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

August 03, 2022

EUR/USD: The main currency remains pressured and fell during yesterday as risk-off mood still dominates among the traders. Geopolitical tensions between the US and China occurred after the visit of Nancy Pelosi to Taiwan. Germany’s Trade Balance will be published today. If the readings come out lower than expected, it could affect EUR/USD traders. On the US front, further Fed speakers will show us the future of hawkish Fed policy. It’s important to note that Job Openings data for June rose to 10.7 million which is less than expected. That suggests the labor market is weakening amid growing economic pressures. PMI and ISM data for Eurozone countries will also be released today.

BUY 1.0160/TP 1.0050/SL 1.0200

 

GBP/USD: Cable showed a bearish dynamic yesterday, having reached a low at 1.2166. The US dollar has been stronger against the other currencies. Federal Reserve officials are also emerging from the blackout period, with traders seeking hints about the Fed’s plans after a second 75 basis point rate hiking. Domestically, pressured by political and economic tensions, the pound has been one of the outsiders of this year despite the Bank of England’s rate hike, the largest in more than 25 years. It caused a decrease in net short GBP positions, with the market expecting more rate rises as well.

SELL 1.2140/TP 1.2020/SL 1.2200

 

Gold: Gold began a correction phase after a bullish rally from yearly lows near $1,680 yesterday. The precious metal pulled back from its local highs as investors preferred the US dollar index as a better investment option after the market sentiment worsened. In today’s session, the entire focus will remain on the US ISM Services as well as on PMI data. A preliminary estimate for the economic data is quite lower than the prior release. The US ISM Services New Orders Index data will be worth watching as US tech companies have lowered their guidance for the rest of the year.

SELL 1758.00/TP 1745.00/SL 1763.00