Market News and Economic Events Update – 05, Aug
- EUR/USD has been dragged to near 1.0230 as DXY is picking bids ahead of the US NFP. US job market will increase at a diminishing rate as employment levels have reached their full capacity. The downbeat Retail Sales and German Factory Orders indicate a slowdown in Eurozone ahead.
- Gold price is trading on the front foot, awaiting a sustained move towards the $1,790-$1,792 supply zone. Strong US corporate earnings and economic data combined with the Chinese tech gains have lifted the overall market mood, despite ongoing China’s military threats against Taiwan.
- USD/JPY – After this week’s dip to the 130.40 area we’re running into resistance at the 134.80 area and 50-day SMA. The bias remains lower while below the 50-day SMA. A move above 134.80 retargets the 136.30 area.
- EUR/GBP – Having held above the 0.8340 area for three days in a row we’ve squeezed higher with resistance at the 0.8480 area. While below the 0.8480 area, momentum remains negative for a move towards the 0.8300 area.
- GBP/USD – Saw a sharp fall to 1.2060 before rebounding back above 1.2200, as we look to determine the next move. The 1.1980 area remains a key support level, which while above keeps the prospect of a move back to 1.2300 on the cards.
Economic Events
IST TIME| Source: forexfactory.com