简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Global markets enter the new week in a risk on tone with as market participants are positioning for no more rate hikes out of the Federal Reserve and pricing in cuts from Q2 2024.
Global markets enter the new week in a risk on tone with as market participants are positioning for no more rate hikes out of the Federal Reserve and pricing in cuts from Q2 2024. In last weeks low volatility, holiday shortened week this translated to a steady rise in equities (DOW hitting 3-month highs), a steady decline in the US dollar (DXY hitting 3-month lows) and a multi-year low in the “fear index” with the VIX dropping to its lowest point since 2020.
With traders back at their desks and some key economic figures due this week we could see this narrative tested and likely see a bit more volatility in markets to finish the month off.
Charts to watch this week
EURUSD
The Euro drifted higher against the USD last week, EURUSD still respecting its upward trend channel and managing to break and hold the psychological 1.09 level. In the week ahead we have some high impact inflation related figures for EURUSD traders to navigate. Starting with Spanish and German inflation on Wednesday and followed by the Feds favourite inflation gauge, the PCE reading on Friday.
Key levels this week in EURUSD will be the 1.09 level to the downside and the May and August resistance level at 1.1065 to the upside.
XAUUSD
Gold saw a positive week as the bulls took advantage of a weak dollar and were encouraged by US yields holding steady. XAUUSD made two attempts to breach the October high resistance at 2009 USD an ounce but was rejected both times. We enter the new week with XAUUSD again drifting higher to that level and it will be a key level to watch. If XAUUSD can take this level and get some support a test of the May highs at 2067 is the next obvious technical resistance level. If 2009 holds as resistance and XAUUSD is rebuffed again, the support at 1962 will be the key level to watch to the downside.
USOUSD
Crude Oil enters the week after another down week, making it five in a row to be sitting just above 75 USD a barrel. This week is an interesting one though with the delayed OPEC+ meeting taking place on Thursday. There is a possibility that Saudi Arabia and Russia could extend or deepen their voluntary curbs to support the crude price, there is also the (smaller) possibility that no changes are made, seeing further pressure on USOUSD that could see a test of the major support at 67 USD a barrel in the near future.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Founded in 2014, Olymp Trade has been operating for over a decade, expanding its services and user base considerably, now offering focused trading in fixed-time trades (previously known as binary options in some regions) and Forex. Specifically, Olymp Trade operates two trading modes: fixed-time trades and forex mode. Fixed-time trades refer to trades with predetermined expiration times, where traders predict market movement directions. Payouts typically range from 70-90% of the investment amount. Forex Mode is a more traditional forex trading approach with variable leverage (up to 1:500 for experienced traders). At the same time, it allows for more sophisticated trading strategies with customisable take-profit and stop-loss orders.
Novatech FX Ltd. (“Novatech”), founded in 2019, was registered in St. Vincent and the Grenadines, a jurisdiction known for its minimal regulations and booming unlicensed brokers. NovaTech, which said it was a leading forex and crypto trading platform, claimed to have its own trading software with deep liquidity. Mostly active from 2020 to 2023, they attracted investors by promising monthly returns of 3% to 5%. Accusing them of a $600 million investment fraud, the SEC filed charges on August 12, 2024, against NovaTech FX, Cynthia and Eddy Petion, and several promoters.
Maxxi Markets is a forex broker founded in Comoros that offers traders access to a diverse range of financial instruments. With product offerings spanning commodities, forex, indices, metals, cryptocurrencies, and bonds, the broker caters to a wide spectrum of trading interests. Backed by the Mwali International Services Authority (MISA) under an offshore Retail Forex License (license number T2023425), Maxxi Markets combines innovative technology with varied account options to serve both novice and experienced traders.
Selecting the right forex broker can make the difference between trading success and frustration for most investors, especially retail investors. As retail traders gain unprecedented access to global markets, the choice between platforms like JustForex and JustMarkets becomes increasingly significant. Both brokers offer some shining features within the forex and CFD trading space, but their approaches differ in some areas.