US consumer sentiment report at 17:00 MT time!

USDJPYH4.png

Upcoming events:

  • The EU consumer price index will be released at 12:00 MT time.
  • The governor of the Bank of England Andrew Bailey will speak at 13:00 MT time.
  • The preliminary US comsumer sentiment will be published at 17:00 MT time! Follow the report!

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The US NFP will be published on August 7 at 15:30 MT time.

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The RBA will make a rate statement on August 4 at 7:30 MT time.

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