Important News to be Traded This Week: As we enter the last week of June 2024,
financial markets are poised for significant movements driven by crucial economic reports and data releases.
This week’s trading calendar features high-impact events that are likely to influence major currencies, commodities, and indices.
Key highlights include the U.S. Consumer Confidence Index, New Home Sales, Gross Domestic Product,
the Federal Reserve’s Monetary Policy Committee Report, and the UK’s GDP figures.
Traders and investors closely monitor these releases to gauge the economic health and adjust their strategies accordingly.
Here’s a detailed look at the important news and market forecasts for the week ahead.
Content
Economic Calendar
Gold
Oil
Dow Jones
GBPUSD
EURUSD
USDJPY
Economic Calendar
Tuesday, June 25, 2024
USD – CB Consumer Confidence Index (June)
Wednesday, June 26, 2024
USD- New Home Sales (May)
Thursday, June 27, 2024
USD – Gross Domestic Product (Quarterly) (Q1)
Friday, June 28, 2024
USD – Core Personal Consumption Expenditures Price Index (Yearly) (May)
GBP – Gross Domestic Product (Quarterly)
USD – Federal Reserve Monetary Policy Committee Report
Gold
Gold dropped by approximately 0.5% during last week’s trading.
The markets are awaiting this week’s data on the Consumer Confidence Index, Gross Domestic Product, and Personal Consumption Expenditures Price Index.
Technically, the price reached the support level of 2315, which is the lower bound of the ascending price channel, suggesting an expected rise in gold to the 2355 level.
Oil
Light crude futures are trading above $80 per barrel. From a technical perspective,
we observe a breakout above the pivotal level and a liquidity concentration of around $78.25.
If prices remain above this level, it will likely enhance the probability of a rise to the resistance level of $82.70.
If this resistance is broken, it is expected to visit the main peak at around $87.65.
However, if it falls below the pivotal level, it will likely retest the support level at $72.50.
Dow Jones Industrial Average
The index rose by approximately 1.55% during last week’s trading.
The markets are awaiting this week’s data on the Consumer Confidence Index, Gross Domestic Product,
and Personal Consumption Expenditures Price Index.
Technically, the index climbed from the support levels of 38470-38600, and we expect the price to reach 39600.
GBPUSD
The pound fell to 1.26 against the dollar, failing to hold above the pivotal level of 1.2710,
which it traded above in mid-week sessions last week.
Increasing selling pressure indicated by the momentum index suggests a likely test of the support at 1.2585.
A break below this level may push prices down to 1.2444, followed by testing the main bottom at 1.2300.
If it rises above the pivotal level, it will likely enhance the chances of climbing to the resistance at 1.2816, then 1.2895.
EURUSD
The pair dropped by approximately 0.15% during last week’s trading.
The markets are awaiting this week’s data on the Consumer Confidence Index, Gross Domestic Product,
and Personal Consumption Expenditures Price Index, all from the U.S. side.
Technically, the pair reached the support level of 1.0675
with the presence of the harmonic shark pattern, suggesting an expected rise in the price to 1.0770.
USDJPY
The dollar rose strongly, closing above 159 against the yen.
After stabilizing above the pivotal level of 157.75 at the beginning of last week,
it approached a major resistance level of around 160.20.
If the price breaks this resistance to the upside, it will likely increase the chances of continuing the upward trend.
However, with the oscillation indicator reaching the overbought area,
there is a possibility of retesting the level of 157.75.
If this level is broken down to the downside, it may push prices towards support at 154.60.
Important News to be Traded This Week