11/07/2023
NMK ANALYTICS
🎉Hey-hi! Tuesday is here. And here we go with the most exciting news in the financial markets. 👇
🇨🇦 Canadian Building Permits increased by 10.5%. Economists expected 9.6%. USDCAD keeps falling. If we check the 1 Week timeframe, we will see that Loonie is in the descending channel. The support level is at 1.30720; the resistance is at 1.34900.
🇺🇸🔈 Fed’s member Mary Daly: Economic momentum in the US continues to surprise; two more rate hikes are needed this year to reduce high inflation amid a robust labor market, and The number of walks may be adjusted depending on incoming data
🇬🇧 According to the British Retail Consortium, retail sales in June increased by 4.2% vs. 4.6% in the forecast. Meanwhile, the average earnings index started rising. GBPUSD has reached its 200MA (1.28800). With a higher probability, the price will bounce back and start falling soon. What’s going on with the cable, dears?
🇩🇪 German CPI increased by 6.4% YoY. Inflation in the most significant European economy starts accelerating. It’s logical to expect that ECB will increase the rate. EURUSD still has a chance to form a classical Head&Shoulders reversal pattern. The price shouldn’t break the previous highest high (1.10950) in this scenario.
🛢XBRUSD reached its 100MA and is trying to break the resistance of $77.60. Williams’s %R is in the overbought zone. The price may correct and fall to $75.35.📉
🥇XAUUSD broke the resistance at $1930.50 and is moving to the following resistance line at $1950. Before reaching this level, the price should overcome the 200MA line (1939.28).
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