EURUSD
The Euro remains under pressure and met its next target at 1.0818, low of 27 May, following the third consecutive daily and strong weekly bearish close. Overall tone remains firmly bearish and favors further downside, on sustained break below 1.0818 handle. The notion is confirmed by Friday’s close below 61.8% Fibonacci retracement of larger 1.0461/1.1465 consolidation. Near-term price action trades in narrow consolidative range, with initial resistance at 1.0854, last Thu/Fri lows, ahead of 1.09 lower platform and 1.0915, former low of 07 July, also near Fibonacci 38.2% of 1.1083/1.0818 downleg, where rallies should be ideally capped, to keep intact pivotal daily Ichimoku cloud base at 1.0992. Fresh leg lower to focus 1.0698, Fibonacci 76.4% retracement of 1.0461/1.1465 rally.
Res: 1.0854; 1.0902; 1.0915; 1.0992
Sup: 1.0818; 1.0782; 1.0754; 1.0698
GBPUSD
Cable continues to trade in near-term consolidative phase, under 15 July’s fresh high that was retested on Friday. The price moves within 1.5673/1.5551 range, with last Friday’s long-legged Doji candle, confirming indecision. Falling daily 20SMA, currently at 1.5602, continues to cap, despite repeated attempts above. Neutral/negative daily studies keep the downside at risk while initial 20SMA barrier caps. Fresh weakness through range floor at 1.5551, Friday’s low, would look for 1.5500, daily Tenkan-sen and 1.5445, daily Ichimoku cloud top. Otherwise, expect prolonged consolidation, while the price holds within near-term range. On the upside, range top at 1.5673, marks initial barrier, ahead of 1.5698, Fibonacci 61.8% of 1.5928/1.5327 downleg and only sustained break higher to bring bulls fully in play and signal resumption of the bull-leg from 1.5327, low of 08 July.
Res: 1.5673; 1.5698; 1.5729; 1.5786
Sup: 1.5581; 1.5551; 1.5500; 1.5445
USDJPY
The pair remains well supported, as past week long bullish candle, confirms strong bullish stance and signals further gains. Setup of daily MA’s, with expanding 20d Bollingers and Indicators established in the positive territory, supports the notion. Near-term price action holds in narrow consolidative range, confirmed by Friday’s tight Doji. Range floor lies at 123.90 and marks initial support, ahead of 123.70, former high of 14 July and 38.2% of 122.90/124.22 upleg and while holding above here, near-term focus will remain shifted higher, as the pair approaches pivotal 124.36/42, former highs and the last significant obstacle on the way towards key 125.84 barrier, peak of 05 June.
Res: 124.22; 124.36; 124.42; 125.00
Sup: 123.90; 123.70; 123.25; 122.90
AUDUSD
Aussie pushed lower overnight and posted fresh 6-year low at 0.7324, following three-day consolidation above former low at 0.7348. The remains bearish overall and favors further weakness that focuses next target at Fibonacci 76.4% of 0.6007/1.1079 rally. Falling daily 10SMA continues to cap, marking initial resistance at 0.7416 and guarding pivotal 0.7495 lower platform and former consolidation top. Near-term bounce off fresh 0.7324 low, is so far seen limited and should be ideally capped under 10SMA. Only sustained break above 0.7495 would sideline immediate bears.
Res: 0.7416; 0.7435; 0.7495; 0.7550
Sup: 0.7324; 0.7300; 0.7250; 0.7204
Recommended Content
Editors’ Picks
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action this week
The EUR/USD pair temporarily reconquered the 1.0700 threshold last week, settling at around that round level. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.
Gold trades on a softer note below $2,350 on hotter-than-expected US inflation data
Gold price trades on a softer note near $2,335 on Monday during the early Asian session. The recent US economic data showed that US inflationary pressures staying firm, which has added further to market doubts about near-term US Federal Reserve rate cuts.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.