Despite the war in the Middle East and rising energy prices, U.S. consumer spending—and, by extension, travel DEMAND—proved to be sufficiently resilient in the second quarter, from which Expedia also benefited greatly. The company beat analysts’ expectations across all major metrics, with revenue growing by 14%, while also successfully maintaining its strategic goal of cost control, resulting in profit growth of over 20%. Cash generation is very strong, which is being used to repurchase shares, and for now, there's no sign of a slowdown on the demand side, leading the company to raise their full-year expectations for this year. Given the improving fundamentals, we are raising our fair value estimate to $365.
The dollar still faces the possibility of further weakness. Its major currency pairs are trending upward for now, as long as their upward trends remain intact. In the case of the forint, the correction that began a month ago is slowly approaching levels where it may encounter strong resistance. The USD/JPY exchange rate is beginning to correct higher following a strong intervention, but if it were to hit a lower high, the long-term uptrend could change. The EUR/CHF exchange rate has reached the long-term downtrend; a pattern indicating a reversal has not yet formed. There will be no analysis next week due to vacation. The next analysis will be published on August 26, 2026.
Gold and silver have broken their downtrends, triggering upward waves that still hold potential for further gains. After a strong retest, the oil price may settle into a range, but there are still opportunities for further gains. Natural gas prices did not reach a new low, but no pattern indicating a reversal has yet emerged. Copper is maintaining its upward trend; it must rise again within the next few days, or the rally could break down. Wheat and corn are also beginning to turn upward again from key support levels after strong retests.
A reversal has begun, breaking the downtrend. The first target was around 4,375, which has already been reached. The correction to the decline seen since the beginning of the year is expected to be in the range of 4,688 to 4,843. Reaching these levels is still a possibility. During pullbacks and retests, long positions can still be sought.
Resistance levels: 4,688; 4,843; 4,923; 5,000.
Support levels: 4,218; 3,906; 3,750.
The downtrend in this precious metal has also broken, and an upward move has begun. It broke above the 62.5 level, which was the first condition for the rally. The first resistance level is expected around 75, but the anticipated correction of the entire downtrend lies around the 87.5 level.
Resistance levels: 75; 81.25; 87.5; 93.75; 100; 106.25.
Support levels: 56.25; 53.13; 50.
We can see a strong retest above the uptrend. The curve reversed from the 75 level, thus remaining above the main uptrend. Above that, 87.5 acts as resistance; this level could halt the rally. We haven’t yet received a signal for another sustained rally, but a breakout above the resistance at 93.75 could open up more significant upside potential. Sideways movement is still likely.
Resistance levels: 93.75; 100; 118.75; 125.
Support levels: 75; 68.75; 62.5; 59.38; 56.25.; 50.
Since breaking below the natural support level at 3.125, the price has been in a downtrend. A break above the thick red trendline could trigger a new buy signal, but this may take several more weeks. The 2.734 area has halted the decline, and if the price does not fall below this level and breaks the downtrend line from there, it could present a good buying opportunity. There is stronger support around 2.344, where the price could become oversold.
Resistance levels: 3.125; 3.906; 4.688; 6.25; 7.04; 7.81.
Support levels: 2.344; 1.953.
It’s still above the uptrend line, having narrowed again and hugging the trend line. It hasn’t given a sell signal yet; it should bounce back up within a few days for the uptrend to remain intact. The 7 level is considered strong resistance. The 6.25 level is now support.
Resistance levels: 6.875; ; 7.03; 7.81
Support levels: 6.25; 6.04; 5.66; 5.46; 5.27; 4.88; 4.68; 4.49.
The retest following the breakout reached the 625 support level, from which it has bounced higher. It needs to start moving higher; otherwise, a break below this support level could signal a change in the trend. The previous high still appears within reach.
Resistance levels: 688; 718; 750.
Support levels: 625; 562; 531; 516; 500; 484; 468.
The retest triggered a bounce off the 437.5 level and the main uptrend. The overall picture remains bullish, and previous highs still appear within reach (484, but 500 is also a possibility).
Resistance levels: 500; 531.2.
Support levels: 406; 390; 375; 343.75.
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