Gold: US mixed bag of Domestic data
Gold is moving up and down between the channel range, wait for the confirmation of breakout from this channel.
Gold prices are dropped to 1% yesterday after the US FOMC minutes meeting described tapering.
Tapering of asset purchases of over expectations of Investors view.
And US Data shows mixed bags as Employment change and jobs added are positive territory, and Retail sales and consumer confidence came at negative numbers.
So Gold prices are now stable to ranging market, and if any tapering is done in Next week Jackson hole symposium meeting by FED Powell, then we see a drastic fall in US Counter pairs like EUR, Gold, GBP.
US Dollar: FOMC minutes outcome
USDCAD rebound 360 pips from the support zone and the Descending Triangle retest zone.
GBPUSD has broken the bottom of the descending channel and horizontal support.
US Dollar moved higher, and the DXY index moved towards the resistance of 93.400, waiting for Breaking the resistance level.
Yesterday FOMC minutes meeting Jerome Powell said it is time to scale back stimulus from the economy. The economy is over hot with inflation, So Scaling back of some set of asset purchases in the coming meeting.
And this is the official statement of tapering from FED confident on Investors view to pour money to save US Dollar in huge quantities.
US Dollar rose to 0.50% from lows and Counter pairs crumbled to 1% against US Dollar.
EURO: German elections in September month
EURGBP bounced back from the horizontal support and now goig to reach the lower high of the descending channel line.
EURNZD bounced back +4000 points up from the support area. now it hits the resistance, wait for breakout or reversal.
EURUSD breaks the Tough support of 1.17 level today, and US Dollar plays a positive role in the market. Demand higher for US Dollar due to tapering of bond purchases by FED.
And ECB will not do tapering this year as Vaccination slower progress and Delta variant spread is more in many regions.
And Germany elections are made in September month, Due to these scenarios, EURUSD will see further fall in Coming quarters as US Dollar continues to rise in the market.
UK POUND: UK Gfk Consumer confidence data forecasted
GBPJPY fell down from the lower high of the descending channel.
GBPCAD reached the resistance area again for the 4th time, wait for breakout or reversal.
UK Pound dragged for 1.5% from a high level of 1.38 to 1.36500 as US Dollar continuous strong performance shown in the market.
And also, China Economy slowdown and Turmoil in Afghanistan, in addition to these US FED Powell, said the last day for tapering some assets purchases sooner by year-end.
This is officially released by FED Powell last day before analysts expected tapering as news. Now Official confirmation came out and now more confidence on US dollar to buy as Printing money reducing as Stimulus get back to Government.
And GfK Consumer confidence of UK and Retail sales data scheduled this week.
Canadian Dollar: Inflation rate data
EURCAD went up 220 pips from the minor support area.
CADJPY has formed the head and shoulder pattern in the daily timeframe.
USDCAD drive higher to 1.27 level and this week may surprise to touch previous resistance of 1.28 level.
Positive news on CAD: Candian Central bank is ready to tapering and Rate hikes any time possible;
Negative news on CAD: US Dollar strengthening condition and Oil prices declines again.
And Chinese Economy slowly step back is more drawback for Oil exporting countries; the Delta variant once again Hurt Asian countries; it continues to spread, then More lockdown is imposed each nation, and Oil consumption gets back lower.
Canadian Dollar will roll back to 81 levels as previous support in last year if these criteria continue.
Yesterday, the Canadian inflation rate came higher at 3.7% versus 3.1% previous and there was no reaction on Surprise upside move by the market.
Canadian PM Speech
Canadian PM Justin Trudeau said if I Re-elected after September 20, I would not see a monetary policy as Top priority. Inflation goes hot on one side and alters the monetary policy settings too soon to save families from Higher prices of consumers.
Vaccination will do faster to avoid Delta variant, and lockdown will be imposed based on cases rose.
Monetary policy settings will be altered to support the economy, and his re-election is major support for the Canadian Dollar.
Japanese Yen: Delta variant panic in Asian Countries
CHFJPY going to hit the higher low level of Uptrend line and the support area.
Japanese Yen strengthen more as Panic was created in Asian countries in China, Australia and New Zealand, Japan.
And Japan Yen is not only seen as a Domestic currency but also looks like a safe currency from all over the world.
So, the Japanese Economy is underperforming, and Slow vaccination progress, Delta variant caused more, anyhow investors parks their funds to haven currencies like US Dollar and Japanese Yen.
Yesterday tapering speech by FED Powell impressed investors eyes for reducing printing the US Dollar notes soon.
Due to this scenario, USDJPY climbed higher to 0.50% from lower.
Australian Dollar: Unemployment rate data
AUDCAD is bouncing back from the minor descending channel.
Australian Dollar came down from 0.73 to 0.71.500 this week as Drastically down from highs as US Dollar performed Dominant role in markets.
And Today Australian Unemployment rate came at 4.6% versus 5.0% expected and 4.9% previous data.
But markets do not respond to Jobs data, and more focused on Delta variant spread across Australia is preferred.
And Now AUDUSD tumbling in the market as China facing a slowdown in Economy and GDP Growth sluggish.
New Zealand Dollar: 3-days lockdown
NZDUSD has broken the support area.
GBPNZD hits the resistance and making some correction now.
New Zealand Dollar faces a Tough time for now as the Delta variant spread is started.
And Nationwide 3 days lockdowns imposed and based on spread step by step increasing method is followed.
Vaccinations are rapidly processed, and Australia is now facing more cases than New Zealand.
RBNZ left the cash rate unchanged last day, makes disappointments for investors, and Fear of the New Zealand economy makes Pour funds to haven US Dollar, JPY and Swiss Franc.
Telegraph reports on New Zealand Economy
New Zealand Economy resurgence will be vanished by the Delta variant is possible, as Telegraph reports said.
New Zealand Government will implement zero Covid lockdown strategy, and then economic regrowth will go down to the previous level of 2020 again if spread fast.
And Auckland lockdown with 7 days will create a panic in the economy, and RBNZ will again add stimulus to the economy if any requirement is requested.
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