FXPRIMUS Weekly is your comprehensive technical and fundamental trading guide for the coming week! Access the latest news and in-depth technical indicator data, delivered by out market experts each and every week!
With a new week comes new market opportunities. Here’s a recap of what you may have missed, as well as some highlights of the week ahead of us:
Catching you up on last week:
• Tesla shares traded at an all-time high on the company’s 17th anniversary Wednesday after sharing their Q2 delivery numbers. 🚗 It’s surpassed Toyota in becoming the most valuable automaker in the world with a market cap of $207 billion
•Confirmed virus cases pass 50,000 in a day for the first time 📊 and prompting the likes of Apple and McDonalds to reconsider their store opening plans/re-close some locations
• Thursday’s jobs report surprised with 4.8 million new jobs added over June and the unemployment rate fell to 11.1% 💼
This week, keep an eye on:
•Stocks’ and oil’s reaction to recent positive economic data, and whether rising COVID-19 cases put any kind of damper on that in the days ahead as we near 11 million cases and surpass 500k fatalities
•Not a lot of data on the calendar, but worth checking in on the RBA’s Interest Rate Decision and Rate Statement early Tuesday
•JOLTs Job Openings data for May (US) and Canadian employment change and unemployment rate at the end of the week
Let’s take a closer look…
Each week, we take a closer look at the markets that move, and those you may have missed!
Volatility on the S&P500 is down, below 30 for the third time since early May. Historically it is still a high level with the American stock market slowly grinding higher, not far from the all-time high, indicating protection is still expensive. The 28 and 24.5 levels are important to be broken to the downside; to the upside, we can spot the first resistance levels in the 35-37 area.
Appreciation of the Rand stopped June 10th in correspondence to the trendline that originated the end of last year. Now, at 16.93, the price is testing it once again. MACD is negative and has crossed to the downside; the 66 EMA is as negatively inclined as the 8 EMA; RSI is below 50. In the case of a break, the first target will be 16.35-16.45, then 15.80, and finally 15.20. Eventually, the price could continue consolidating for some days, targeting the 17.40 area to the upside.
Having reached an 8-year high this week, gold may still be stretched. RSI has been diverging for 6 months now; MACD is positive but could soon cross to the downside. Gains could be capped in the 1,800 area while the downside could be limited as well, at least initially. New buyers could step in around 1760, 1745, 1720, and 1691 levels.
The stock continues to reach new highs. It has traded in an orderly fashion since lows in March; RSI has just started diverging, and MACD has crossed negatively. To the downside, 362 and 354 will be the first supports: if the latter is broken — confirmation of which will come with the price trading below 345 — then we may have some room to go.
Save The Date(s)
Here are the reports, meetings and other fundamentals to follow this week
|July 6th||08:30||Construction PMI||GBP|
|July 7th||04:30||RBA Interest Rate Decision||AUD|
|July 8th||14:30||Crude Oil Inventories||USD|
|July 10th||12:30||Employment Change||CAD|
*The above times are in GMT
Any opinions, news, research, analyses, prices or other information contained here are provided as general market commentary and do not constitute investment advice. FXPRIMUS does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.