Euro Attempts To Breakout Higher, Capped By 1.1347
The euro currency made some gains on Monday as price action tried to break out from the triangle pattern.
Prices briefly tested highs near 1.1347 before pulling back toward the close of the European session.
The overall trend in EURUSD remains flat with no major bias building up. A pullback could see the euro testing the 1.1261 level of support.
Alternately, a successful breakout above 1.1347 could signal a move toward the 1.1400 handle eventually.
GBP/USD Attempts To Test 1.2516 Resistance Level
The pound sterling is seen holding its ground against the US dollar. Prices are up a modest 0.14% as the cable attempts to test the 1.2516 resistance level.
The cable initially pulled back after testing this level just last week. A successful breakout above 1.2516 could open the way for the currency to rise to 1.2643 thereafter.
To the downside, the swing low near 1.2437 will keep the cable from posting further declines for now.
A break down below this level will of course accelerate the declines back to the 1.2344 level of support.
Crude Oil Rises Over 1%In An Attempt To Breakout
Oil prices are somewhat bullish on Monday. Price action is modestly trading above the 40.00 handle. But crude oil is not out of the woods yet.
A clean breakout above 40.00 is required to confirm the upside bias. For the moment, prices are strongly trading around the rising trend line.
This might potentially trigger a move lower if the commodity fails to post any further gains above this level.
A minor resistance level might form near the previous swing high point at 41.60.
Gold Inches Back Higher But Off July 1st Highs
The precious metal is recovering following last week’s decline from a fresh nine-year high.
Price action is trading around the 1783 level with the 4-hour chart signaling a Doji candlestick pattern.
This could potentially either signal a continuation or a reversal to the recent uptrend. Prices are still a little away from the 1800 level.
Any near term dips could, of course, attract new buyers into the market.
The price level near 1773 remains a likely spot to hold the precious metal from further declines in the near term.
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.
Recommended Content
Editors’ Picks
EUR/USD drops to near 1.0850, further support at nine-day EMA
EUR/USD continues to lose ground, trading around 1.0860 during the Asian hours on Friday. From a technical perspective on a daily chart analysis indicates a sideways trend for the pair as it continues to lie within the symmetrical triangle.
GBP/USD posts modest gains above 1.2650, focus on the Fedspeak
The GBP/USD pair posts modest gains near 1.2670 during the Asian session on Friday. Meanwhile, the USD Index recovers some lost ground after retracing to multi-week lows near 104.00 in the previous session.
Gold price gains ground, with Fed speakers in focus
The Gold price trades with a positive bias on Friday. The bullish move of precious metals in the previous sessions was bolstered by the softer-than-expected US inflation data in April, which triggered hope for rate cuts from the US Fed.
XRP steadies at $0.51 as Ripple plans to expand XRP Ledger, custody services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US SEC and amid new commitments from the firm to expand its services in Africa.
Disputes and De-risking: US-China trade dispute changes trade flows
The bilateral trade dispute between the US and China is entering a new round and is leading to renewed discussions about the deglobalisation of global trade in goods.