EUR/USD poised for further upside – Commerzbank

Pablo Piovano FXStreet

In light of the recent price action, the pair stays poised for a continuation of the up trend, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD is positive – its charted an outside day to the topside: No change, the market remains bid and although we are cautious due to the second 13 count, further gains look likely. Nearby support is provided by the short term uptrend at 1.1373 and the accelerated uptrend at 1.1465 while above here, there is scope for 1.1713/36 the August 2015 high and long term Fibo, here we would look for signs of profit taking. The 200 week ma lies at 1.1806”.

“Above the 200 week ma would introduce scope to 1.2170, the 50% retracement from the move down from the 2014 high”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD flirts with four-week highs past 1.3500

GBP/USD advances modestly at the beginning of the week, managing to surpass the key 1.3500 threshold. A modest rebound in the Greenback accompaniees Cable’s uptick amid persistent uncertainty lingering over the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD treads water around 1.1550

EUR/USD trades in a narrow range around 1.1550 of Monday. The pair’s inconcluisve price action comes as investors continue to assess Friday’s disappointing US jobs data in a context where renewed tensions in the Middle East lend decent support to the US Dollar.

Gold corrects from tops, holds on above $4,300

Gold recedes marginally on Monday, although it keeps the trade well above the $4,300 mark per troy ounce for now. In the meantime, the precious metal is seen closely following the Fed’s interest-rate outlook as well as developments in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP eye short-term recovery amid ETF inflows

Cryptocurrency prices are gaining traction on Monday, with Bitcoin (BTC) trading above $65,000, Ethereum (ETH) holding the near-term $1,900 support and Ripple (XRP) hovering above the critical $1.00 demand zone. The broad recovery comes amid capital inflows through US-listed Exchange-Traded Funds (ETFs).

US Payrolls miss – RBA on deck tomorrow

It would be remiss of me not to kick off this morning’s report with a rundown of last Friday’s US jobs report, which was a belter. Headline payrolls fell by 23,000, versus expectations of an 80,000 gain. The BLS noted that May was revised down by 66,000 (from 129,000) and June by 37,000 (from 57,000), resulting in combined May-June revisions of 103,000 lower than previous reports.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.