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USD and American Indices fall ahead of Fed meeting

July 28, 2021

EUR/USD: The European currency rose against the US dollar on Tuesday due to the general weakness of the dollar. The key event this week is the Fed meeting, where investors will look for Chair Jerome Powell’s comments about the timing for the start of the central bank’s asset purchases tapering. The negative US data added some pressure on the American currency. The Durable Goods Orders were much worse than expected. The core reading, Nondefense Capital Goods Orders ex Aircraft also missed market expectations. The Fed Interest Rate Decision will be published at 21:00 EEST today. The local resistance level is seen at 1.1850. If the pair reaches this level and rebounds from it, this can trigger a downside movement towards 1.1770.

SELL STOP 1.1835/TP 1.1770/SL 1.1857


AUD/USD: The Australian dollar fell against the US dollar on Tuesday, but it kept trading in a bounded range. The poor performance of equities overshadowed the broad greenback’s weakness, mainly against commodity-linked currencies. Another negative factor for the Australian currency was the price of gold, as the metal was unable to recover beyond the psychological level of $1800 ahead of the Asian opening. Today, Australia published Q2 inflation data. The quarterly Consumer Price Index was better than market expectations. The local support level can be seen at 0.7340. A break below could take the pair to 0.7280.

SELL 0.7335/TP 0.7280/SL 0.7353


Nasdaq100: US stocks closed lower on Tuesday, led by declines in the Nasdaq as investors were cautious before results from top tech and internet names. A host of mega-cap tech names reported quarterly results on Tuesday after the market closed, including Apple, which beat top- and bottom-line estimates and said iPhone sales jumped 50% year over year. Google-parent Alphabet also posted quarterly results, registering a 69% jump in advertising revenue, while Microsoft beat earnings despite a dip in revenue from its Windows division. The publishing of earning reports will be continued on Wednesday for Pfizer, McDonald’s, Qualcomm, Facebook, Ford and PayPal.

BUY $15020/TP $15190/SL$14963