President Joe Biden submitted his budget request for fiscal year 2022 to Congress on Friday. The first formal budget of his presidency and a strong departure from his predecessor, Donald Trump. Biden’s budget incorporates his two flagship national proposals, the American Family Plan and the American Jobs Plan, neither of which have been seriously debated by Congress yet. It also illustrates how different Biden’s priorities are from Trump’s. For example, he is requesting a 41% increase for the Department of Education from last year, plus a 23% increase for the Department of Health and Human Services, and a 22% increase for the Environmental Protection agency.
The budget request for 2022 is $ 6 trillion. But of this, only $ 300 billion is new expenses requested for next year. The vast majority of the money in it will be spent on programs the government is required by law to fund, such as Medicare, Social Security, and interest on the national debt.
EURUSD closed buy last Friday. The preference remains sell. Below 1.22 we prefer to wait for sellers. In 1.2170 to 1.2160 and extensions to 1.2150. Buyers will be waiting to position themselves at these levels, caution with intraday sell without closing.
GBPUSD closed buy. The preference is sell. Below 1.4170 up to 1.4150 and 1.4130.
USDJPY closed sell the last Friday. Buy preference over 110.0 to 110.20. Above 110.20 it could increase its buy strength to 110.50. We rule out the possibility of sell at these levels.
USDCAD closed sell. Sell preference below 1.21. This cross will have up volatility this week. Buy intervals are between 1.2030 and 1.2050 while sellers are below 1.2130 and 1.2120. Reversals could occur once the market passes the 1.2130 and 1.2150 levels. However, the sell zone will keep us mostly sell strategies.
AUDUSD closed sell. Sell preference. Below 0.77 sell to minimum levels of 0.7680. It is possible that the market will try to position (buy) above 0.77 to 0.7740 and extensions and then take its gains from the bad data projections this week. The Australian interest rate on Tuesday and employment data are released during the week and will be crucial for buyers.
XAUUSD XAGUSD gold and silver closed sell. In silver we will expect to enter 28.0 where the market would take buy pressure. About 28.0 until 28.10 and 28.20. In gold we remain above 1900. The preference is to buy in both commodities. We will have take-profit levels in between 1904. and 1908. Don’t be alarmed by drops or corrections. It is possible that the market will pass these highs to new levels between 1923. and 1930. US data between PMI and unemployment will be key to gold buy performance.