Introduction:
Having a trading journal where you record your trading activities is key for your continued growth. It will help you keep a track record of your progress. this is important for self-evaluation.
Economic Calendar (GMT+1)
Analysis of EURUSD
Fundamental Analysis
EUR/USD remains below1.0900 as political unrest strengthens the US dollar. During Monday’s early Asian session, the EUR/USD pair trades with bearish tendency close to 1.0885. In June, US PPI inflation increased more quickly than anticipated. The US dollar strengthen as a safe haven due to the political unrest over the weekend.
EURUSD Chart Analysis
Analysis of GBPUSD
Fundamental Analysis
Amidst mild USD strength, the GBP/USD pair corrects from its one-year peak; the downside appears mitigated. The start of the new week sees the GBP/USD pair decline as some USD purchasing appears. Bets on the September Fed rate cut should limit USD gains and provide some support for the pair. Before making any pessimistic wagers, exercise care as the likelihood of an August BoE rate decrease is diminishing.
GBPUSD Chart Analysis
Analysis of GBPJPY
GBPJPY Chart Analysis
Analysis of XAUUSD
Fundamental Analysis
XAU/USD falls close to $2,400 as the US dollar strengthens. The gold price continues to fall in the early Asian session of Monday, falling over $2,405 in value. Unexpectedly, the US PPI increased in June to reach its highest level since March 2023. The downside of the precious metal maybe limited by growing bets on Fed rate reduction.
XAUUSD Chart Analysis
Analysis of WTI
Fundamental Analysis
WTI is trading at $82.00 as the likelihood of Fed rate reduction rises due to sluggish inflation. Support for the WTI
price comes as prediction of a September rate decrease by the Fed have increased due to lowering inflation statistics.
June saw a 0.1%MoM fall in the US Consumer Price Index, which was the lowest level in almost three years. During the week of the Independence Day vacation, US gasoline demand peaked at 9.4million barrels per day, the highest level since 2019.
WTI Chart Analysis
Conclusion
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