Analytics

News, Trends, & Analytics 17.08.2021

Markets are Fighting Through Pessimism

Today the focus is the US Monthly Core Retail Sales and Retail Sales for July, and the report of the US Federal Reserve Chair, Jerome Powell.

 

Calendar

01:30 UTC

The Reserve Bank of Australia’s Meeting Minutes’ release. Dovish tones of the report may put downward pressure on the AUD.

Assets to trade: AUD/USD, AUD/NZD, AUD/JPY


17:30 UTC

The US Federal Reserve Chair, Jerome Powell, speaks. If he shares a hawkish outlook, the USD could receive a positive push.

Assets to trade: GBP/USD, EUR/USD, USD/JPY

 

News

 

The Chinese economy was recently reported to have unexpectedly stumbled. Its primary trade partner, Australia, is to share the economic consequences. Affects AUD


The American $1trln Infrastructure Bill’s tax provision related to cryptocurrency brought the digital currency fans and influencers to a surprising unity as they expressed their concerns over the matter. Affects Bitcoin


Events in Afghanistan weighed on investors’ optimism. They are worried about the sustainability of global geopolitical balance. Affect USD

 

Technical Analysis

Gold

Gold is fundamentally pushed into the upside by the virus situation that is pressing again on many countries and the threat to the global geopolitical equilibrium presented by the events in Afghanistan.

For this reason, it is reasonable to expect that the gold price will keep going up. $1,780 seems an easy target for bulls. If it is crossed, $1,800 will possibly be the next step.

USD/JPY

Lower highs of USD/JPY suggest that the downtrend is there to stay, and crossing 109.00 downwards is a likely scenario for today’s session.

NZD/CHF

This pair has been going downwards since March. Currently, it appears to be forming a new downswing that will likely extend to the support of 0.63.

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