Weekly Market Report: Aug 22-27, 2022

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

Aug 22-27, 2022

Weekly Market Report: Aug 22-26, 2022

US Stock Market (Nasdaq 100)

Last: 13.00

Pivot: 12.00

Review:

US stock futures fell during Sunday's evening deals, after major benchmark averages finished the week lower amid renewed rate hike fears from Fed policymakers ahead of the Jackson Hole Symposium later this week. Dow Jones Futures and S&P 500 Futures fell 0.3% while Nasdaq 100 Futures dipped 0.4%.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Traders looking to go long may find the opportunity to do so should the price break out above 12930.00. Should this happen, the next targets will be at 13700.00 and 14275.00 in extension.

Alternative scenario:

Conversely, a price breakout below 12930.00 will steer the price lower to12030.00 and 11040.00 as targets.

Resistance 13.00 14.00 14.00
Support 12.00 12.00 11.00
Weekly Market Report: Aug 22-26, 2022
USD/JPY

Last: 136.26

Pivot: 131

Review:

USDJPY is firm in the open following the sharply higher US 10-year bond yield and firm close on Friday, trading at 137.12.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

A buying opportunity will present itself if the price breaks out above 131.00, with targets at 137.50 and 139.40 in extension.

Alternative scenario:

A breakout below 131.00 would open the downside with 128.60 and 126.30 as targets.

Resistance 137.5 139.4 141.5
Support 126.3 128.6 131
Weekly Market Report: Aug 22-26, 2022
Oil

Last: 87.16

Pivot: 95.4

Review:

Oil prices fell sharply on Monday on reports suggesting that Iran and Western countries were close to striking a deal that would lift sanctions on crude supply from the West Asian nation. U.S. crude oil sank over 1% to $89.39 a barrel.

Technical comment:

As long as 95.40 is resistance, a decline to 80.00 is likely.

Preference scenario:

A breakout below 95.40 would trigger some short-selling action, with targets at 80.00 and 75.00 in extension.

Alternative scenario:

Should the price break out above 95.40, look for further upside with 100.00 and 105.00 as targets.

Resistance 95.4 100 105
Support 80 75 70
Weekly Market Report: Aug 22-26, 2022
Gold

Last: 1,775.78

Pivot: 1,735

Review:

Gold prices will likely sustain below $1,750.00 as investors await US Jackson Hole Symposium. Gold price (XAUUSD) has declined consecutively for five trading sessions after printing a monthly high of $1,807.96.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

A breakout above 1735.00 will steer the price higher towards 1845.00 and 1880.00 in extension, leaving room for buying action.

Alternative scenario:

A breakout below 1735.00 will send the price tumbling towards 1680.00 and 1645.00 as targets.

Resistance 1,845 1,880 1,920
Support 1,735 1,680 1,645
Weekly Market Report: Aug 22-26, 2022
EUR/USD

Last: 1.0159

Pivot: 1.037

Review:

The EURUSD pair has continued its two-day losing streak after dropping below Friday’s low at 1.0032 in its opening session. The asset is declining towards parity as investors expect hawkish guidance from the Federal Reserve (Fed) at US Jackson Hole Symposium this week.

Technical comment:

The RSI is mixed to bearish.

Preference scenario:

Traders looking to go short may take advanage of that opportunity should the price break out below 1.0370, with targets at 0.9950 and 0.9800 in extension.

Alternative scenario:

Should the price break out above 1.0370, look for 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: Aug 22-26, 2022
GBP/USD

Last: 1.2068

Pivot: 1.235

Review:

GBPUSD has been in free fall over the last three trading days, reaching a pivotal point around 1.1812, at the time of writing.

Technical comment:

The RSI is mixed to bearish.

Preference scenario:

A breakout below 1.2350 will open the downside path, with targets at 1.1750 and 1.1430 in extension.

Alternative scenario:

Should the price break out above 1.2350, look for 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: Aug 22-26, 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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