With the market still relatively off, since July is an off month, investors have been seen coming back for the day as the FOMC (Federal Open Market Committee) Meeting Minutes are set to be released later on in the day. This is important as traders will get a better glimpse on how the FOMC is thinking when it comes to the monetary policy decision. EUR and Gold traders are both waiting for this event as the negative atmosphere continues to push EUR downwards and Gold upwards. Bitcoin is consolidating for the most part and it also looks to the support and resistance levels to break out of it. With that said, let’s find out how the markets are doing on July 7th, 2021.
The markets are all over the place as the pressure on the USD is mixed, especially with the month of July kicking off and there’s not a lot of volatility going on. The economic indicators are showing some mixed signs as the EURUSD finds some positive momentum to attempt a move above the 1.1900 level. Gold, on the other hand, finally manages to break above the $1,800 resistance level and attempts to move higher. Bitcoin, is not as fortunate, but seems to be on it’s way to break above the $35,500. With that said, let’s find out how the markets are doing on July 6th, 2021.
After the NFP (Non-Farm Payroll) release on Friday which showed better than expected results. The unemployment rate showed an increase to 5.9% which was not expected giving the USD some mixed results. This was reflected in how the EURUSD and Gold traded. While the EURUSD showed negative momentum, increasing, Gold was able to break above certain levels and seems on the verge of more bullish behaviour. Bitcoin, on the other hand, was unable to keep the bullish momentum and fell below important SMAs as it tries to stay above the $30,000 support. With that said, let’s find out how the markets are doing on July 5th, 2021.
It’s NFP day, which means all markets are going to be rather dull without much movement in the market. This is extremely important as it will influence the decision of the FED as it’ll be announced in their next meeting. EURUSD and Gold are both trading without much movement for the time being, as they await for the release of the NFP result. That being said, there is a sense of negativity around both instruments. This also extends to Bitcoin which is experiencing another bout of negativity as it focuses on keeping its head of $32,000. With that said, let’s find out how the markets are doing on July 2nd, 2021.
The market is consolidating the entire way up to Friday’s NFP (Non-Farm Payroll). Battle lines are being drawn and the better than expected ADP figure has given ideas that the Fed is willing to start monetary policy easing. This means that the EURUSD and Gold might be facing increased bearish pressure as time draws nearer to the official US release. Bitcoin on the other hand is facing a Head and Shoulders formation, which means more negative pressure might be on the horizon. With that said, let’s find out how the markets are doing on July 1st, 2021.
The market is focused on the ADP Non-Farm Payroll as it’s the precursor to the actual NFP from the US government. The market will be closely looking at the economic indicator to understand which way the NFP will be swinging. EURUSD and Gold are already feeling the negative pressure as they fall from their respective levels. Bitcoin on the other hand had shown some bullish pressure only to correct the gains it made. With that said, let’s find out how the markets are doing on June 30th, 2021.
The NFP event is the biggest event of the week as all traders and analysts alike are waiting for some fresh information in the market to see how to proceed. This could provide additional strength to the USD as the COVID-19 Delta Variant is expected to spread through Europe during the summer season, adding more safe haven bets on the instrument. EURUSD and Gold are both facing this strong USD as they attempt to keep the support levels in check. Bitcoin, however, seems on the verge of a major move higher above $35,000 but the momentum is not helping the instrument. With that said, let’s find out how the markets are doing on June 29th, 2021.
The market is all over the place as the many avenues are being searched as the beginning of July ushers in a dead month for the entire market atmosphere. This means that there isn’t going to be much happening as July rolls in so the focus will be on price dynamics rather than anything else. EURUSD and Gold are both waiting for a week full of economic releases that are sure to change the status quo that these instruments are facing. Bitcoin is extremely volatile as the latest news concerning Binance hits the airwaves and we saw how the instrument has been moving all over the place. With that said, let’s find out how the markets are doing on June 28th, 2021.
The market is waiting for some pretty important data from the US. The PCE (Personal Consumption Expenditure) is the preferred indicator of inflation by the Fed, as a strong figure there would give the Fed the needed ammunition to start increasing rates. This has forced most of the instruments to consolidate their trading for Friday as EURUSD and Gold are consolidating their movements as neither has had any significant movement since yesterday. Bitcoin, however, has found enough bullish momentum to break above the recent resistance at $34,500 as Bulls seek for a more sustained rally higher. With that said, let’s find out how the markets are doing on June 25th, 2021.
The market is still reeling from the effects of the FOMC and Powell’s testimony, but now new events are coming through as they focus on how Biden's infrastructural plan is making more headway in Congress, which gives more power to the USD. EURUSD and Gold are both feeling the pressure from such developments as corrections and consolidations are the main focus of traders. Bitcoin is also showing some additional bullishness, but it seems unable to really break above $35,000 for the time being. With that said, let’s find out how the markets are doing on June 24th, 2021.
The Fed Testimony from yesterday showed Powell reiterating his stance on the current monetary policy and the current course of action that the FOMC has taken. This didn’t surprise the markets all that much as the EURUSD continued to trade albeit a bit higher while the gold consolidated the losses it had made over the course of a week. Bitcoin witnessed increased bullish presence as it managed to snap a sudden drop to $28,800 and rise back higher towards $34,500. With that said, let’s find out how the markets are doing on June 23rd, 2021.
The market has been trying to understand the latest decision of the FOMC, however, now the focus shifts from FOMC to the testimony by Jerome Powell. All eyes will be on what he says concerning the dot plot and where the US economy stands. The EURUSD and Gold have both suffered great losses ahead of Powell’s testimony and there seems to be more of the downside waiting for these two instruments. Bitcoin has also suffered the same fate as that of the other fiat currencies as the bearish pressure has forced it to drop towards the $30,000. With that said, let’s find out how the markets are doing on June 22nd, 2021.
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