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Message: [QUOTE="zForex, post: 223392, member: 88093"] [ATTACH type="full" alt="A graph of a stock marketDescription automatically generated"]24780[/ATTACH] EURUSD The EUR/USD pair rebounded from its recent low of 1.0875, rising to around 1.0925, marking a 0.17% gain during the day. The upcoming US Retail Sales data is anticipated to cause volatility in the pair. Germany's Wholesale Price Index for July showed a slight increase from -2.9% to -2.8% YoY, below the expected -2.6%. The ECB's Economic Bulletin, however, suggests lingering uncertainty in Eurozone inflation and economic growth. Fed San Francisco President Mary C. Daly's remarks indicate a cautious stance on rate increases, influencing the Euro's upward potential and affecting EUR/USD. Market focus shifts to US Retail Sales, with expectations of a 0.4% MoM rise in July. There's a rising likelihood of a 25-basis point rate hike in the November Fed meeting. Additionally, upcoming events include Eurozone GDP Q2, Harmonized Index of Consumer Prices MoM for July, and the FOMC Minutes, which could provide further direction for the market. The EUR/USD touched an important support level and formed a possible reversal pattern that the DXY is confirming too. The next resistance will be the 1.1000 level where also the upper parallel of the downtrend with the 100/200MA, making a solid confluence point. [TABLE] [TR] [TD]Resistance 3 [/TD] [TD]Resistance 2 [/TD] [TD]Resistance 1 [/TD] [TD]Support 1 [/TD] [TD]Support 2 [/TD] [TD]Support 3 [/TD] [/TR] [TR] [TD]1.1090 [/TD] [TD]1.1050 [/TD] [TD]1.1000 [/TD] [TD]1.0950 [/TD] [TD]1.0900 [/TD] [TD]1.0850 [/TD] [/TR] [/TABLE] [ATTACH type="full" alt="A graph of stock marketDescription automatically generated"]24781[/ATTACH] GBPUSD [JUSTIFY]The British Pound (GBP) experienced a consolidation breakout following a report from the United Kingdom's Office for National Statistics. The report revealed a significant increase in jobless benefits and substantial layoffs within the labor market. This led to the GBP/USD pair extending its upward movement due to a notable rise in the labor cost index. As a result, the possibility of more interest rate hikes from the Bank of England (BoE) is now on the table. The Unemployment Rate reached a fresh nine-month high of 4.2%, highlighting the challenges in the UK's labor market. The report underscores the potential consequences of the BoE's aggressively tight interest rate policy. Notably, persistent inflation and layoffs are driven by labor shortages and elevated food prices. The labor market's weak performance contrasts with a healthy growth rate. This shift prompts investors to turn their attention to July's inflation data, which is set to be released on Wednesday at 06:00 GMT. This data will likely shed light on the trajectory of inflation and its potential impact on the economy. The GBP/USD found support at 1.2650 and formed a double bottom while the next resistance level is at 1.2820 and the support will be again at 1.2650. [/JUSTIFY] [TABLE] [TR] [TD]Resistance 3 [/TD] [TD]Resistance 2 [/TD] [TD]Resistance 1 [/TD] [TD]Support 1 [/TD] [TD]Support 2 [/TD] [TD]Support 3 [/TD] [/TR] [TR] [TD]1.3220 [/TD] [TD]1.3150 [/TD] [TD]1.3000 [/TD] [TD]1.2650 [/TD] [TD]1.2600 [/TD] [TD]1.2400 [/TD] [/TR] [/TABLE] [ATTACH type="full" alt="A screen shot of a graphDescription automatically generated"]24782[/ATTACH] USDJPY The preliminary Q2 2023 Gross Domestic Product (GDP) figures for Japan exceeded expectations with a growth of 1.5% QoQ, compared to the anticipated 0.8% and the previous 0.7%. Additionally, Japan's Industrial Production rose to 2.4% MoM in June, surpassing the expected 2.0% and the previous data. Japan's Economy Minister, Shigeyuki Goto, predicts a moderate economic recovery, but warns about the risks of a global slowdown and the impact of rising prices. Japanese Finance Minister Shunichi Suzuki hinted at potential intervention from Tokyo, influencing USD/JPY prices, though without targeting a specific price level or favoring rapid fluctuations. The US Dollar Index (DXY) retreated from a five-week peak, experiencing its first daily loss in four sessions, due to unfavorable inflation indications. The New York Fed's one-year inflation expectations dropped to 3.5% for July, its lowest point since April 2021. Despite this, the survey also indicated confidence in favorable labor market conditions and economic changes. Meanwhile, the US 10-year Treasury bond yields fluctuated around the highest level since November 2022, at 4.20%. The mildly positive US and European stock futures contributed to positive sentiment in the market and impacted USD/JPY bullish movements. USDJPY is going toward the resistance level of 146.50. The bullish trend seems strong but the possibility of an intervention by the BOJ seems more than ever possible. [TABLE] [TR] [TD]Resistance 3 [/TD] [TD]Resistance 2 [/TD] [TD]Resistance 1 [/TD] [TD]Support 1 [/TD] [TD]Support 2 [/TD] [TD]Support 3 [/TD] [/TR] [TR] [TD]142.00 [/TD] [TD]141.20 [/TD] [TD]140.22 [/TD] [TD]138.70 [/TD] [TD]137.70 [/TD] [TD]135.50 [/TD] [/TR] [/TABLE] [ATTACH type="full" alt="A graph of stock marketDescription automatically generated"]24783[/ATTACH] People’s Bank of China’s (PBoC) rate cut and a slew of downbeat China data suggesting more stimulus from the Dragon Nation also the yields on US bonds that are making new highs push for gold to touch a strong support level at the 1900 area. US Retail Sales data for July, anticipated to show a 0.4% month-on-month increase compared to the previous 0.2%, will be crucial in gauging the interim direction of the gold price prior to the release of the Federal Reserve's (Fed) latest monetary policy meeting minutes on Wednesday. Most importantly, monitoring bond market movements will be essential for providing a clear guide. Gold appears to be losing momentum around the current support area of 1900, and the possibility of a correction seems likely, especially since the DXY has reached a significant historical resistance level. [TABLE] [TR] [TD]Resistance 3 [/TD] [TD]Resistance 2 [/TD] [TD]Resistance 1 [/TD] [TD]Support 1 [/TD] [TD]Support 2 [/TD] [TD]Support 3 [/TD] [/TR] [TR] [TD]1960 [/TD] [TD]1953 [/TD] [TD]1942 [/TD] [TD]1931 [/TD] [TD]1920 [/TD] [TD]1900 [/TD] [/TR] [/TABLE] [ATTACH type="full" alt="A graph with lines and numbersDescription automatically generated with medium confidence"]24784[/ATTACH] DAX40 [JUSTIFY]European stocks experienced a slight decline on Tuesday, driven by a drop in real estate shares due to increasing bond yields. However, this decrease was balanced by gains in the retail sector, particularly driven by Marks & Spencer from the UK, which raised its profit expectations. The real estate sector (.SX86P), often influenced by bonds, saw a nearly 1% decline during early trading. Bond yields across Europe surged, notably with UK gilts (GB10YT=RR), reacting to data showing a substantial growth rate in basic wages in Britain, reaching a new record. In positive news, British retailer Marks & Spencer (MKS) experienced an 8.4% increase, propelling it to the top of the STOXX 600 index, thanks to its improved profit outlook. Additionally, the broader retail index (.SXRP) saw a gain of 0.7%. Danish jewelry maker Pandora (PNDORA) also performed well, rising by 3.5% as it raised its full-year revenue outlook following second-quarter sales that exceeded analyst forecasts. DAX is rebounding from the 15800-support level and is now facing the next challenge at the 16000 short-term resistance level. The long bullish trend is evident, but it is currently forming reversal patterns as the price range in the last 3 months indicates weakness in the current trend. [/JUSTIFY] [TABLE] [TR] [TD]Resi Level 3 [/TD] [TD]Resi Level 2 [/TD] [TD]Resi Level 1 [/TD] [TD]Suppo level 1 [/TD] [TD]Suppo level 2 [/TD] [TD]Suppo level 3 [/TD] [/TR] [TR] [TD]16600 [/TD] [TD]16400 [/TD] [TD]16200 [/TD] [TD]15650 [/TD] [TD]15400 [/TD] [TD]15200 [/TD] [/TR] [/TABLE] [/QUOTE]

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