WEEKLY TECHNICAL ANALYSIS & WEEKLY MARKET STRATEGY – 28 AUGUST 2022

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WEEKLY SNAPSHOT

  • Composite PMI, U.K.

WHEN:                                                                 WHAT IT HAD INFLUENCED:

23rd AUGUST 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 currently in the downward channel. Further downside can be seen in the coming week.

  • Pending Home Sales (MoM) (Jul), U.S.

WHEN:                                                                 WHAT IT HAD INFLUENCED:

24th AUGUST 2022                                                    USD and its subsequent pairs

WHAT HAPPENED: The National Association of Realtors (NAR) Pending Home Sales Report measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. 

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

  • New Housing Price Index (MoM) (Jul), CANADA 

WHEN:                                                               WHAT IT HAD INFLUENCED:

22nd AUGUST 2022                                                    CAD and its subsequent pairs 

WHAT HAPPENED: The New Housing Price Index (NHPI) measures the change in selling prices for new homes. It is a leading indicator of health in the housing sector.

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

Gold Below $1,750 as Fed Signals No Pause in Inflation-Busting Rate Hikes


TOP COMMODITIES IN THE COMING WEEK

GOLD

Weekly Technical Analysis

GOLD is trading in the up channel; an upside will be seen in the coming days. 


Click here for full weekly report

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