Trading ideas for GBP/USD, XAU/USD and NZD/USD

GBP/USD: The official data showed that UK trade with the EU fell in July after the country’s exit from the bloc earlier this year. Total exports, excluding precious metals, fell 300 million pounds, or 1%, compared with June, due to a drop in exports to the EU by 900 million, or 6.5%, on the background of the negative impact of Brexit and the coronavirus pandemic. This was shown by the data of the Statistics Bureau. Total imports of non-precious metals fell by 100 million pounds, or 0.3%, because of a drop in imports from the EU by 100 million pounds, or 0.5%. So, exporters started losing their competitive benefits.


SELL LIMIT 1.38550/TP 1.37820/SL 1.38930

 

XAU/USD: Gold prices are trading below $1800 following the previous week’s downside. The prices now find it difficult to hold the psychological level of $1800 level. Gold is generally considered a hedge against inflation. However, higher US Treasury income translates into higher opportunity costs for holding non-interest-bearing gold. Gold prices failed to find support after higher inflation readings as traders expected that these figures could force the Fed to tighten its monetary policy sooner.


SELL LIMIT 1801/TP 1757/SL 1817

 

NZD/USD: The New Zealand Institute of Economic Research (NZIER) expects inflation to remain within the Reserve Bank of New Zealand’s target range of 1-3% and then slow to an average of 2.0%. The think tank has also revised its short-term GDP forecast downward but continues to declare: “GDP growth is projected to remain at 4.5 percent throughout the current year through March 2023.”


BUY LIMIT 0.71/TP 0.71650/SL 0.70710

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