Weekly Forex Trading Signals For 09.02- 09.08.2024
| Weekly Wrap-Up Germany’s Ifo Business Climate fell to 86.6 in August, the lowest since February, down from 87 in July due to rising pessimism among companies. US new orders for durable goods soared 9.9% in July, rebounding from a revised 6.9% decline, the biggest increase since May 2020. Australia’s CPI rose 3.5% year-over-year to July, down from 3.8% in June, the lowest since March, thanks to the Energy Bill Relief Fund. US GDP grew at a 3.0% annual rate in Q2 2024, up from 2.8% initially estimated and 1.4% in Q1. The US core PCE price index, the Fed’s preferred inflation measure, rose 0.2% month-over-month in July 2024. |
| This Week’s Highlights This week’s key economic releases are scheduled as follows: Swiss Consumer Price Index (Tuesday) US ISM Manufacturing PMI (Tuesday) Australia Gross Domestic Product (Wednesday) Bank of Canada Rate Statement and Overnight Rate Decision (Wednesday) US JOLTS Job Openings (Wednesday) US ADP Non-Farm Employment Change, Unemployment Claims, and ISM Services PMI (Thursday) US and Canada Labor Data (Friday) |
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| Pair of the Week XAU/USD (Gold) |
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| This week, expect high volatility in the XAU/USD (Gold) pair due to economic events in the US that may have an impact. Resistance: $2,531.87; $2,568.87 Support: $2,470.54; $2,432.57 |
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| USD/CAD |
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| This week, expect high volatility in the USD/CAD pair due to Bank of Canada rate decisions and various economic events in Canada. Resistance: 1.3611; 1.3776 Support: 1.3366; 1.3195 |
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