Welcome to this week’s Market Blast Fundamentals.
I’m Brad Alexander and on behalf of Valutrades, today we will take a look at WTI (US Oil), USDCAD, Gold (XAUUSD), the NASDAQ (US 100), the DJIA (US 30) and EURUSD.
We are seeing the USD getting a bit stronger over the last week and investors will be waiting for the US Federal Reserve’s conference in Jackson Hole, Wyoming.
The latest outbreak of the COVID Delta variant, and slowing vaccination numbers, will likely have Jerome Powell change his stance on bond-purchase tapering and future Interest Rate decisions.
This will affect the USD and US equities.
Speaking of which, we saw a big sell-off last week across the board in US Equities but optimistic investors were eager to “buy the dip” and prices are recovering.
We see the NASDAQ back to resistance and the Dow Jones Industrial Average still has some room to move to the upside.
Gold is still consolidating, with a slight bearish bias, at about $1785, and any news from Jackson Hole will also affect the price of Gold as it is correlated to the bond market and the USD.
CAD seems to be showing signs of recovery after last Friday’s very good Retail Sales figure and some optimism with the price of Crude Oil and we will look at CAD from the technical side tomorrow.
WTI has recovered a bit but is still in a clear downtrend, and only good news on COVID will give us optimism on Oil demand.
Besides Jackson Hole, we have lots of economic news from the US like Home Sales, Goods Orders, and GDP.
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That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.
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