EUR/USD to 1.1600? GBP/USD and AUD/USD test resist [Video]
![EUR/USD to 1.1600? GBP/USD and AUD/USD test resist [Video]](https://editorial.fxsstatic.com/images/i/discover-46.jpg)
Author
Kim Cramer Larsson
KCL Consult
Kim Cramer Larsson hosts the Daily Technical Update, a daily 15-20 minutes video with live charts.
More from Kim Cramer Larsson
Editor's Picks
The GBP/USD pair attracts some dip-buyers at the start of a new week, and climbs above mid-1.3500s during the Asian session, closer to over a three-month high touched on Friday. Moreover, the prevalent US Dollar selling bias favors bullish traders and suggests that the path of least resistance for spot prices remains to the upside.
The EUR/USD pair gathers strength to around 1.1575 during the early Asian trading hours. The US Dollar edges lower against the Euro amid weaker-than-expected US economic data and shifting central bank expectations. Traders will take more cues from the speech of the European Central Bank President Christine Lagarde on Wednesday.
Gold builds on Friday's bounce from the $4,300 neighborhood, or a one-week low, and gains some follow-through positive traction at the start of a new week. The commodity, however, struggles to capitalize on the momentum beyond the $4,400 mark and remains below its highest level since June 5, touched on Friday, amid mixed fundamental cues.
Cardano (ADA) nears key support zone, trading at $0.177 after correcting over 10% the previous week. The price decline is supported by whale wallet offloading ADA tokens. Meanwhile, weakening momentum indicators and bearish derivatives metrics suggest a cautious tone among traders and hint at further losses if ADA slips below key support.
It was a strange week for the US Dollar: while the geopolitical situation has remained largely unchanged, with the usual back-and-forth between the US, Iran, and occasional third parties, disappointing domestic data have re-emerged, reducing expectations of potential tightening by the Federal Reserve in the next few months.
Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.
