Monday wasn’t a very successful day for the US dollar. Although durable goods orders for June came out better than expected (but figures for the previous months were revised to the downside), the greenback stayed at lows. Traders await other key events of the week: the Fed’s meeting on Wednesday and US GDP release on Thursday. Watch CB consumer confidence in America due at 14:00 GMT.
EUR/USD spiked to 1.1113. German Ifo Business Climate came out better than expected. The pair has reached 200-period MA at H4 and almost reached 55-day MA. There’s a short-term corrective uptrend: the overall decline will resume once it’s breached to the downside. Support is at 1.1000 and 1.0985. Resistance is at 1.1125 and 1.1200/15.
GBP/USD found support in the 1.5465/1.5500 area. UK will release preliminary Q2 GDP figures at 08:30 GMT. According to the forecasts, British economy growth has accelerated from 0.4% to 0.7%. Still, there are several resistance levels ahead, with the most important one at 1.5515/25 area (resistance line from June highs). This one will be hard to break ahead of the Fed and the US GDP. Further support is at 1.5410/00.
USD/JPY is quickly slipping down as demand for the yen as a safe haven went up due to another crash of Chinese stocks. Support is at 122.90, 112.50 and 122.00. The pair may slide towards 122.00 on the negative risk sentiment, but data from the US later this week should offer an opportunity to but it on the dips. Resistance is at 123.70 and 123.90/124.00.
AUD/USD remains near Friday lows. Resistance is at 0.7370 and 0.7400 (psychological level). Support is at 0.7260 and 0.7200. Aussie’s stabilization will be short-lived as the currency lacks bullish drivers in the risk-off environment.
EUR/USD spiked to 1.1113. German Ifo Business Climate came out better than expected. The pair has reached 200-period MA at H4 and almost reached 55-day MA. There’s a short-term corrective uptrend: the overall decline will resume once it’s breached to the downside. Support is at 1.1000 and 1.0985. Resistance is at 1.1125 and 1.1200/15.
GBP/USD found support in the 1.5465/1.5500 area. UK will release preliminary Q2 GDP figures at 08:30 GMT. According to the forecasts, British economy growth has accelerated from 0.4% to 0.7%. Still, there are several resistance levels ahead, with the most important one at 1.5515/25 area (resistance line from June highs). This one will be hard to break ahead of the Fed and the US GDP. Further support is at 1.5410/00.
USD/JPY is quickly slipping down as demand for the yen as a safe haven went up due to another crash of Chinese stocks. Support is at 122.90, 112.50 and 122.00. The pair may slide towards 122.00 on the negative risk sentiment, but data from the US later this week should offer an opportunity to but it on the dips. Resistance is at 123.70 and 123.90/124.00.
AUD/USD remains near Friday lows. Resistance is at 0.7370 and 0.7400 (psychological level). Support is at 0.7260 and 0.7200. Aussie’s stabilization will be short-lived as the currency lacks bullish drivers in the risk-off environment.
Recommended Content
Editors’ Picks
EUR/USD trades with negative bias, holds above 1.0700 as traders await US PCE Price Index
EUR/USD edges lower during the Asian session on Friday and moves away from a two-week high, around the 1.0740 area touched the previous day. Spot prices trade around the 1.0725-1.0720 region and remain at the mercy of the US Dollar price dynamics ahead of the crucial US data.
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.