Weekly Market Report: Aug 01-06, 2022

The intel you need to trade the upcoming week’s key economic events. Be that market expert !

Aug 01-06, 2022

Weekly Market Report: August 1-6, 2022

US Stock Market

Last: 32,830

Pivot: 31,670

Review:

US stocks were trading slightly lower during Sunday’s evening deals, after major benchmark indices finished this week significantly higher and finishing July with the largest gains since April 2020, with market participants looking ahead to a continued deluge of earnings results and key NFP data Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were all trading 0.4% lower.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

For long positions above 31670, check out targets at 33300 and 34110 in extension.

Alternative scenario:

In the event of a price drop below 31670, look for a further downside with 30745 and 30125 as targets.

Resistance 33,300 34,110 35,380
Support 31,670 30,745 30,125
Weekly Market Report: August 1-6, 2022
USD/CAD

Last: 1.2859

Pivot: 1.282

Review:

The USD/CAD pair is getting bids around the psychological support of 1.2800 in the early Tokyo session. The asset defended the monthly support of 1.2788 on Friday and is displaying downside exhaustion signals near the critical support area.

Technical comment:

The RSI lacks downward momentum.

Preference scenario:

Should the rate climb above 1.2820, with targets at 1.3080 and 1.3240 in extension.

Alternative scenario:

Should the price dip below 1.2820, look for a further downside with 1.2680 and 1.2515 as targets.

Resistance 1.308 1.324 1.34
Support 1.282 1.268 1.2515
Weekly Market Report: August 1-6, 2022
Gold

Last: 1,706

Pivot: 1,880

Review:

The gold price (XAU/USD) remains pressured despite bouncing off the intraday low, down for the first time in four days, as buyers take a breather around the one-month peak. Gold recently rises to $1,763, after refreshing the intraday low to $1,760 during Monday’s Asian session.

Technical comment:

The RSI calls for a slump.

Preference scenario:

If the rate falls below 1880.00, find new targets at 1560.00 and 1450.00 in extension.

Alternative scenario:

If the rate increases above 1880.00, look for a further upside with 2000.00 and 2070.00 as targets.

Resistance 1,880 2,000 2,070
Support 1,560 1,450 1,350
Weekly Market Report: August 1-6, 2022
Oil

Last: 95.49

Pivot: 102

Review:

WTI crude oil extends pullback from two-week top as sellers attack 200-HMA. WTI crude oil prices retreat towards $97.00, after posting the biggest weekly gains in two months.

Technical comment:

As long as the resistance at 102.00 is not surpassed, the risk of the break below 90.00 remains high.

Preference scenario:

For short positions below 102.00, discover fresh targets at 90.00 and 85.00 in extension.

Alternative scenario:

If the rate climbs above 102.00, look for a further upside with 111.30 and 118.00 as targets.

Resistance 102 111.3 118
Support 90 85 80.6
Weekly Market Report: August 1-6, 2022
EUR/USD

Last: 1.0212

Pivot: 1.037

Review:

EUR/USD prints mild losses as it consolidates two-week gains inside monthly ascending triangle. EUR/USD pulls back to 1.0210 as bulls take a breather after a two-week uptrend during Monday’s Asian session.

Technical comment:

The RSI is mixed to bearish.

Preference scenario:

If the rate slides below 1.0370, check out targets at 0.9950 and 0.9800 in extension.

Alternative scenario:

Should the price move above 1.0370, look for a further upside with 1.0600 and 1.0800 as targets.

Resistance 1.037 1.06 1.08
Support 0.995 0.98 0.96
Weekly Market Report: August 1-6, 2022
GBP/USD

Last: 1.2053

Pivot: 1.235

Review:

GBP/USD bulls take a breather at multi-day top as the key week begins. GBP/USD prices grind higher as it begins the key week comprising the Bank of England (BOE) monetary policy meeting and the US employment data for July.

Technical comment:

The RSI lacks upward momentum.

Preference scenario:

Should the rate move below 1.2350, with targets at 1.1750 and 1.1430 in extension.

Alternative scenario:

In the case of a price rise above 1.2350, look for a further upside with 1.2670 and 1.2820 as targets.

Resistance 1.235 1.267 1.282
Support 1.175 1.143 1.1
Weekly Market Report: August 1-6, 2022

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.

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