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The US dollar may weaken in the short-term due to weaker than expected jobs data, but the long-term trend is uncertain. The Eurozone and Australian Dollar may see some gains in the near future. The British Pound, Japanese Yen, and New Zealand Dollar are likely to depreciate against the USD. Gold prices may continue to rise.

 

Euro (EUR):

  • Bullish outlook in the short-term against the USD (EUR/USD).
  • Reasons for optimism: weakening US dollar due to softer US jobs data, expectations of ECB rate cuts.
  • Potential to reach 1.108 on the upside in the near future.
  • May see a technical correction in the coming days.
  • Resistance levels to watch: 1.0803, 1.0864
  • Support levels to watch: 1.0720, 1.0677
  • Long-term trend depends on economic data in the eurozone and the US.
  • ECB is expected to make an initial rate cut in June.

 

British Pound (GBP):

  • Short-term bullish trend against USD (GBP/USD) may be fading.
  • Potential for a decline in the GBP/USD in the coming days.
  • Resistance levels to watch: 1.2611, 1.2620 (may see consolidation)
  • Support levels to watch: 1.2517, 1.2565 (potential buying opportunities)
  • BoE decision this week, dovish rhetoric expected.
  • Bearish trend likely to resume in the long-term.

 

Australian Dollar (AUD):

  • Mixed signals for AUD/USD. Potential upside capped by resistance at 0.6627.
  • RBA meeting on Tuesday, could hold rates or signal a future rate cut.
  • Resistance levels to watch: 0.6627, 0.6651, 0.6693
  • Support levels to watch: 0.6606, 0.6548

 

Japanese Yen (JPY):

  • Recent gains against USD (USD/JPY) may not be sustainable.
  • Intervention by the Bank of Japan may provide temporary support.
  • Resistance levels to watch: 153.92, 154.87
  • Support levels to watch: 152.90, 151.95
  • US non-farm payrolls data weaker than expected, supporting JPY.

 

Gold (XAU/USD):

  • Bullish outlook in the short-term.
  • Potential for a price increase towards the resistance zone (2360.0/2375.0).
  • Support levels to watch: 2302, 230.
  • Potential to reach 2,392.
  • Buy above $2,302.

 

Other Currencies:

  • CAD: Potential sideways movement with slight upward bias. Resistance at 1.3730, support at 1.3580.
  • NZD: Downward trend expected to continue. Resistance at 0.6100, support at 0.5970.
  • CHF: Correction of the upward trend likely, potential sideways movement in the short-term. Resistance at 0.9250, support at 0.8970.
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Categories: ARFX News

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