Market Outlook for Next Week: Key Economic Events and Market Moves to Watch: As July ends and August begins,
The markets are anticipating several critical economic events,
which are expected to have a significant impact.
Traders and investors closely monitor announcements,
including interest rate decisions from major central banks, employment data,
and consumer confidence indices.
We expect these developments to substantially affect currency pairs,
commodities, and overall market sentiment.
Below is a detailed schedule of the most anticipated events
for the upcoming week and an analysis of crucial market moves and trends.
Content
Economic Calendar
Tuesday, July 30, 2024
Consumer Price Index (YoY) (July)-EUR
CB Consumer Confidence Index (July)-USD
Job Openings (JOLTs) (June)-USD
Wednesday, July 31, 2024
Bank of Japan Interest Rate Decision-JPY
ADP Nonfarm Employment Change (July)-USD
Crude Oil Inventories-USD
FOMC Report-USD
Federal Reserve Interest Rate Decision-USD
Federal Reserve Press Conference-USD
Thursday, August 1, 2024
Bank of England Interest Rate Decision (August)-GBP
Initial Jobless Claims-USD
Friday, August 2, 2024
Average Hourly Earnings (MoM) (July)-USD
Nonfarm Payroll Report (July)-USD
Unemployment Rate (July)-USD
Gold
Gold prices have dropped to $2,386 per ounce after rebounding from a new record high of around $2,484.
Prices remain upward, with the volatility index trading around the balance area.
If prices stay above the support level of $2,350, the likelihood of another rise will increase.
However, if the price breaks the support level, it will likely retest the stronger support around $2,295.
Oil
West Texas Intermediate crude futures have fallen to $76 per barrel after testing a key support level around $78.25,
which has turned into resistance.
This suggests a continued decline towards the support level at $72.50.
If prices rise again above $78.25,
we expect them to climb to the resistance levels at $84.40 and then $87.65.
GBPUSD
The pound has retreated to 1.28 against the US dollar after rebounding from the resistance level at 1.3044.
Prices continue to move within an ascending price channel.
A rise can be expected if the downward correction ends and prices remain above the support level at 1.2780.
However, if the support level is broken, coinciding with the lower boundary of the ascending channel,
a decline to the support levels at 1.2625 and then 1.2414 is likely.
USDJPY
The dollar has dropped to 153 yen, accelerating its decline since touching the resistance level at 162.00.
This indicates seller dominance as prices approach the key support area around 152.00 – 150.84.
If prices hold above this support zone, a rise to 154.60 and then 158.75 can be expected.
If the price breaks the support zone,
we anticipate a further decline to the critical support levels around 146.48 and 141.00.
EURUSD
The euro has fallen to $1.0854 after rebounding and forming a significant peak around $1.0945.
The relative strength index trades around overbought levels, allowing for further declines.
If the $1.0830 – $1.0815 support area is broken,
a retest of the critical support level around $1.0670 is expected.
If prices remain above the indicated support area, a rise to $1.0895 and then $1.0945 is likely again.
Market Outlook for Next Week