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Weak USD, Gold and China's Stocks Recover

Weak USD, Gold and China's Stocks Recover

Information is not investment advice

Latest news

  • The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes and said that although the US economy is making progress, it’s not enough to taper yet. As a result, the USD weakened and EUR/USD rocketed.
  • China’s government eased its pressure on the country’s companies and allowed local firms to go public in the US. The Hang Seng Index (HK50) surged after that report!
  • Biden’s $1 trillion infrastructure plan was approved by the Senate. It is good news for electric vehicles producers such as Tesla, Ford, and General Motors as $7.5 billion will be spent on electric vehicle charging stations.
  • Oil surged due to the declining crude oil inventories as it showed the increasing oil demand. 
  • Facebook reported better-than-expected earnings results for the second quarter. However, it cautioned investors with a risk of slower growth because of Apple’s advertising regulatory changes. Pfizer rocketed after strong earnings data. PayPal posted mixed results but still closed in green.

Technical outlook

EUR/USD has broken above the upper trend line after the Fed’s dovish comment. The pair is getting closer to the 23.6% Fibonacci retracement level of 1.1870. The pair is likely to struggle to cross this resistance level. Be ready for the reverse down! Support levels are at the recent lows of 1.1835 and 1.1810. On the flip side, if the pair manages to cross 1.1870, it may rocket to the psychological mark of 1.1900.

EURUSDDaily.png

A similar situation has occurred on the gold chart. XAU/USD has closed above the 38.2% Fibonacci retracement level of $1855. Thus, there is a high probability that the price will rise further and reach the 50% Fibo level of $1833. Support levels are the psychological mark of $1800 and the 23.6% Fibo level of $1795.

XAUUSDDaily.png

The Canadian dollar gained from the rising oil prices. As a result, USD/CAD dropped. The pair is getting closer to the 1.2450 support level. If it manages to cross it, USD/CAD may fall to the low of July 30 at 1.2380. Resistance levels are the recent highs of 1.2600 and 1.2750.

USDCADDaily.png

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