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Market Analysis 08/07/2022

Economic calendar

There is NFP today to end the trading week, with a forecasted slowdown in new jobs added at 260k versus 390k for the previous month’s reading. Even with jobs growth slowing down, is it sufficient to tame the strong USD down?




EURUSD Daily Chart

The pair faced little to no resistance on its way down in the past couple of days, and it is exactly 100 pips away from reaching parity at the time of writing. There is a high chance that NFP is going to provide the volatility needed for a quick test at parity. Please be aware as there could be a strong fakeout and whipsaws in prices while everybody is flocking into the markets at this key time. 

One interesting thing to note is this:

Daily Chart of EURUSD on cTrader

Notice how 77% of retail traders are buying into this bearish trend? Since most retail traders are wrong most of the time, this sentiment tool can be used as a great confluence for our trading. 

From the chart we can also see that Trading Central’s Technical Views is giving their preference of going short with a target at 0.9950 area. The next important question to ask is whether the buyers can hold their grounds at 1.0000.

Precious Metals



Gold Daily Chart

The death cross that we were looking at earlier solidified and gold tumbled. Although it was relatively quiet yesterday, it lost about $70 on Tuesday and Wednesday collectively. The next support is near at $1720 but really the key zone that we are eyeing for is 1680 as we the previous bounces from that key area is quiet obvious. We are more inclined towards the bearish side as there is significant downside momentum going on. 




USOIL H4 Chart

Technical-wise, US crude is currently in a solid bearish channel with $105 as its resistance and $96 as the support. Lower highs and lower lows reflect the lack of investors’ confidence in global oil demand with increased recessionary concerns amid rapid interest rate hikes across major central banks. We expect the price to test the upper boundary of the channel and that is when the bears may take over and keep the price trading within the channel.

US Stock Market


SP500 Daily Chart

Similar to Crude oil, SP500 has also been trading in a bearish channel. It has had a decent week up till now, and we shall see how NFP affects the market later. Recessionary concerns will be the main factor that limits further upside movements in the stock markets in the short term. Resistance and support levels are marked at 3950 and 3750 respectively.




BTCUSD Daily Chart

Still no significant moves on Bitcoin, but it has bagged some decent gains over the past week  (+12.9%).

The range of 22910 and 17620 remains intact until further breakout.


Trader, Technical Analyst


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