ForexAnalytix Weekly Report

Precious metals soar as the Dollar falls further

View this email in your browser Weekly Report (July 27th - July 31st 2020) Another eventful week passed, and volatility remained elevated. The FOMC interest rate decision may have not sprung any surprises, but that didn't stop precious metals from bouncing sharply higher with Gold hitting new all-time highs in USD.  Start your ForexAnalytix 10 Day Trial today for just $1 The US Dollar continued to show weakness, as the Fed stayed its dovish course when it comes to its ultra-accommodative monetary stance. The DXY index fell another 0.9% to close the week at 93.46.   The Euro was supported for another week by some encouraging economic data and continued its slow grind higher. EURUSD has broken above an important trendline resistance and now needs to consolidate its gains (+1% to 1.1775 last week).   The Pound had a good week in the absence of any UK/EU progress or any major UK economic data. EURGBP closed below 0.90 and GBPUSD rallied 2.2% to close the week at 1.3077. Commodity currencies finally paused their strong run and consolidated their gains, mostly driven by oil's weakness. The AUD, NZD, CAD and NOK moved broadly sideways against the USD, and the same can be said for the JPY, CHF and MXN.   Oil finally posted a negative week after a very strong display over the past couple of months. The uncertainty regarding Covid-19 and the potential global economic impact remains high; WTI dropped 1.9% to $40.44 last week.   Precious metals were once again the week's superstars. Gold hit new all-time highs (in USD terms), rising 3.9% to close at $1975. Silver exploded higher yet again, squeezing shorts along the way and hitting intra-week highs just above the all-important $26 resistance. Silver closed the week 7.2% higher at $24.41. The Week Ahead Video Preview: Our "Week Ahead Preview" is delivered in video form including a review of important charts and price action. Follow the link below to watch Blake Morrow's next week's insight:   WATCH THE WEEK's AHEAD PREVIEW VIDEO BY CLICKING HERE Equities started the week nervously but ended it – once again – with strength. The Fed didn't give traders any reasons to doubt the rally's strength; the S&P500 rose 1.8% to 3271 points while the DAX fell 3.9% to 12317 points.   Bonds had been sceptical for months and they continued in the same fashion last week. The 10y UST yield dropped a further 5bps to 0.54% and the 10y Bund rallied 0.7% to 177.36.   We had warned about crypto-currencies preparing to launch themselves higher, and that manifested itself last week. The unprecedented amount of monetary easing is starting to take effect in most dollar-denominated assets and cryptos are no exception. At the time of writing, Bitcoin is up nearly 20% at $11,500 and Ethereum is up 26% at $355. The Week Ahead: The Dollar's weakness has been substantial and could well show a reversal next week – sentiment and positioning are very bearish, and chances are that a turn may be close. Data-wise we have the RBA interest rate decision and a string of PMI releases. On Friday we close the week with the usual Nonfarm Payroll mayhem, so be extra careful with trades and sizing. Good luck!  Ticker Weekly Summary: Major data releases last week included:  Visit our Blog to read our team's posts, several of which are often published in well-respected media. Click below to read our latest Blog Post: - The USDJPY look vulnerable    Major events next week include: Subscribe to our Youtube channel to get directly notified for all new analysis videos we upload. You can also find there a repository of our platform presentation and tutorial videos as well as all past analysis videos we have uploaded. Visit our Education section which includes brief descriptions and insights into each analysis type. It is a great reference tool for new and experienced traders alike! Video material will also be included in the near future. We at ForexAnalytix are committed to listening to our subscribers and continuously adapting & improving our services to match their needs. We don't like to stand still and for this reason we are constantly working towards making ForexAnalytix even better in the future! Copyright © 2020 ForexAnalytix, All rights reserved. Want to change how you receive these emails? You can update your preferences or unsubscribe from this list