What moved the markets? July 5 2021
Long weekend for our US clients, we hope you took some time to celebrate and are ready for an incredibly strong second half of the year.
For those not celebrating, another day in the charts starting this week with overlook of the recent moves and some trade ideas as always. You are welcome!
What moved the markets?
Gold prices have bottomed out at their lowest level near 1.7500 and reversed for the second part of the week. We have seen a ranging consolidation for a few weeks now with the precious metal bouncing back to look for new highs just recently. We haven’t given an analysis for Gold traders here yet, but expect some more volatility and shots for even lower lows in the upcoming weeks.
The NFP added 850 thousand jobs in USA, which was higher than expectation itself. It was one of the strongest releases in months running the stops both ways on dollar pairs in just a few moments.
US oil strengthened further above $76 after the United Arab Emirates blocked a deal last week, as OPEC+ resumed talks on expanding oil output last week. The standoff might result in less petroleum on the market and a further rise in prices, which have reached a more than two-and-a-half-year high of $76.20 per barrel. Keep your eyes on it too!
DXY – an index to watch
You remember analysis we gave you on S&P 500 recently? We are torn apart here in our headquarters again, even though dollar pairs are our most favorite to trade.That usually gives quite a good foundation for analysis though.
These few upcoming trading days will helps us decide, so Thursday, we might let you know what we are doing for the good part of this quarter while playing around with USD, but today, watch the level we have at 92.250 closely.
We will either bounce further to attack the 93.500 highs before the end of the month, or will find the same level as resistance, if we break bellow this week. Attacking the equal lows at 91.500 and even running 89.000 before the end of the summer looks quite promising.
For the more fundamental folks – that idea should sound quite reasonable considering the fed continuing to print.
Copy Trading is almost here! We mentioned it a few times already, but now we want to see how interested you guys are in such a possibility. We are launching a wish list registration today, where we are offering a week of zero fees trading for your investment account once we launch it later this month. Don’t hesitate to leave not only your details, but invite your friends as well! Find the wish list here.