Weekly Market Commentary | 07.07 – 13.08

By Tomasz Wisniewski|

Published: August 07 2023, 08:08 GMT+0

Weekly Market Commentary | 07.07 – 13.08

Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know.


  • Australia and Canada have holidays, resulting in potentially lower market activity.
  • Switzerland will release its foreign currency reserves data.
  • FOMC member Harker is scheduled to give a speech during the European session.


  • NAB Business Confidence from Australia will be the key data release of the day.


  • China’s inflation figures will be released, with a decrease of 0.5% expected.
  • New Zealand’s inflation expectations will also be announced.


  • The US will announce its inflation data, with an annual rise to 3.3% expected, up from the previous 3%.
  • The weekly US Unemployment Claims report is expected to show 231,000 new claims.


  • Japan’s markets will be closed.
  • The UK is expected to announce GDP figures, with a growth of 0.2% predicted.
  • The US PPI report is expected to show a modest increase of 0.2%.
  • The Prelim University of Michigan Consumer Sentiment index from the US is expected to come in at 71.7.

Setups for This Week:

Dow Jones

Primary view:

    • Last week’s bearish correction likely to continue.
    • Key horizontal support at 33,500 points serves as the correction target.

Alternative view:

  • Limited chance for a rebound with continued bearish activity more probable.


Primary view:

    • Completion of inverse head and shoulders pattern.
    • Currently testing the neckline (yellow) and the long-term downtrend line (red).
    • Break above these resistance lines would offer a long-term buying opportunity.

Alternative view:

  • Possibility of price bouncing off resistance, leading to a downward swing.



Primary view:

    • Completion of a double bottom pattern (yellow).
    • At a horizontal resistance level (blue) and below the lower line of the symmetric triangle.
    • Breakout above these two lines would suggest a strong long-term buying signal.

Alternative view:

  • Potential for a selling opportunity if price bounces off these two resistances with the long-term green uptrend line as the target.



Source: https://www.axiory.com/analytics/weekly-market-commentary/weekly-market-commentary-07-07-13-08