The USD has seen a strong push to the upside, continuing its bullish run. We will be looking for further buys on the dollar, but we are however monitoring price action from around these levels as we have pushed into an AOI which could provide pullback opportunities.
AUD has seen a massive push down over the last few days. Despite seeing some positivity in their employment sector, Australia has seen continuous lockdowns and tightening of restrictions which has outweighed the fundamental releases.
An economist from United Overseas Bank (UOB) had these comments about this;
“The Australian economy added 2,200 jobs in July, much better than expectations for a loss of 43,100 jobs following the increase of 29,100 jobs previously. Unlike the case in May and June, employment gains were driven by part time employment, up 6,400 to 4,143,800 people. Full time employment decreased by 4,200 to 9,012,600 people. The participation rate decreased by 0.2 pts to 66.0%. Accompanying the rise in employment, the unemployment rate fell further to 4.6% from 4.9% previously. The jobless rate has dropped for eight straight months, from 6.9% in October 2020, and this is the lowest print for the unemployment rate since December 2008.”
“That said, the rapid decline in the unemployment rate looks set to come to an end, amid multiple COVID-19 lockdowns across the country, which threaten the economic backdrop… The tightening of restrictions through July and August could further reduce participation over coming months. We think the unemployment rate is now set to spike above 5% again in coming months, before resuming its downtrend by 2022, assuming vaccination rates increase and lockdowns become less necessary.”
CAD has seen as huge push down as well, with USD/CAD making a high of 1.29490 earlier today, levels not seen since December 2021. EUR/CAD has also been one of the big movers this week, doing over 300+ pips!
We are looking for this CAD weakness to continue, and we will be treating any pullbacks as an opportunity to short it.
Upcoming fundamental releases we have are:
Monday, August 23rd
- EUR, Markit Manufacturing PMI(Aug)
- EUR, Markit PMI Composite(Aug)
- GBP, Markit Services PMI(Aug) PREL
- NZD, Retail Sales (QoQ)(Q2)
Wednesday, August 25th
- USD, Durable Goods Orders(Jul)
- Nondefense Capital Goods Orders ex Aircraft(Jul)
Thursday, August 26th
- USD, Gross Domestic Product Annualized(Q2) PREL
Friday, August 27th
- USD, Fed’s Chair Powell speech
- AUD, Retail Sales s.a. (MoM)(Jul)
The Crypto market has continued to see its bullish momentum continue, with some really clean setups (which align with the BSAPPSFX strategy) playing out across the board. We are looking for continued longs on all major pairs. ADA has been one of the biggest movers, with it hitting all-time-highs at 2.55USD despite hitting 0.99USD during the Q2 ‘crash’. XRP is one of the main ones on our watchlist, with an interesting setup forming right now, we will continue to monitor price action.
Business Updates; BSAPPSFX Beginners Course
BSAPPSFX are happy to announce the latest addition to the educational courses we provide, the ‘BSAPPSFX Beginners Course’.
This has been designed from the ground up, giving people the best start possible in their trading career. This is an in-person course, which will take place at our office in West Sussex.
The day will consist of over 7 Hours of in-person taught content! You will be coached by our team of profitable and funded traders, ensuring that you are understanding the concepts taught.
Teaching will be done through a variety of mediums, such as presentation slides, questions, interactive elements (where we test your understanding) and more! We also walk you through and setup the software we use, so you will have everything setup properly – ready for you to learn how to trade the financial markets!
During this course we will cover 5 sections, spanning over 23 modules!
Section 1: An introduction to forex
Section 2: Charts and Execution
Section 3: Technical Analysis
Section 4: Risk Management
Section 5: Journaling and Testing
Not only this, but you also get the BSAPPSFX Beginners Course Playbook which is over 100 pages! This includes resources for you to use throughout the day, and you can also take this playbook home so you can practice what you have learnt!
This is the best step into starting your trading journey. We are only offering a handful of these courses throughout the year, with only 6 spots per course.
To request more information on this course, please get in contact with us!
WhatsApp (text): +44 7861890297
Written by Aqil – Head Analyst