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Trading ideas for AUD/USD, GBP/USD and Gold

July 14, 2022

AUD/USD: Aussie couldn’t retrace from the two-year low as the sellers kept pushing it around during the Asian session. In doing so, the AUD/USD pair indicates the market’s fears of recession, as well as the Fed’s aggression, ahead of the key Australia employment data for June. After the CPI data publication, markets were pushed harder for higher rates. However, mixed reactions from the US politicians helped the Aussie to recover some losses before bears came into the market again. Moving on, Australia’s Consumer Inflation data for July will be published soon as well as the monthly employment report, which should hint to us about short-term moves.

SELL 0.6740/TP 0.6640/SL 0.6790

 

GBP/USD: Cable is trading bearish on what has been a volatile day for financial markets with a lot of important economic data. Firstly, UK Gross Domestic Product was climbing 0.5% in May which is better than expected and Industrial Production in June climbed 1.4%. This is hawkish data with both numbers coming out faster than expected, with the latest GDP data showing upward revisions across many sectors. However, the pound has been pushed as the markets were in anticipation of the US in June’s Consumer Price Index. The US dollar showed a bullish dynamic, having refreshed a 20-year high against a basket of currencies after numbers showed CPI surged to a 40-year high last month.

SELL 1.1950/TP 1.1700/SL 1.1770

 

Gold: The outlook for gold is quite mixed for the gold after a downside movement that has corrected sharply during the US session while the fundamental factors are supposed to support the sellers of precious metals. The US Labor Department reported Wednesday that the Consumer Price Index rose by 1.3% in June and by 9.1% compared to the previous years, the fastest pace since late 1981. The Bureau of Labor Statistics will release the Producer Price Index today for June. Another strong reading would make them more confident about a 100 basis-point rate hike in July, while now the probability is around 60%. Such a scenario could be negative for gold prices.

SELL 1730.00/TP 1712.00/SL 1740.00