US GDP, FOMC and consumer confidence

Powell argues that the US recovery continues to go on despite the Delta variant. He will probably acknowledge this Wednesday that the Committee would begin discussions on plans to gradually reduce stimuli. It will also signal that it will reach the standard of »further substantial progress« is still »far away«. “Real GDP in the United States is likely to increase in the second quarter, although not as strong as in the consensus estimate. Real consumer spending is likely to post double-digit growth rates again. The fx market remains positioned in the dollar in all crosses. Possibly it is discounted information pending profit taking

Market projections July 26 to July 30, 2021

EURUSD seller preference. Below 1.18 and 1.1820 only sell. Below 1.1750 with TP at 1.1730 and 1.1720. Possible 1.1710 for next week.

GBPUSD buyer preference. Over 1.3750 buys up to 1.3780. Over 1.3780 up to 1.38 and 1.3830.

USDCAD seller preference. Below 1.2550 sell up to 1.2540 and 1.2530.

USDJPY seller preference. Below highs at 110.80 and 110.70 only sell. Below 110.50 until 110.30 and 110.20.

XAGUSD buyer preference. Buys levels above 25.0. Sell interval between 25.10 and 25.0. Buy intervals on 25.20 to 25.30 and 25.40.

XAUUSD buyer preference over 1800.0. Buy price levels between 1795.0 and 1790.0. Take profit zone between 1805. and 1810.0 possible new highs between 1810.0 and 1820.0.