Upcoming Financial Events and Market Trends to Watch This Week: The financial markets will witness significant events and announcements
that could shape market trends and investment strategies.
From key meetings and testimonies to crucial economic indicators, traders and investors will closely monitor these developments.
Additionally, we provide a detailed analysis of recent market movements for gold,
oil, and major currency pairs, helping you stay informed and prepared for the week ahead.
Content
Economic Events
Monday, July 8
EUR Eurogroup Meeting
Tuesday, July 9
USD Testimony by Federal Reserve Chair Powell
Wednesday, July 10
NZD New Zealand Central Bank Interest Rate Decision
USD US Crude Oil Inventories
Thursday, July 11
EUR German Consumer Price Index (Monthly) (June)
USD Consumer Price Index (Annual) (June)
Friday, July 12,
EUR Core Consumer Price Index (excluding food and energy) (Annual) (June)
USD Producer Price Index (Annual) (June)
Gold
Gold surged strongly during last week’s trading by approximately 2.95%.
This week, the markets are awaiting important data regarding US inflation from the Consumer Price Index and Producer Price Index.
Technically, the price broke through resistance levels of 2388,
with the breaking of the downward trend line targeting levels of 2433.
Oil
West Texas Intermediate crude oil futures prices rose above $83 per barrel.
From a technical perspective, prices managed to break through a significant resistance level of around 80.20, facing resistance at 84.40.
Here, it faces selling pressure as the oscillation index reaches the overbought area,
making it likely to retest before continuing to rise to the resistance levels of 84.40 and then 87.65.
However, if it declines and breaks the support level,
it will enhance the likelihood of it dropping to the pivotal support
level of 78.25 and then the main support level of $72.50.
US Dow Jones Index
The Dow Jones index rose by approximately 0.42% during last week’s trading.
This week, the markets are awaiting important data regarding US
inflation from the Consumer Price Index and Producer Price Index.
Technically, the price is stable above the support levels of 39090-39225,
targeting the proactive harmonic pattern at levels of 39815.
GBPUSD
The pound rose to 1.28 against the dollar after rebounding from the support level of 1.2715
and breaking through an important resistance level of 1.2766.
It is approaching a key resistance level at 1.2860, with increasing buying momentum that enhances its continued rise.
However, if it falls below the support level of 1.2615,
it will likely drop to the following support levels of 1.2505 – 1.2300.
EURUSD
The pair rose by approximately 0.90% during last week’s trading.
This week, the markets are awaiting important data regarding US inflation from the Consumer Price Index and Producer Price Index.
Technically, the pair broke through resistance levels of 1.0795-1.0805 above the 200-moving average, targeting the next resistance level at 1.0900.
USDJPY
After rebounding from the resistance level of 162, the dollar declined to below 161 against the Japanese yen.
It is facing selling pressures but finds support at 160.35.
If it breaks the resistance level, this will enhance the chances of it rising again.
However, if it breaks the support level downwards, prices will decline towards the support of 158.25 and then 154.60.
Upcoming Financial Events and Market Trends to Watch This Week