{"id":21652,"date":"2021-08-27T07:46:47","date_gmt":"2021-08-27T07:46:47","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=21652"},"modified":"2024-11-19T12:23:47","modified_gmt":"2024-11-19T10:23:47","slug":"all-eyes-on-powell-at-jackson-hole","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/fr\/all-eyes-on-powell-at-jackson-hole\/","title":{"rendered":"All eyes on Powell at Jackson Hole"},"content":{"rendered":"<p>The USD gained a bit against a number of its counterparts yesterday, yet the overall picture of a sideways movement seems to remain as the marker turns its attention towards Powell\u2019s speech at the Jackson Hole symposium.&nbsp; It should be noted that a number of Fed policymakers in the past weeks had made calls to start tapering the Fed\u2019s QE program rather earlier than later, yet the overall slowdown of the US economic recovery and the risks posed by the Delta variant of Covid 19 may suggest a postponement. Dallas Fed President Kaplan yesterday stated that he worries about inflation and that he would like to see a tapering of the bond purchases in September and a rate hike in the coming year, boosting expectations for a tightening of the Fed\u2019s monetary policy. Earlier on, Kansas Fed President Esther George and St. Louis Fed President James Bullard also downplayed the possible adverse impact of the Delta variant and urged also for an earlier tapering of the bank\u2019s QE program. The remarks from Fed Policymakers prementioned tended to act as a prelude for Powell\u2019s speech and were the ones providing support for the USD despite the US GDP 2nd estimate growth rate for Q2 not accelerating as much as expected. Analysts are mentioned to expect Powell to announce the start of the bank\u2019s tapering plans in the last quarter of the year, providing a signal for a tightening of the bank\u2019s monetary policy ahead of the September meeting yet should the Fed Chairman opt to prolong the ultra-loose monetary policy we may see the USD weakening. US stocks dropped yesterday as markets tended to be cautious ahead of Powell\u2019s speech, given also that the US weekly initial jobless claims figure came out higher than expected implying a slack in the US employment market. At the same time the price of gold rose on today\u2019s Asian session despite the strengthening of the USD, as geopolitical tensions were on the rise also due to the bombing attack on Kabul\u2019s, Afghanistan, airport given that the US are leaving the country by the end of the month. As for financial releases we note the release of the US consumption and the core PCE price index both being for July as well as the final reading of August\u2019s University of Michigan consumer confidence.<\/p>\n\n\n\n<p>The USD index rose a bit yesterday, yet the overall sideways movement between the 93.20 (R1) resistance line and the 92.75 (S1) support line seems to be remain unaffected. We tend to maintain our bias for a sideways movement currently, given also that the RSI indicator below our 4-hour chart is running along the reading of 50, implying a rather indecisive market ahead of Fed Chairman Powell\u2019s speech, which could alter the index\u2019s direction. Should the bulls take over, we may see the USD Index breaking the 93.20 (R1) resistance line and aim for the 93.65 (R1) resistance level. Should the bears be in charge of the index\u2019s direction, we may see the USD breaking the 92.75 (S1) support line and aim for the 92.30 (S2) support level.<\/p>\n\n\n\n<p>Gold\u2019s price seems to be guided by some bullish tendencies as they are currently testing the 1800 (R1) psychological resistance level. We see the case for the bulls to maintain the initiative currently, given also the upward slope of the RSI indicator below our 4-hour chart and the fact that the reading is aiming of the reading of 70. Should buyers continue to control golds\u2019 direction we may see precious metals\u2019 price action finally breaking the 1800 (R1) resistance line and take aim of the 1835 (R2) resistance level. Should the market say enough is enough and a selling interest be displayed, we may see gold\u2019s prices reversing course and aim if not break the 1760 (S1) support line and thus opening the way for the 1725 (S2) support level. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Other economic highlights today and the following Asian session:<\/strong><\/p>\n\n\n\n<p>Today in the American session, we get from the US the Consumption rate and the Core PCE Price Index, both being for July and later on we get the final University of Michigan consumer sentiment for August, while oil traders may be more interested in the release of the US Baker Hughes oil rig count, given also that a storm seems to be threatening the Gulf of Mexico. <\/p>\n\n\n\n<p><a><strong>Graphique de l\u2019Indice USD H4&nbsp;<\/strong><\/a><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/August-2021\/27-August\/usd-index-27-08-2021.png\" alt=\"support at ninety two point seventy five and resistance at ninety three point two, direction \" title=\"usd-index-graphique-quatre-heures\"><\/p>\n\n\n\n<p><strong>Support: 92.75 (S1), 92.30 (S2), 91.75 (S3)<\/strong><\/p>\n\n\n\n<p><strong>Resistance: 93.20 (R1), 93.65 (R2), 94.15 (R3)<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Graphique d\u2018XAU\/USD H4&nbsp;<\/strong><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/August-2021\/27-August\/xau-usd-27-08-2021.png\" alt=\"support at one thousand seven hundred and sixty and resistance at one thousand eight hundred, direction upwards \" title=\"graphique-d\u2019xau-usd-quatre-heures\"><\/p>\n\n\n\n<p><strong>Support: 1760 (S1), 1725 (S2), 1680 (S3)<\/strong><\/p>\n\n\n\n<p><strong>Resistance: 1800 (R1), 1835 (R2), 1875 (R3)<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/August-2021\/27-August\/benchmark-27-08-2021.PNG\" alt=\"Title\" title=\"benchmark-27-08-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/August-2021\/27-August\/table-27-08-2021.PNG\" alt=\"Title\" title=\"table-27-08-2021\"><\/p>\n\n\n\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/shared.gighl.com\/Morning-Pictures-2021\/August-2021\/27-August\/morning-releases-27-08-2021.PNG\" alt=\"Title\" title=\"morning-releases-27-08-2021\"><\/p>\n\n\n\n<p class=\"translation-block\">Si vous avez des questions d'ordre g\u00e9n\u00e9ral ou des commentaires concernant cet article, veuillez envoyer un email directement \u00e0 notre \u00e9quipe de recherche \u00e0 l'adresse <a href=\"mailto:research_team@ironfx.com\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Avertissement :<br><i>Ces informations ne doivent pas \u00eatre consid\u00e9r\u00e9es comme un conseil ou une recommandation d'investissement, mais uniquement comme une communication marketing. IronFX n'est pas responsable des donn\u00e9es ou informations fournies par des tiers r\u00e9f\u00e9renc\u00e9s, ou en lien hypertexte, dans cette communication.<\/i><\/p>","protected":false},"excerpt":{"rendered":"<p>The USD gained a bit against a number of its counterparts yesterday, yet the overall picture of a sideways movement<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daextinma_seo_power":"","_daextinma_enable_ail":"","footnotes":""},"categories":[1],"tags":[340,328,346,338],"class_list":["post-21652","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-forex-market","tag-forex-trading","tag-introducing-broker","tag-technical-analysis","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>All eyes on Powell at Jackson Hole<\/title>\n<meta name=\"description\" content=\"USD gains ahead of Powell\u2019s Jackson Hole speech; 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