Low volatility summer period continues across the market, however is seem some currencies are trying to determine direction for this month. Last week H4 SMA200 has stopped the EUR recovery at the resistance area 1.1080-1.1100 and now the price has returned back to the support area 1.0960-1.0990. EUR for now continues consolidation with some bullish bias, and the bullish power will increase above 1.1020. however below 1.0950 the pair easily may drop to 1.0850 and 1.0800, so the current situation is pretty much unstable. I expect this wek to continue consolidation within the range 1.0950-1.1100
GOLD has recovered on Friday and closed near to 1100, but this is still not enough to reverse the bearish trend. To start a process of recovery and to confirm a fresh support area has benn created we need a Daily close above 1110. If this happens the next target will be the area between 1122 and 1132. Below 1090 the price may drop again to 1075-1080 in search of another support.
NZD opened today with a downside move and the price is again below 0.6600. This puts indicators again at bearish territory. First resistance is 0.6600, then 0.6640 and finally 0.6690. Below 0.6600 we are consolidating but drops to 0.6500 are quite possible.
AUD is now bearish, we had a sidaways move on Friday which produced no change of the future outlook. The pair remains bearish on almost all frames. We need to break above 0.7370 to start any recovery attempt. As long as the price is below 0.7330 we are bearish.
JPY is consolidating around 124.00 and for now is preserving all chances of future upside test of 126.00, but with the summer holidays noone seems interested in buying or selling the pair. Current support is 123.50 and resistance is 124.10. Weekly support is 123.30 and resistance is 124.80
GBP moves together with the Daily Senkou Span A price with the recently built support at 1.5560 upside recovery for now seems stable. However the 1.5710 reistance seems unbreakable for now. This week we shall have the BoE rate decision and some more economic data so these will move the pair and another fail at 1.5710 will reverse the move to the downside with possible targets 1.5550-1.5480-1.5440 and 1.5390.
RUB is doomed again with the Weekly and Monthly close above 61.00. The pair is bullish above 60.60 on all timeframes so i expect above this price the upside to continue. Main support is at 59.00 but we are far away from it right now, and bulls have nothing to worry about. Upside target is at 62.00.
For today:
LONG EUR above 1.0990 SL 1.0980 TP 1.1020-1.1045-1.1080-1.1110
SHORT EUR below 1.0950 SL 1.0965 TP 1.0900-1.0860-1.0830-1.0800
LONG GOLD above 1091 SL 1088 TP 1100-1110-1122-1130
SHORT GOLD below 1086 SL 1089 TP 1077-1072-1068-1061
Good luck!
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.