Stocks, gold and crypto under pressure into Jackson Hole [Video]

(Ipek Ozkardeskaya – Swissquote Bank Ltd)

The trading week kicks off on mixed sentiment. Last week marked the end of a four-week rally in the US stocks, and the new week starts with unpleasant new that drought in China’s Sichuan region will cause ‘severe’ power cuts.

The S&P 500 will kick off the week after having slid 1.20% last week, Nasdaq will be testing the bull’s nerves after having lost more than 2.5% over the course of last week.

All eyes will be on the Federal Reserve’s (Fed) Jackson Hole meeting. This year, Jackson Hole may have a bigger-than-usual impact on investor sentiment, as investors don’t really know where the market is going, as the market doesn’t really know where the Fed is going.

In the FX, the US dollar consolidates strength as euro traders keep a close eye on the flash PMI figures today to see the impact of the latest spike in energy prices on economic activity. On Friday, the German PPI data came as a shocker, with more than a 5% rise in factory-gate prices only during July, due to a nearly 15% rise in energy prices, only in July.

Elsewhere, the strong dollar continues pressuring gold to the downside. The price of an ounce retreated to $1743 this morning, as Bitcoin struggles to hold ground above the $20K level. If we see the US stocks, especially tech stocks, give back gains this week, we could see Bitcoin vanish below the $20K mark.

On corporate side, Zoom Video, Nvidia, Salesforce, Dollar Tree and Peloton Interactive will reveal earnings this week, and Tesla’s 3-for-1 stock split will become effective from Aug 24th.

Trade result update: 21 currencies

(Brian Twomey – Brian’s Investment)

All 21 weekly trades contain multiple longs and shorts.

USD/JPY as written to weekly Trades: short 137.35 and 137.42 to target 135.46. Highs 137.42, lows 136.68. Trade Runs +74 pips.

EUR/JPY short 137.83 and 137.91 to target 137.12. Highs 137.91, Target 137.12, lows 136.90. Trade complete +89 Pips.

2nd Leg short below 136.80 to target 135.85. Lows 136.59 and +21.

NZD/USD Long 0.6167 and 0.6159 to target 0.6325. Lows 0.6167, highs 0.6207. Trade Runs +40 pips.

So far, 3 Trades perfect entries, +224 pips.

AUD/USD Long Anywhere or 0.6864 and 0.6854 to target 0.6982. Lows 0.6880, Highs 0.6898. + 18 pips.

EUR/CAD Long 1.2987 and 1.2971 to target 1.3169. Lows 1.3013. Almost ready for longs.

EUR/AUD Long 1.4533 and 1.4527 to target 1.4690. Lows 1.4505 and ready to go.

AUD/JPY Short 94.56 and 94.62 to target 93.19. Highs 94.82, lows 94.21. From 94.62, +41 pips.

NZD/JPY Short 84.80 and 84.90 to target 84.25, Highs 85.16, Lows 84.67. So far, +23 pips.

USD/CAD Short Anywhere or 1.3013 and 1.3020 to target 1.2877. Highs 1.3010.

CAD/JPY Short 105.80 and 105.88 to target 103.99.. Highs 105.76, Lows 105.12. Trade Runs +64 pips.

So far, 6 Trades, +370 pips and its only Monday.

EUR/NZD Long 1.6193 and 1.6184 to target 1.6258.Lows 1.6141, off entry by 40 pips. EUR/NZD last currency to Ranking.

GBP/CHF Long Anywhere or 1.1323 and 1.1314 to target 1.1512. Lows 1.1314, Trade just started.

GBP/JPY achieved 161.22 perfectly. Longs to 161.52. Not only last to GBP trade ranks but not much to do with GBP/JPY.

GBP/USD Long Anywhere or 1.1817 and 1.1809 to target 1.2008. Lows 1.1782, off 27 pips.

GBP/CAD Long Anywhere or 1.5323 and 1.5313 to target 1.5535. Lows 1.5334, highs 1.5352.

GBP/AUD Long 1.7154 and 1.7146 to target 1.7346, Lows 1.7099, off 47 pips.

GBP/NZD Long 1.9089 and 1.9080 to target 1.9237, Lows 1.9021, off 59.

The 2 skitzy pairs this week: EUR/NZD and GBP/NZD but last on trade rank list as we saw it coming Sunday.

Slight off by GBP but thank you Mr. Markt for the extra bonus points.

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Read Forex Outlook: USD/CNH, USD/JPY, Ichimoku cloud analysis