Financial market to face fluctuations throughout the coronavirus crisis
Analysts at Goldman Sachs gave a very mixed forecast regarding the prospects for the S&P 500 index. It all depends on the situation with the coronavirus crisis.
Gold declines after months of rallying up
The price of gold turned to a negative correction this morning, which was caused by an unexpected strengthening of the greenback. However, the precious metal still has the opportunity to be noted for the longest and most rapid rise, which has only been over the past ten years.
August 7, 2020 : EUR/USD daily technical review and trade recommendations.
Intraday traders should be considering the current breakdown of the depicted short-term uptrend line. A Breakdown below the price level of 1.1650 is going to give a better confirmation for a valid SELL Position. Estimated targets would be located around 1.1550, 1.1500 then 1.1450.
August 7, 2020 : EUR/USD Intraday technical analysis and trade recommendations.
Bullish persistence above 1.1730 will probably favor further bullish advancement towards 1.2075 (161% Fibo Expansion Level) in the intermediate-term.
On the other hand, bearish re-closure below 1.1730 indicates lack of bullish momentum and enhances further bearish decline initially towards 1.1600.
August 7, 2020 : GBP/USD Intraday technical analysis and trade recommendations.
Significant bearish rejection was demonstrated around the price level of 1.3160 in the form of (Bearish Engulfing Candlesticks).
Hence, upcoming bearish reversal should be expected provided that early bearish breakout occurs below 1.2980 (the depicted wedge pattern upper limit).
American stock indices continue their rally while market sentiment in Asia and Europe deteriorates
Yesterday, the US stock market closed in positive territory as all major stock indicators went up. The excitement came after the news that the US authorities were planning to adopt another stimulus package. However, no agreement has been reached on this issue so far.
Analysis of EUR/USD and GBP/USD for August 7. Markets are starting to believe in the US currency, which is linked to strong Non-farm in the US
Important economic reports will be released in America in the coming minutes, which will reflect the state of the labor market, unemployment and wages in the current crisis in America.
Email Subscription
Do you want to receive Forex analytics newsletter to your email?
Subscribe to analytics newsletter and get fresh daily reviews prepared by InstaForex professional analysts. You can choose which type of analysis and from what analysts you wish to recieve to your email address daily. Be on top of the Forex market events with InstaForex!
BTC analysis for August 07,.2020 - Watch for potential long entries on the dips with the target at $12.160
Watch for buying opportunities..
EUR/USD analysis for August 07 2020 - Potential completion of ABC downside correction and upside movement towards 1.1890 and 1.1915
Watch for buying opportunities...
Where are we going? Cost of oil is slowly declining
This morning, oil raw materials start with a negativity once again: a reduction in cost was recorded for all items. However, in contrast to the previous trading days, yesterday's trading also closed in the red zone, which ended the series of rallies that had lasted for four consecutive days.
USD/CAD. New trade war is coming between Canada and the United States
There is a forthcoming conflict between Canada and the USA again: Washington decided to increase duties on imports of aluminum products, and now, the market expects a response from Ottawa. The intrigue will be resolved tonight
Trader's diary on 08/07/2020. Market awaits Nonfarm payrolls
It is important whether the employment dynamics is confirmed
Show more
We present to you the daily updated section of market analysis prepared by professional analysts of InstaForex Company. Each of the specialists represented in this section, carries out analytical reviews in accordance with his/her vision of the current situation on foreign exchange and other markets. However, the outlooks below are only recommendations and not instructions to any actions; they contain analysis of the current situation on the currency market. In some cases the analysts' opinions to changes in the current market situation can differ, in this way, we recommend you to follow the publications of only one analyst, who in your view most clearly and correctly evaluates the situation on the international Forex market.
