WEEKLY TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 10 JULY 2022

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WEEKLY SNAPSHOT

    Composite PMI (Jun), U.K.

    WHEN:                                                                 WHAT IT HAD INFLUENCED:

05th JULY 2022                                                            GBP and its subsequent pairs

WHAT HAPPENED: The Composite PMI Index measures the activity level of purchasing managers in the both sectors. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction.

GBPAUD is trading in the down channel. Further downside can be seen in the coming week.

     ADP Nonfarm Employment Change (Jun), U.S.

    WHEN:                                                                 WHAT IT HAD INFLUENCED:

     07th JULY 2022                                                            USD and its subsequent pairs

WHAT HAPPENED: The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. The change in this indicator can be very volatile.

USDCHF is currently in the upward channel. Further upside can be seen in the coming week.

RBA Interest Rate Decision (Jul), AUSTRALIA

WHEN:                                                               WHAT IT HAD INFLUENCED:

05th JULY 2022                                                           AUD and its subsequent pairs

WHAT HAPPENED: Reserve Bank of Australia (RBA) board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short-term interest rates are the primary factor in currency valuation.

AUDUSD is currently in the downward channel. Further downside can be seen in the coming week.

Gold Locked at $1,740 as Bulls Seek Direction

WHAT IT HAD INFLUENCED:

TOP COMMODITIES IN THE COMING WEEK

     GOLD

GOLD was trading in the downward channel. The downside will be further in the coming week after the breakdown. 


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