EUR/USD
At the end of last week, the dollar managed to gain ground against the euro after Jerome Powell’s speech at the Jackson Hole symposium did not meet the markets’ expectations for a less aggressive interest rate hike strategy. The bears’ success carried out in today’s trading session as well. Already in the first hours, bearish investors managed to overcome the support at 0.9944 and are currently trying to consolidate their breakout. The next key support for them sits at 0.9900. For the bulls, the psychological border of 1.0000 looks increasingly distant and the next resistance can be found at the level of 1.0034. Today, there is no macroeconomic news that is expected to have a strong effect on the market.
USD/JPY
The range between the 136.30 and 137.62 levels, in which the Ninja has been trading for the past ten days, was breached by the bulls. In just a matter of hours after the market opened, the bulls managed to consolidate their breakout and are already targeting the next key resistance at 138.60. If the bears are able to extend the sell-off, then they will need to first get back within the aforementioned trend line and then deal with the support at 137.15.
GBP/USD
The bearish sentiment continues in full force for the Sterling as the dollar keeps dominating almost every other currency. The bears managed to breach the support at 1.1725 as soon as the trading session opened. In order to find the next support at 1.1503, we will first need to look at a longer timeframe. Due to the non-working day in the UK, volatility is likely to remain low today.
EUGERMANY40
The bears managed to increase the short volumes in the German index as well. At the time of writing, they are targeting the support at 12690. If the bulls manage to reverse the market direction, then they will have to face the resistance at 13070. During today’s trading session, no news from Germany or Europe is expected to have a strong impact on the volatility of the EUGERMANY40.
US30
Like the German index, the U.S. blue-chip index bears are reaping the fruits of Jerome Powell’s speech at the Jackson Hole symposium, in which he signalled a more hawkish approach to battling the rampant inflation in the U.S. At the time of writing, they are targeting support at 31925. During today’s trading session, macroeconomic news does not appear to have a strong impact on the price of the index. The next news that could have a strong effect on the volatility of the index is the U.S. consumer confidence index on Tuesday at 14:00 GMT.
