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

July 11, 2022

EUR/USD: EUR/USD remains unchanged after it started a new week trading within the 1.0150 – 1.0180 range on the back of June’s employment report publication last week. It hit a fresh 20-year low at 1.0071 during the European session, but it managed to recover after the release of the US Nonfarm Payrolls report. It reported that US employers added more jobs than expected. At the same time Fed speakers confirmed a 75 bps rate hike, while downplaying recession fears. The European ongoing energy crisis affected its currency hard last week, as the EUR/USD weekly chart indicates the major loss of 2.47%. Therefore, the EUR/USD path of least resistance is going to the downside, and short selling looks like a good opportunity.

SELL 1.0155/TP 1.0000/SL 1.0220

 

GBP/USD: Cable is trading to the upside as the opening hour was displaying the strength of the pound bulls. GBP/USD is expected to extend its gains after breaking the important level of 1.2050 amid weakening in the US dollar index. A higher inflation rate in the US economy should be the reason for bigger ‘paychecks’ by the households as lower earnings may force the households to cut their consumption and savings. This may lead to lower demand by the households, which may affect a Gross Domestic Product. The political tensions weakened the pound sterling bears. The Former British Finance Minister indicated his plans to participate in the race to replace Prime Minister Boris Johnson last Friday.

BUY 1.2000/TP 1.2120/SL 1.1940

 

Gold: The gold price ended Friday higher after travelling from a low of $1730 level. The price of the metal fell to a 9-month low last week despite a risk-off mood in equities and recession worries. This turned investors towards the US dollar instead of gold. The US economic calendar will feature additional Fed speakers before the July monetary policy meeting. The Regional Fed Presidents will speak today, tomorrow, and Friday. From the macro economic perspective, the June’s Consumer Price Index data as well as the Producer Price Index will determine the status of the US economy for the near future.

SELL $1740.00/TP $1730.00/SL $1743.00