Weekly Market Commentary | 07.07 – 13.08

Weekly Market Commentary | 07.07 – 13.08
Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know.
  • Australia and Canada have holidays, resulting in potentially lower market activity.
  • Switzerland will release its foreign currency reserves data.
  • FOMC member Harker is scheduled to give a speech during the European session.
  • NAB Business Confidence from Australia will be the key data release of the day.
  • China's inflation figures will be released, with a decrease of 0.5% expected.
  • New Zealand's inflation expectations will also be announced.
  • The US will announce its inflation data, with an annual rise to 3.3% expected, up from the previous 3%.
  • The weekly US Unemployment Claims report is expected to show 231,000 new claims.
  • Japan's markets will be closed.
  • The UK is expected to announce GDP figures, with a growth of 0.2% predicted.
  • The US PPI report is expected to show a modest increase of 0.2%.
  • The Prelim University of Michigan Consumer Sentiment index from the US is expected to come in at 71.7.
Setups for This Week:

Dow Jones
Primary view:
  • Last week's bearish correction likely to continue.
  • Key horizontal support at 33,500 points serves as the correction target.
Alternative view:
  • Limited chance for a rebound with continued bearish activity more probable.

Primary view:
  • Completion of inverse head and shoulders pattern.
  • Currently testing the neckline (yellow) and the long-term downtrend line (red).
  • Break above these resistance lines would offer a long-term buying opportunity.
Alternative view:
  • Possibility of price bouncing off resistance, leading to a downward swing.

Primary view:
  • Completion of a double bottom pattern (yellow).
  • At a horizontal resistance level (blue) and below the lower line of the symmetric triangle.
  • Breakout above these two lines would suggest a strong long-term buying signal.
Alternative view:
  • Potential for a selling opportunity if price bounces off these two resistances with the long-term green uptrend line as the target.

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