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Trading ideas for GBP/USD, AUD/USD and Nasdaq100

July 21, 2022

GBP/USD: The Great Britain pound fell against the US dollar on Wednesday despite hot inflation data. The data published by the UK’s Office for National Statistics showed that the Consumer Price Index jumped to 9.4% on a yearly basis in June, and this value is higher than the market expectation. The increase was largely driven by rising costs of food and petrol. While core inflation fell for a second month, it remains well above pre-pandemic levels. The pound’s weakness may be driven by cost-of-living concerns, which remain in the spotlight as prime ministerial candidates compete to tempt voters with promises of financial support. US data, such as Initial Jobless Claims and Philadelphia Fed Manufacturing Survey, will likely drive movement in the currency pair exchange rate today, given a lack of significant economic releases from the UK. The local support level can be seen at 1.1935. A breakout below could take the pair to an immediate target of 1.1870.

SELL 1.1930/TP 1.1870/SL 1.1950

 

AUD/USD: The Australian dollar was corrected against the US dollar on Wednesday after a sharp rise the day before. The rally was powered by the Minutes of the Reserve Bank of Australia’s July policy meeting released early Tuesday, which showed that the central bank sees a need for more policy tightening to curb inflation. As for macroeconomic data, Australia published the June Westpac Leading Index that tracks nine indexes of economic activity, to provide an indication of how the economy will perform. And it was a little worse than its previous value. Earlier this morning, the country published the National Australia Bank Business Confidence for the second quarter, which indicates the performance of the overall Australian economy in a short-term view. This figure was worse than market expectation. The local resistance level is located at 0.6925. A breakout to the upside can trigger growth to 0.6990.

BUY 0.6925/TP 0.6990/SL 0.6900

 

Nasdaq100: US stock indexes rose on Wednesday due to gradually improving market sentiment. The Nasdaq index was supported to rise due to strong upward moves in Netflix, Amazon, Meta Platforms, and Nvidia stocks. Netflix set a positive tone for tech stocks after beating second-quarter EPS estimates and losing fewer-than-expected subscribers, a sign that the streaming business may be starting to stabilize in the post-pandemic world. Today, the ECB’s monetary policy decision in Europe may create some level of volatility in the market. Investors should continue to keep an eye on the ongoing earnings season for general clues on the outlook and commentary about how inflation and slowing growth are impacting margins. Key reports today will include those from Freeport-McMoran (FCX.US) and Snap (SNAP.US) companies.

BUY $12,525/TP $12,750/SL $12,450