USD/CAD Daily Forecast – Test Of Resistance At 1.2480

U.S. Dollar Moves Higher After Hawkish Comments From Fed’s Bullard

USD/CAD is currently trying to settle above the resistance at 1.2480 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get back above the resistance at 92 and is testing the next resistance level which is located at 92.15. In case this test is successful, the U.S. Dollar Index will move towards the resistance level which is located near the 20 EMA at 90.30 which will be bullish for USD/CAD.

Today, U.S. reported that Personal Income increased by 0.1% month-over-month in June while Personal Spending grew by 1%. Both reports exceeded analyst expectations.

Foreign exchange market traders also had a chance to take a look at the final reading of U.S. Consumer Confidence report for July which showed that Consumer Confidence declined from 85.5 in une to 81.2 in July compared to analyst consensus of 80.8.

U.S. dollar received additional support after Fed’s Bullard stated that Fed should begin to reduce its asset purchase program this fall and finish the program at the beginning of 2022. It should be noted that the recent Fed’s commentary remained dovish, and it remains to be seen whether Bullard’s views are shared by the majority of Fed members.

Technical Analysis

usd cad july 30 2021

USD to CAD managed to settle above the resistance at 1.2450 and is testing the next resistance level at 1.2480. In case this test is successful, USD to CAD will move towards the resistance at 1.2500.

A move above the resistance at 1.2500 will open the way to the test of the resistance at the 20 EMA at 1.2520. If USD to CAD gets above this level, it will head towards the next resistance at 1.2550.

On the support side, the nearest support for USD to CAD is located at 1.2450. If USD to CAD gets back below this level, it will move towards the support at the 50 EMA at 1.2435.

A successful test of the support at the 50 EMA will push USD to CAD towards the support at 1.2420. If USD to CAD manages to settle below this level, it will head towards the next support at 1.2385.

For a look at all of today’s economic events, check out our economic calendar.

Why Amazon Stock Is Down By 7% Today

Amazon Stock Dives On Weak Q3 2021 Guidance

Shares of Amazon found themselves under significant pressure after the company released its second-quarter earnings report.

Amazon reported revenue of $113.1 billion, which was lower than analyst estimates. The company’s GAAP earnings of $15.12 per share exceeded analyst expectations but were not sufficient enough to provide support to Amazon shares.

In Q3 2021, Amazon expects to report revenue of $106 billion – $112 billion, which means that Amazon’s revenue will decrease compared to the second quarter. The company’s operating income is projected to be between $2.5 billion and $6 billion compared to $6.2 billion in Q3 2020.

The market was clearly shocked by the company’s quidance for the next quarter, and the stock opened with a big gap down. The stock has made an attempt to gain ground as some speculative traders decided to buy the dip, but it failed to develop upside momentum.

What’s Next For Amazon Stock?

Investors and traders got used to strong reports from Amazon so the soft Q3 2021 guidance dealt a major blow to the stock. Analysts expect that the company will report earnings of $55.86 per share in 2021 and $72.38 per share in 2022, so the stock is trading at roughly 46 forward P/E.

Amazon has always enjoyed rich multiples as investors believed in its growth story, and it remains to be seen whether one report will change the market’s view.

It should be noted that the report highlights potential problems for all leading tech companies as they may face slower growth in case the world succeeds in its battle against the coronavirus pandemic and gets back to normal life.

It’s too early to say that Amazon’s growth story is under question, and the stock will surely attract opportunistic buyers. However, it remains to be seen whether support from such buyers will be sufficient enough to push Amazon shares back to recent highs in the upcoming trading sessions.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Test Of Resistance At $25.60

Silver Gains Ground Ahead Of The Weekend

Silver continues its attempts to settle above the 20 EMA at $25.60 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is currently located in the range between the support at the 50 EMA at 91.90 and the resistance at the 92 level. If the U.S. Dollar Index manages to settle back above the 92 level, it will move towards the resistance at 92.15 which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Gold failed to settle above the resistance level at $1835 and pulled back towards $1825. The nearest significant support level for gold is located at the 50 EMA at $1815. If gold gets to the test of this level, silver will find itself under pressure.

Gold/silver ratio did not manage to settle back above 71.50 and is slowly moving towards the 71 level. In case gold/silver ratio manages to test the 71 level, silver will get more support.

Technical Analysis

silver july 30 2021

Silver is currently testing the resistance level at the 20 EMA at $25.60. If silver manages to get above the 20 EMA, it will gain additional upside momentum and head towards the next resistance level which is located at yesterday’s highs at $25.80.

A move above the resistance at $25.80 will push silver towards the next resistance at the 50 EMA at $26.10. If silver manages to settle above the 50 EMA at $26.10, it will head towards the resistance level which is located at $26.30.

On the support side, the nearest support level for silver is located at $25.50. If silver declines below this level, it will move towards the support at $25.30. A move below the support at $25.30 will open the way to the test of the support at $25.00. In case silver gets below $25.00, it will move towards the next support level at $24.70.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Retreat As Amazon Drags Down Tech Shares

Stocks Are Under Pressure Ahead Of The Weekend

S&P 500 futures are moving lower in premarket trading as Amazon‘s disappointing quarterly results put pressure on tech stocks.

Amazon released its second-quarter report yesterday, after the market close. The company reported revenue of $113.1 billion and GAAP earnings of $15.12 per share, missing analyst estimates on revenue and beating them on earnings.

The market focused on the disappointing revenue performance and weak third-quarter guidance as Amazon forecasted revenue of $106 billion – $112 billion in Q3 2021.

Currently, the stock is down by about 7% in premarket trading, and Nasdaq futures are down by roughly 1%. It remains to be seen whether traders will rush to buy the dip in Amazon shares and other tech stocks ahead of the weekend or choose to take some profits off the table near record highs for S&P 500 and Nasdaq.

Personal Income Increased By 0.1% In June

U.S. has just released Personal Income and Personal Spending reports for June. The reports indicated that Personal Income increased by 0.1% month-over-month in June compared to analyst consensus whcih called for a decline of 0.3%. Personal Spending grew by 1% compared to analyst consensus of 0.7%.

Today, traders will also have a chance to take a look at the final reading of Consumer Confidence report for July. Analysts expected that Consumer Confidence declined from 85.5 in June to 80.8 in July.

WTI Oil Settles Above The $73 Level As Traders Shrug Off Virus Worries

WTI oil managed to get above the $73 level and continues to move higher as traders bet that demand for oil will continue to increase despite the recent surge in the number of new COVID-19 cases which was caused by the Delta variant of coronavirus.

Recent data indicates that crude inventories are moving lower, which is bullish for oil. Today, oil-related stocks will have a good chance to continue their rebound after strong results from Exxon Mobil and Chevron.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Lacks Momentum As Resistance At $40,000 Stays Strong

Resistance At $40,000 Is A Major Obstacle On The Way Up For Bitcoin

Bitcoin is still trying to settle above the key resistance level at $40,000, but it looks that the world’s leading cryptocurrency lacks momentum for the move.

Meanwhile, other cryptocurrencies are gaining some ground during the current trading session. Ethereum is currently testing the $2,400 level while Dogecoin has managed to settle above $0.2050.

Yesterday, MicroStrategy announced that it planned to deploy additional capital to its digital asset strategy, which means that the company will buy more Bitcoin. However, this news had no impact on Bitcoin, and it looks that many traders have decided to take some profits off the table near the key resistance level at $40,000.

As a result, Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total market capitalization, pulled back towards the 48% level as some capital moved from Bitcoin into altcoins.

Technical Analysis

bitcoin july 30 2021

The technical picture for Bitcoin has not changed in recent trading sessions. Bitcoin needs to settle above the key resistance level at $40,000 to have a chance to continue its upside move. RSI remains close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A move above the $40,000 level will push Bitcoin towards the resistance at June highs at $41,300. If Bitcoin manages to settle above this level, it will gain additional upside momentum, and speculative traders will likely rush to buy the world’s leading cryptocurrency.

On the support side, the nearest significant support level for Bitcoin is located at $38,000, but Bitcoin remains glued to the $40,000 level, and several attempts to gain some downside momentum yielded no results.

A successful test of the support at $38,000 will push Bitcoin towards the next support level near the 50 EMA at $36,000. The 20 EMA is located in the nearby so Bitcoin will likely receive significant support near this level.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – Euro Stays Strong Ahead Of The Weekend

Euro Continues To Move Higher

EUR/USD is currently trying to settle above the resistance at 1.1880 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index managed to stay above the 50 EMA at 91.90 but failed to settle above the nearest resistance level at 92. In case the U.S. Dollar Index declines below the 50 EMA, it will gain additional downside momentum which will be bullish for EUR/USD.

Today, foreign exchange market traders will focus on the economic data from EU. Flash reading of the second-quarter Euro Area GDP Growth Rate report is projected to show that Euro Area GDP Growth Rate increased by 1.5% quarter-over-quarter. On a year-over-year basis, Euro Area GDP Growth Rate grew by 13.2%.

Traders will also have a chance to take a look at preliminary Euro Area inflation data for July. Euro Area Inflation Rate is forecast to decline by 0.3% month-over-month. On a year-over-year basis, Euro Area Inflation Rate is projected to grow by 2%. Euro Area Core Inflation Rate is expected to increase by 0.8% year-over-year. Euro Area Unemployment Rate is expected to remain unchanged at 7.9%.

It remains to be seen whether these reports will have a major impact on euro’s trading dynamics as no surprises are expected on the inflation front.

Technical Analysis

eur usd july 30 2021

EUR/USD continues its attempts to settle above the resistance at 1.1880. If EUR/USD manages to settle above this level, it will get to the test of the next resistance level which is located at the 50 EMA at 1.1900.

A successful test of the resistance at the 50 EMA will open the way to the test of the resistance at 1.1925. If EUR/USD gets above this level, it will move towards the resistance at 1.1945. A move above this level will open the way to the test of the resistance at 1.1965.

On the support side, a move below 1.1880 will push EUR/USD back towards the support at 1.1860. In case EUR/USD declines below this level, it will head towards the support at the 20 EMA at 1.1840. A successful test of this level will lead to the test of the next support at 1.1830.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – U.S. Dollar Gains Ground After Yesterday’s Sell-Off

British Pound Is Moving Lower Against U.S. Dollar

GBP/USD is currently trying to settle back below the support at 1.3950 while the U.S. dollar is gaining some ground against a broad basket of currencies.

The U.S. Dollar Index failed to settle below the support level at the 50 EMA at 91.90 and is trying to get back above the 92 level. In case this attempt is successful, the U.S. Dollar Index will move towards the resistance at 92.15 which will be bearish for GBP/USD.

There are no important economic reports scheduled to be released in the UK today so foreign exchange market traders will focus on the economic data from U.S.

Analysts expect that Personal Income declined by 0.3% month-over-month in June after falling by 2% in May. Meanwhile, Personal Spending is projected to grow by 0.7%.

Traders will also have a chance to take a look at the final reading of Consumer Sentiment report for July which is projected to show that Consumer Sentiment declined from 85.5 in June to 80.8 in July.

Technical Analysis

gbp usd july 30 2021

GBP/USD is testing the nearest support level which is located at 1.3950. In case this test is successful, GBP/USD will move towards the next support at 1.3920.

In case GBP/USD gets below the support at 1.3920, it will head towards the next support at 1.3900. A successful test of this level will open the way to the test of the support which is located at the 50 EMA at 1.3880.

On the upside, GBP/USD needs to get back above 1.3950 to have a chance to develop upside momentum in the near term. The next resistance level for GBP/USD is located at the recent highs at 1.3980.

If GBP/USD manages to settle above the resistance at 1.3980, it will move towards the next resistance level at 1.4000.

A move above the resistance at 1.4000 will push GBP/USD towards the resistance at 1.4020. In case GBP/USD gets above this level, it will head towards the next resistance level at 1.4040.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Test Of Support At 1.2450

Canadian Dollar Rallies As Commodity Markets Move Higher

USD/CAD is currently trying to settle below the support level at 1.2450 while the U.S. dollar is under significant pressure against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get below the 92 level and is currently testing the support at the 50 EMA at 91.90. If this test is successful, the U.S. Dollar Index will move towards the next support level at 91.80 which will be bearish for USD/CAD.

Today, foreign exchange market traders had a chance to take a look at the latest job market data from U.S. Initial Jobless Claims declined from 424,000 (revised from 419,000) to 400,000 compared to analyst consensus of 380,000. Continuing Jobless Claims increased from 3.26 million (revised from 3.24 million) to 3.27 million compared to analyst consensus of 3.2 million.

Second-quarter GDP Growth Rate report showed that GDP grew by 6.5% quarter-over-quarter compared to analyst consensus of 8.5%. Pending Home Sales decreased by 1.9% month-over-month in June while analysts expected that they would grow by 0.3%.

All economic reports from U.S. missed analyst estimates which put additional pressure on the American currency. Meanwhile, Canadian dollar moved higher as commodity markets rebounded.

Technical Analysis

usd cad july 29 2021

USD to CAD managed to settle below the support at 1.2480 and is testing the next support level at $1.2450. If USD to CAD settles below this level, it will move  to another test of the next support level which is located at the 50 EMA at 1.2435.

A move below the 50 EMA at 1.2435 will push USD to CAD towards the support at 1.2420. If USD to CAD declines below 1.2420, it will move towards the support level at 1.2385. A successful test of this level will open the way to the test of the support at 1.2350.

On the upside, the previous support level at 1.2480 will serve as the first resistance level for USD to CAD. In case USD to CAD manages to get back above this level, it will move towards the resistance at 1.2500. A move above this level will push USD to CAD towards the resistance at 1.2520.

For a look at all of today’s economic events, check out our economic calendar.

Why PayPal Stock Is Down By 5% Today

PayPal Stock Dives As Q3 Guidance Disappoints

Shares of PayPal found themselves under significant pressure after the company reported its second-quarter results. PayPal reported revenue of $6.24 billion and GAAP earnings of $1.00 per share, missing analyst estimates on revenue and beating them on earnings.

The company stated that the number of total active accounts exceeded 400 million in Q2 2021, and PayPal processed 4.7 billion payment transactions. PayPal also noted that it repurchased 765,000 shares of its common stock during the quarter.

While second-quarter results were good and the company’s earnings exceeded analyst estimates, the market focused on PayPal’s guidance for the third quarter.

In Q3 2021, PayPal expects to report revenue of $6.15 billion – $6.24 billion and GAAP earnings of $0.68 per share. The main problem for PayPal in the near term is that eBay Marketplace is moving away from PayPal, which hurts guidance.

What’s Next For PayPal Stock?

PayPal stock suffered due to disappointing Q3 2021 guidance, but traders should keep in mind that the negative impact from eBay’s move will be temporary as PayPal’s core business continues to grow.

The pandemic accelerated the shift to digital payments and allowed PayPal to grow its revenue by 19% in the second quarter.

Analysts expect that PayPal will report adjusted earnings of $4.73 per share in 2021, while the company’s own guidance is $4.70 per share. In 2022, PayPal’s profit is projected to grow to $5.89 per share, so the stock is trading at almost 50 forward P/E.

Such multiples are common for high-growth stocks in today’s market environment as traders are ready to pay premium for companies that benefit from trends which were boosted by the pandemic.

Some analysts have even rushed to upgrade PayPal despite the company’s soft Q3 guidance, and the stock has already recovered some of its earlier losses. S&P 500 is currently testing new all-time high levels, and the general market sentiment is very bullish. In this environment, PayPal stock has a good chance to move back to recent highs as its core business growth remains strong.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Silver Rallies As Dollar Dives After Fed’s Comments

Weak Dollar And Dovish Fed Provided Strong Support To Silver

Silver is currently trying to settle above the 20 EMA at $25.60 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get to the test of the 50 EMA at 91.90. If the U.S. Dollar Index manages to settle below the 50 EMA, it will gain additional downside momentum which will be bullish for silver and gold price today. Weak dollar is bullish for precious metals as it makes them cheaper for buyers who have other currencies.

Gold also enjoys support from weak dollar. Gold has recently managed to get above the 50 EMA at $1810 and is moving towards July highs near $1835. A move above the resistance at $1835 will open the way to the test of the $1850 level which will be bullish for silver and other precious metals.

Gold/silver ratio gained significant downside momentum and is moving towards the 71 level. If gold/silver ratio declines below this level, it will continue its downside move and head towards the 20 EMA at 70.60 which will be bullish for silver.

Technical Analysis

silver july 29 2021

Silver has recently managed to get above the resistance at $25.50 and is testing the next resistance level which is located at the 20 EMA at $25.60. RSI remains in the moderate territory despite the strength of the current upside move, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If silver settles above the 20 EMA, it will get to the test of the next resistance level at $25.80. A move above this level will open the way to the test of the resistance at the 50 EMA at $26.10. In case silver gets above the 50 EMA, it will move towards the resistance at $26.30.

On the support side, a move below $25.50 will push silver towards the support at $25.30. If silver declines below this level, it will head towards the next support which is located at $25.00. A successful test of this level will open the way to the test of the support at $24.70.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Move Higher As Fed Stays Dovish

Fed Chair Jerome Powell Calmed Markets

Yesterday, the Federal Reserve left the interest rate unchanged and maintained the current pace of asset purchases.

As usual, Fed Chair Jerome Powell did his best to calm markets. He has once again reiterated that higher inflation was transitory and also added that the economy learned how to live with the virus, although the Delta variant of coronavirus remained a threat.

Most likely, the Fed will provide more details during the Jackson Hole conference in late August, but traders bet that the current pace of asset purchases will remain unchanged in 2021, which is bullish for stocks and bearish for the U.S. dollar.

Initial Jobless Claims Declined To 400,000

U.S. has just released Initial Jobless Claims and Continuing Jobless Claims reports. Initial Jobless Claims report indicated that 400,000 Americans filed for unemployment benefits in a week. Analysts expected that Initial Jobless Claims would total 380,000, so the report was worse than expected.

U.S. has also provided second-quarter GDP Growth Rate report which indicated that GDP increased by 6.5% quarter-over-quarter compared to analyst consensus which called for growth of 8.5%.

It remains to be seen whether the disappointing GDP report will hurt stocks today as traders may stay focused on the dovish message from the Fed. Currently, S&P 500 futures are gaining some ground in premarket trading.

Gold Rallies As U.S. Dollar Declines

Gold has finally managed to get away from the $1800 level as U.S. dollar gained strong downside momentum after Fed’s comments. The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, has managed to get to the test of the support at the 92 level which was bearish for precious metals.

Silver has also enjoyed a strong rebound, and it is currently trying to settle above the resistance at $25.50.

Yesterday, gold mining stocks showed some strength, and they look ready for a strong start of today’s trading session.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Remains Stuck Near The Key $40,000 Level

Bitcoin Needs Additional Catalysts To Settle Above $40,000

Bitcoin continues its attempts to settle above the $40,000 level while crypto markets lack momentum as traders wait for clues from the world’s leading cryptocurrency.

Ethereum is flat near the $2,300 level while XRP is moving lower towards the $0.70 level. Dogecoin is trying to settle back below the 20 EMA at $0.2030.

Bitcoin has already made several attempts to settle above the key resistance level at $40,000 but failed to develop sufficient upside momentum, and it looks that it will need additional catalysts to move above this level.

Technical Analysis

bitcoin july 29 2021

Bitcoin is currently testing the nearest resistance level which is located at $40,000. RSI has recently entered into the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above $40,000, it will get to the test of the next resistance level which is located at June highs at $41,300. A move above this level will be a major development as it will show that Bitcoin is ready to develop additional upside momentum.

In case Bitcoin gets above $41,300, it will head towards the resistance at $42,000. This move should be fast as short-sellers will likely rush to close their positions if Bitcoin gets above June highs.

A successful test of the resistance at $42,000 will open the way to the test of the next resistance level at $44,000. If Bitcoin gets above this level, it will move towards the resistance at $46,000.

On the support side, the nearest support level for Bitcoin is located at $38,000. If Bitcoin manages to settle below this level, it will gain additional downside momentum and head towards the next support level which is located near the 50 EMA at $36,000.  A move below the 50 EMA will push Bitcoin towards the next support level near the 20 EMA at $35,000.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – Test Of Resistance At 1.1860

U.S. Dollar Is Losing Ground Against Euro

EUR/USD is currently trying to settle above the resistance at 1.1860 while the U.S. dollar is moving lower against a broad basket of currencies.

The U.S. Dollar Index is testing the nearest support level which is located at 92.15. A move below this level will push the U.S. Dollar Index towards the support at 92 which will be bullish for EUR/USD.

Today, foreign exchange market traders will have a chance to take a look at the final reading of Euro Area Consumer Confidence report. Analysts expect that Euro Area Consumer Confidence decreased from -3.3 in June to -4.4 in July.

Euro Area Industrial Sentiment is projected to improve from 12.7 in June to 13 in July while Euro Area Services Sentiment is expected to grow from 17.9 to 19.9.

In the U.S., traders will focus on the second-quarter GDP Growth Rate report which is expected to show that GDP grew by 8.5% quarter-over-quarter. Initial Jobless Claims are projected to decline from 419,000 to 380,000 while Continuing Jobless Claims are expected to decrease from 3.24 million to 3.2 million.

U.S. will also provide Pending Home Sales report which is expected to show that Pending Home Sales grew by 0.3% month-over-month in June.

It remains to be seen whether EUR/USD will be sensitive to economic reports today or traders will stay focused on yesterday’s commentary from the Fed.

Technical Analysis

eur usd july 29 2021

EUR/USD managed to settle above the resistance at the 20 EMA at 1.1830 and is testing the next resistance level at 1.1860. If this test is successful, it will move towards the next resistance at 1.1880.

A move above 1.1880 will push EUR/USD towards the resistance at the 50 EMA at 1.1900. In case EUR/USD gets above this level, it will move towards the next resistance level at 1.1925.

On the support side, the previous resistance at the 20 EMA at 1.1830 will serve as the first support level for EUR/USD. A move below this level will push EUR/USD towards the support at 1.1800.

If EUR/USD declines below 1.1800, it will head towards the next support at 1.1775. A successful test of this level will open the way to the test of the next support at 1.1750.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – U.S. Dollar Declines As Fed Remains Dovish

British Pound Is Moving Higher Against U.S. Dollar

GBP/USD is moving towards the resistance level at 1.3950 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle below the support level at 92.15. In case this attempt is successful, the U.S. Dollar Index will get to the test of the next support at the 92 level which will be bullish for GBP/USD.

Yesterday, Fed Chair Jerome Powell reiterated his dovish message and stated that inflation pressures remained transitory. The Fed maintains its current asset purchase program, although some Fed members have started to discuss whether the Fed should reduce the purchases mortgage-backed securities before it reduces the purchases of Treasuries. The Fed will likely provide additional details about such discussions in Jackson Hole at the end of August.

The U.S. dollar lost ground against a broad basket of currencies after Fed’s comments as traders expected to see more clarity on the future reduction of asset purchase program. At this point, it looks that the Fed will not begin to reduce asset purchases before 2022, which is rather bearish for the American currency.

Technical Analysis

gbp usd july 29 2021

GBP/USD managed to get above the resistance at 1.3920 and continues its upside move. The next resistance level for GBP/USD is located at 1.3950. In case GBP/USD settles above this level, it will move towards the resistance at 1.3980.

A successful test of the resistance at 1.3980 will push GBP/USD towards the resistance at 1.4000. If GBP/USD manages to settle above this level, it will head towards the next resistance level at 1.4020.

On the support side, the previous resistance at 1.3920 will serve as the first support level for GBP/USD. In case GBP/USD declines below 1.3920, it will move towards the next support at 1.3900.

A move below 1.3900 will push GBP/USD towards the support which is located at the 50 EMA at 1.3880. A successful test of the support at the 50 EMA will push GBP/USD towards the support at 1.3865.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Resistance At 1.2590 Stays Strong

Canadian Dollar Moves Higher Against U.S. Dollar

USD/CAD failed to settle above the resistance at 1.2590 and pulled back while the U.S. dollar gained some ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to get above 92.70 but lost momentum and pulled back towards 92.60. The nearest significant resistance level for the U.S. Dollar Index is located at 92.80. In case the U.S. Dollar Index gets to the test of this level, USD/CAD will get more support.

Canada has recently reported that Inflation Rate increased by 0.3% month-over-month in June compared to analyst consensus which called for growth of 0.4%. On a year-over-year basis, Inflation Rate grew by 3.1% compared to analyst consensus of 3.2%. Core Inflation Rate increased by 2.7% year-over-year.

Canada’s inflation was a bit lower than expected, but foreign exchange market traders will stay focused on the main event of the day. Soon, the Fed will announce its Interest Rate Decision and provide additional commentary. Any talk about potential adjustment of the asset purchase program may provide material support to the American currency.

Technical Analysis

usd cad july 28 2021

USD to CAD did not manage to settle above the resistance level at 1.2590 and is moving towards the nearest support level at 1.2560. In case USD to CAD manages to settle below this level, it will head towards the support which is located at the 20 EMA near 1.2540.

A move below the 20 EMA will open the way to the test of the support at 1.2500. If USD to CAD gets below the support at 1.2500, it will head towards the next support level at 1.2485.

On the upside, the nearest resistance level for USD to CAD is still located at 1.2590. A successful test of this level will push USD to CAD towards the next resistance at 1.2625.

In case USD to CAD manages to settle above 1.2625, it will head towards the next resistance at 1.2650. A move above the resistance at 1.2650 will open the way to the test of the resistance at 1.2685.

For a look at all of today’s economic events, check out our economic calendar.

Why Boeing Stock Is Up By 6% Today?

Boeing Shares Move Higher As Q2 Report Beats Analyst Expectations

Shares of Boeing gained strong upside momentum after the company reported its second-quarter results. Boeing reported revenue of $17 billion and GAAP earnings of $1.00 per share, easily beating analyst estimates on both earnings and revenue. The company’s operating cash flow was -$483 million, which also exceeded analyst expectations.

In its press release, Boeing noted that commercial market environment continued to improve, but the company was closely monitoring COVID-19 case rates.

The company stated that it continued work on the issues with the 737 MAX and 787 programs, which have put some pressure on the stock this year. According to Boeing, the 737 program is producing at a rate of about 16 per month and is expected to reach a production rate of 31 per month in early 2022. The 787 production rate will be temporary lower than five per month and then gradually return to this rate while the company is conducting inspections and rework.

What’s Next For Boeing Stock?

Analysts’ earnings estimates for 2021 have declined in recent months, and analysts expect that Boeing will report a loss of $1.37 per share. However, these estimates will likely be revised after the strong quarterly report.

In 2022, Boeing is expected to report a profit of $5.46 per share, so the stock is trading at 43 forward P/E, which looks rather expensive even in the current market environment.

However, a strong quarterly report shows that Boeing’s business continues to rebound after the blow dealt by the coronavirus pandemic, so traders will stay focused on the company’s future trajectory and will be ready to look beyond 2022.

In this light, Boeing’s rich P/E multiple looks sustainable unless the company encounters additional problems with its airplanes. Earnings estimates for Boeing will likely move higher in the upcoming weeks, which may provide additional support to the company’s shares.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Silver Tries To Rebound After Sell-Off

Silver Gains Some Ground Ahead Of Fed Interest Rate Decision

Silver is currently trying to settle back above the resistance level at $24.70 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above 92.60 and continues to move towards the resistance at 92.80 ahead of Fed Interest Rate Decision. In case the U.S. Dollar Index manages to get back above the resistance at 92.80, it will move towards the next resistance level at 93.10 which will be bearish for silver and gold price today.

Meanwhile, gold continues to trade near the key support level at $1800. In case gold finally settles below $1800, it will gain downside momentum and get to the test of the next support level at $1775 which will be bearish for silver and other precious metals.

Gold/silver ratio faced resistance at the 73 level and pulled back. In case gold/silver ratio gets back above the 73 level, it will continue its upside move and head towards the recent highs near 73.35 which will be bearish for silver.

Technical Analysis

silver july 28 2021

Silver received support at $24.50 and is trying to settle back above $24.70. In case this attempt is successful, silver will move towards the resistance level at $25.00.

A move above this level will push silver towards the next resistance level at $25.30. In case silver manages to settle above $25.30, it will move towards the resistance which is located near the 20 EMA at $25.50.

On the support side, silver needs to settle below $24.70 to have another chance to test the support level at $24.50. If silver declines below this level, it will move towards the next support at $24.20. RSI remains in the moderate territory so there is enough room to develop additional downside momentum in case the right catalysts emerge.

If silver settles below $24.20, it will move towards the support at $24.00. A successful test of this level will open the way to the test of the support at March lows at $23.80.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Lack Momentum Ahead Of Fed Interest Rate Decision

All Eyes On The Fed

S&P 500 futures are little changed in premarket trading as traders stay cautious ahead of the Fed Interest Rate announcement and the subsequent commentary.

It’s a big day on the earnings front, and major companies like Apple, Microsoft and Boeing have already announced their results before the market open or yesterday, after the market close.

However, earnings reports from leading companies had little impact on the direction of the general market today as the Fed meeting serves as the main catalyst during the current trading session.

Most likely, trading will remain choppy until Fed announces its decision (the rate will stay unchanged) and commentary, which may have a major impact on today’s trading.

Treasury Yields Rebound Ahead Of Fed Interest Rate Decision

The yield of 10-year Treasuries has managed to get back above 1.25% and is moving towards the 1.30% level. Meanwhile, U.S. dollar is also moving higher.

The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, has managed to get back above 92.50 and is heading towards the resistance at 92.80.

Interestingly, higher yields and stronger dollar have failed to put any pressure on precious metals. Silver rebounds after yesterday’s sell-off while gold remains stuck near the key $1800 level.

WTI Oil Moves Higher Despite Virus Worries

Recent data suggests that another wave of coronavirus is gaining strength in the U.S. and globally, but oil traders stay calm as they bet that the new virus wave will not bring significant restrictions.

Stock traders are less optimistic, and the shares of energy-related companies are trading well below highs that were reached at the beginning of June.

Yesterday, API Crude Oil Stock Change report indicated that crude inventories declined by 4.73 million barrels compared to analyst consensus which called for a decline of 3.43 million barrels.

Today, traders will focus on EIA Weekly Petroleum Status Report. If EIA data confirms API numbers, oil may get more support, which will be bullish for oil-related stocks.

For a look at all of today’s economic events, check out our economic calendar.

Shiba Inu Continues To Drift Lower

Shiba Inu Remains Under Pressure While Bitcoin Tests The Resistance At $40,000

Shiba Inu continues its attempts to settle below the support at $0.0000063 while Bitcoin is testing the key resistance at $40,000.

The recent Bitcoin’s rally provided support to many cryptocurrencies, but Shiba Inu remained under pressure. This a bearish sign for Shiba Inu as it indicates that the interest in this cryptocurrency continues to decline. Dogecoin, whose trading dynamics often have an impact on Shiba Inu, performed better, but it trades well below recent highs near $0.2350.

At this point, it looks that Shiba Inu will need additional catalysts to get back to the upside mode. If Bitcoin manages to settle above the key resistance level at $40,000, it will likely gain significant upside momentum which will be bullish for the whole crypto market, but it remains to be seen whether it will boost Shiba Inu as the cryptocurrency has completely ignored the latest upside move of Bitcoin.

Technical Analysis

shiba inu july 28 2021

Shiba Inu settled below $0.000007 and is trying to settle below the next support level at $0.0000063. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum.

In case Shiba Inu declines below the support level at $0.0000063, it will move towards the support at $0.0000055. A successful test of this level will open the way to the test of the support which is located at $0.0000044. If Shiba Inu gets below this level, it will move towards the next support at $0.0000034.

On the upside, Shiba Inu needs to get above $0.000007 to have a chance to develop upside momentum. If Shiba Inu manages to get back above $0.000007, it will head towards the next resistance level which is located at $0.000008. A move above this level will push Shiba Inu towards the resistance level which is located at $0.000009.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – U.S. Dollar Moves Higher Against Euro

Euro Is Losing Ground Against U.S. Dollar

EUR/USD is currently trying to get back below 1.1800 while the U.S. dollar is gaining some ground against a broad basket of currencies.

The U.S. Dollar Index received support near the 20 EMA at 92.45 and is trying to settle above 92.50. In case this attempt is successful, the U.S. Dollar Index may gain additional upside momentum and head towards the resistance at 92.80 which will be bearish for EUR/USD.

However, it remains to be seen whether American currency will be able to gain any momentum ahead of the Fed Interest Rate Decision which will be announced later today. As usual, foreign exchange market traders will focus on Fed’s commentary as the rate is expected to stay unchanged.

While traders wait for Fed’s decision and commentary, they have a chance to take a look at Germany’s Consumer Confidence report for August. The report indicated that Consumer Confidence remained unchanged at -0.3 compared to analyst consensus of 1.

Technical Analysis

eur usd july 28 2021

EUR/USD failed to settle above the resistance level which is located at the 20 EMA at 1.1820 and moved closer to the support at 1.1800. In case EUR/USD manages to settle below this support level, it will head towards the next support at 1.1775.

A successful test of the support at 1.1775 will push EUR/USD towards the support at 1.1750. This support level has already been tested many times and proved its strength so EUR/USD will need additional catalysts to settle below 1.1750. A move below the support at 1.1750 will open the way to the test of the support at 1.1720.

On the upside, the nearest resistance level for EUR/USD is located at the 20 EMA at 1.1820. A successful test of the 20 EMA will lead to the test of the next resistance at 1.1830.

If EUR/USD gets above 1.1830, it will move towards the resistance at 1.1860. In case EUR/USD manages to settle above this level, it will head towards the next resistance level at 1.1880.

For a look at all of today’s economic events, check out our economic calendar.