Gold quotes are correcting downwards, reaching the level of 2008 dollars per ounce.
Forex forecasts and market outlooks
High-quality Forex forecasts and financial market reviews from professional analysts are added daily!
Clients of the Tifia broker get exclusive access to high-quality materials from independent analytical agency Claws&Horns in their Client Cabinet: technical and fundamental market analysis, Forex economic event calendar, currency, stock, index forecasts, trading indicators signals and much more.
At 10:30 (GMT+2), the UK will publish data on the unemployment rate for June. This indicator records the percentage of the number of unemployed over 18 years of age to the total working-age population. Only registered unemployed are counted. The value is expected to rise from 3.9% to 4.2%, which may put pressure on the British currency.
At 10:30 (GMT+2), the UK will release employment data for June (3M/3M). This indicator records the change in the number of employed citizens in the country. The figure is expected to decline for the second time in a row, this time by another 288K. The forecast realization may put pressure on the pound.
NZD is strengthening against USD during today's Asian session, recovering from a sharp decline at the end of last trading week, when the instrument responded to the publication of the US labor market report for July.
The USD/CHF pair, after breaking the March minimum at 0.9180, grows due to the upward correction of USD.
EUR is showing insignificant growth against USD during today's Asian session, correcting after falling the day before. USD was supported on Monday by decrees signed by President Donald Trump last weekend. Among other things, Trump has temporarily extended the payment of increased unemployment benefits to American citizens while lawmakers in Congress fail to agree on a new stimulus package. At the same time, the new benefit was revised downward from USD 600 to USD 400, and a quarter of the amount will have to be covered from the state budgets.
Today during the Asian session, the USD/CAD pair is declining, developing the “bearish” momentum formed yesterday. The Canadian dollar tries to win back the losses of last Friday when the US dollar rose amid the publication of a positive report on the US labor market for July.
USD has shown moderate gains against JPY during this morning session, trying to consolidate above 106.00 again. USD is supported by the initiatives of Donald Trump, who signed several decrees aimed at stimulating the economy, without waiting for the resolution of all controversial issues in the American Congress.
The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) develops, within which the wave 3 of (3) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iv) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.3285–1.3515. In this scenario, critical stop loss level is 1.3011.
The pair is in a correction, a fall is possible.
On the 4-hour chart, the first wave of the higher level 1 of (3) develops, within which the wave iii of 1 formed. Now, a local correction is developing as the fourth wave iv of 1, within which the wave (a) of iv has ended. If the assumption is correct, after the end of the wave (b) of iv the pair will fall to the levels of 1.1644–1.1472. In this scenario, critical stop loss level is 1.1920.