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  • In the aftermath of the FOMC's taper talk, the US 2Q GDP miss has added to the Dollar's tumble but not weighed the S&P 500. DailyFX's @JohnKicklighter discusses Down pointing backhand index👇 https://t.co/hJbVcsxyER
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.54% Wall Street: 0.52% Germany 30: -0.05% FTSE 100: -0.08% France 40: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KovwTZk8iu
  • $GBPUSD not far off the big 1.4000 psych level that has been in focus for much of the year https://t.co/ieYPFxCX3l
  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
  • Seeing some continued US Dollar weakness post-FOMC as expected. $DXY hitting fresh monthly lows with weekly jobless claims data and the 2Q GDP report released this morning both disappointing relative to consensus. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/us-dollar-hits-monthly-low-as-jobless-claims-q2-gdp-disappoint.html https://t.co/MnaABIzbRr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.88% US 500: 0.52% France 40: 0.50% Wall Street: 0.49% Germany 30: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7PWjwTJE5Y
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide https://t.co/GsLyQwGaLC
  • White House says it is necessary for congress to extend eviction moratorium, current ban cannot be extended unilaterally after high court case -BBG
  • AUD/USD defends the advance following the Federal Reserve interest rate decision as the US Gross Domestic Product (GDP) report warns of a weaker-than-expected recovery. Get your $AUD market update from @DavidJSong here:https://t.co/6OpqGxv4ni https://t.co/eLEbTosjx9
Gold Testing Tried and True Meridian Line

Gold Testing Tried and True Meridian Line

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gold_body_Picture_3.png, Gold Testing Tried and True Meridian Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“The yellow metal is leading the way with respect to risk aversion and the move above trendline resistance may indicate a shift towards risk aversion.”

-1231 remains the trend defining level. A drop below would open up 1219 and perhaps 1206 as part of a larger bottoming process at best and continuation of the long term downtrend at worse.

LEVELS: 1219 1231 1244 | 1260 1270 1279

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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