EUR/USD Struggles To Break Out Above 1.1000
The euro currency’s rally finally saw prices rising to the 1.1000 level.
However, there are early indications suggesting a pullback. This will keep EURUSD range bound within 1.1000 and 1.0736 for the time to come.
However, the pullback, if confirmed, will see the euro falling back to the lower price level at 1.0885 – 1.0879.
If support successfully forms here and prevents the euro from further declines, then that opens the upside for the currency pair.
A potential breakout above 1.1000 level could happen which could see further gains coming through.
GBP/USD Consolidating Near the Trend Line
However, the trend line is coming in as dynamic support, and price action is consolidating around this trend line.
It still keeps the bias to the upside and the price level at 1.2277 will be tested once again.
But, only a strong breakout above the resistance level can confirm further upside.
However, for the moment, it seems that the currency pair has hit a bottom at 1.2100.
Only a breakdown back below the trend line could see declines to this level.
WTI Crude Oil Maintains a Steady Trend Above $30
WTI Crude oil prices are up over 2% intraday on Thursday.
The steady bullish trend in the commodity has pushed prices above the 30.00 threshold for the first time since mid-March.
If this bullish momentum continues, crude oil will be targeting the 45.00 handle next.
This marks a retest of this level which previously held up as support.
For the moment, expect some consolidation to occur near the 33.66 price level.
There is scope for price to correct lower as well. But, this can only be confirmed on a strong close lower.
XAU/USD Forms A Lower High. Will The Declines Continue?
The precious metal gave up the gains and as a result, price action posted a lower high.
This came in right near the resistance level of 1747.00.
Following this, gold prices fell further as price action is now in consolidation.
The minor support level is seen at the previous pivot lows at 1730.40. If this level breaks, expect gold prices to push lower.
The next downside target is at 1717.65. This also marks a confluence with the rising trend line.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your 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.