EUR/USD, “Euro vs US Dollar”
The currency pair has completed a wave of decline to 1.0707. Today the market has started developing a correction to 1.0755. This is the first target. After the price reaches this level, a correction might follow to 1.0730. Next, growth to 1.0790 is expected.
GBP/USD, “Great Britain Pound vs US Dollar”
The currency pair has completed a wave of decline to 1.2307. Today the market has formed a consolidation range above this level and, escaping the range upwards, suggests continuing the wave of growth to 1.2352. After the price reaches this level, a link of correction to 1.2330 could follow. Next, growth to 1.2395 is expected.
USD/JPY, “US Dollar vs Japanese Yen”
The currency pair formed a consolidation range around 139.50, escaped it upwards, and completed a structure of growth to 140.20. Today the market has started developing a wave of decline to 139.50. After the price reaches this level, a correction to 139.80 could follow. Next, a decline to 138.65 is expected.
USD/CHF, “US Dollar vs Swiss Franc”
The currency pair has completed a wave of growth to 0.9072. Today the market is forming a correction to 0.9020. After it is over, the wave of growth might continue to 0.9111.
AUD/USD, “Australian Dollar vs US Dollar”
The currency pair has completed a wave of decline to 0.6493. Today the market is forming a structure of corrective growth to 0.6540. Next, a structure of decline could develop to 0.6455.
Brent has formed a consolidation range around 76.76 and, escaping it downwards, suggests a correction to 75.00. After the correction will be over, a new wave of growth to 79.55 might start that could extend to 80.20.
XAU/USD, “Gold vs US Dollar”
Gold has completed a wave of decline to 1936.76. Today the market is beginning a wave of growth to 1964.00. After the price reaches this level, a correction to 1950.00 could follow. Next, a new wave of growth to 1984.00 might start.
The stock index has completed a wave of decline to 4106.0. Today the market has corrected to 4160.0. A new wave of decline to 4102.0 is expected. This is the first target. After the price reaches this level, a correction to 4150.0 could form, followed by a decline to 4050.0.
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EUR/USD battles 1.0700 after mixed Eurozone data
EUR/USD has come under renewed selling pressure, battling 1.0700 after mixed Eurozone Retail Sales data for April. The pair remains undermined by the cautious market mood, disappointing German Factory Orders and a broad US Dollar rebound.
GBP/USD turns south toward 1.2400 as US Dollar recovers
GBP/USD is heading south toward 1.2400, meeting fresh supply in the European session. The US Dollar is seeing renewed safe-haven buying amid a risk-off market profile, acting as a headwind to the pair.
Gold struggles for a firm direction, stuck in a range around $1,960
Gold price struggles to capitalize on the previous day's modest recovery from the 100-day Simple Moving Average (SMA) and oscillates in a narrow trading band through the first half of the European session on Tuesday.
Is the metaverse hype back in action?
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Markets are likely to focus on ECB commentary
This is a very quiet week in terms of data and hence markets are likely to focus on last minute central bank commentary. The FOMC blackout period kicked off already on Sunday, but today we have a bunch of ECB speakers on the wires.