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.

EURUSD

 

GBP/USD Consolidating Near the Trend Line

The British pound promptly retreated after rising to the 1.2277 level. This potentially indicates resistance at this level.

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.

GBPUSD

 

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.

WTI

 

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.

XAUUSD

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

When is Japan’s data-dump and how could it affect the USD/JPY?

While the risk catalysts have recently been lighter, mainly due to the equities’ upbeat performances, the underlying fears aren’t yet wiped out. Technically, buyers keep targeting the 108.05/10 area comprising multiple highs marked since April-19.

Read more

AUD/USD: Upside momentum again fizzles around 11-week top, still above 0.6600

Having marked yet another failure to stay strong beyond 0.6650, AUD/USD remains depressed around 0.6640/35 at the start of Friday’s Asian session.Risk-tone remains positive as equities cheer hopes of further stimulus, economic restart.

AUD/USD News

Goldman Sachs puts Bitcoin on par with Gold

One of the world's largest investment banks, Goldman Sachs, announced a conference for its clients entitled “Implications of Current Inflation, Gold and Bitcoin Policies”

Read more

Gold: Limited gains below the $1730/oz level for XAU/USD

After bouncing from the 1690/1700 price zone XAU/USD is stalling below the 1730 resistance and the 50 SMA on the four chart. The picture is mixed as it seems the metal is challenging a tough resistance near the 1730 level.

Gold News

WTI oil prices rally on gasoline demand and hopes of output cuts’ extension

WTI crude oil prices have appreciated more than 5% on Thursday to reach $34 and approach two-month highs. Investors' optimism about an increase of gasoline demand and speculation of an OPEC+ deal to extend output cuts are driving crude prices higher.

Oil News

Forex Majors

Cryptocurrencies

Signatures