Key Market Events and Analysis for the Week: This week promises significant market movements and key economic events are lined up.
Highlights include the Eurozone’s CPI, the US ADP Nonfarm Employment Change, and the UK Construction PMI.
The most anticipated data, the US Nonfarm Payrolls and Unemployment Rate, will be released on Friday.
We’ll analyze how these events might impact gold, crude oil, and major currency pairs like GBPUSD, EURUSD, and USDJPY, helping traders stay informed and prepared.
Content
Economic events
Tuesday, July 2, 2024
12:00 PM (EUR): Consumer Price Index (YoY) (June)
Wednesday, July 3, 2024
3:15 PM (USD): ADP Nonfarm Employment Change (June)
Thursday, July 4, 2024
11:30 AM (GBP): Construction PMI (June)
Friday, July 5, 2024
3:30 PM (USD): Nonfarm Payrolls (June)
3:30 PM (USD): Unemployment Rate (June)
Gold
Gold rose slightly by approximately 0.3% during last week’s trading.
The markets are awaiting this week’s trading data, including the Services and Manufacturing PMI data and crucial employment data this Friday.
Technically, the price is above the support levels of 2315, forming a Harmonic pattern, which indicates a potential price increase to the 2355 levels.
West Texas Crude Oil
The prices of light crude oil futures stabilized above $81 per barrel,
continuing to post gains for the third consecutive week with monthly gains exceeding 5%.
According to the technical outlook, we notice stability above the pivotal level and the liquidity concentration around 78.25.
It also broke a previous major peak, enhancing the likelihood of its continuation to the 83.00 resistance.
If it consolidates above this level, it is expected to reach its main peak at around $87.65.
However, if it declines below the pivotal level, it will likely retest the support level at $72.50.
Dow Jones
The Dow Jones Index moved variably near the 39000 level during last week’s trading.
The markets are awaiting the Manufacturing and Services PMI data and crucial employment data,
which will be coming up this Friday.
Technically, the index rose from the support levels of 38470-38600.
If it breaks through the 39295 levels again, it is expected to reach the 39800 levels.
GBPUSD
The pound stabilized at 1.26 against the dollar and remained downward since rebounding from the 1.2860 resistance level.
Selling pressure has decreased, as indicated by the momentum indicator,
while the oscillation indicator points to a balance between buyer and seller strength.
It is likely to continue its decline to retest the 1.2505 support, which, if broken,
would signal further decline towards the 1.2300 support.
Conversely, if it closes above the last peak around 1.2710, it will likely reoccur to the resistance.
EURUSD
The pair rose by approximately 0.25% during last week’s trading.
The markets are awaiting the European Consumer Confidence Index and a speech by ECB President Christine Lagarde.
On the other hand, the dollar awaits the Services and Manufacturing PMI data and crucial employment data.
Technically, the pair is above the 1.0675 support levels with a Harmonic shark pattern, suggesting a potential price increase to the 1.0800 level.
USDJPY
The dollar stabilized near 161, its highest level in 34 years, against the Japanese yen.
It continues to hold above the resistance level, which turned into support at 160.20.
However, purchasing power is declining according to momentum indicators,
supported by the oscillation indicator in the overbought zone.
If prices remain above the support level, the upward trend will continue.
Conversely, if the support level is broken, it would signal a retest of the subsequent support levels.
Key Market Events and Analysis for the Week
