The EUR, GBP, JPY, NZD, and gold have recently shown mixed performance in response to economic data, geopolitical factors, and the upcoming U.S. election. The EUR and GBP face resistance due to limited upward momentum, while U.S. economic releases and the election may influence further fluctuations. JPY remains cautious as BoJ policy awaits key decisions, and USD strength is variable. NZD’s recent gains are tempered by weak economic data from the RBNZ, hinting at potential rate cuts, while gold finds support as a safe haven amid political uncertainty. Overall, currencies and gold are expected to exhibit restrained movement until post-election clarity.

 

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EUR/USD

• Current Sentiment: EUR/USD has shown limited upward potential due to resistance near 1.0908, and buying pressure remains weak as it approaches this level. The market is largely waiting for the U.S. presidential election outcome, which could bring volatility depending on who wins.
• Support Levels: 1.0874, 1.0842, 1.0811, 1.0787
• Resistance Levels: 1.0908, 1.0917, 1.0960, 1.1013
• Forecast: A Harris victory may trigger dollar weakness, potentially allowing EUR/USD to challenge resistance at 1.0908 or even 1.0960. However, if Trump wins, the dollar is expected to strengthen, putting pressure on the euro, with a move below 1.0874 potentially signaling a continuation toward 1.0842 or lower.

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GBP/USD

• Current Sentiment: GBP/USD is facing bearish pressure, partly due to weak U.K. retail sales data and uncertainty around the U.S. election. Resistance is evident around 1.2999, and support has emerged at 1.2950.
• Support Levels: 1.2950, 1.2917, 1.2891
• Resistance Levels: 1.2999, 1.3032, 1.3071, 1.3103
• Forecast: If the pound holds above 1.2950, GBP/USD could test 1.2999 and potentially higher levels like 1.3032. However, if strong U.S. data emerges or the dollar strengthens post-election, a decline below 1.2950 could lead to further losses toward 1.2917 or lower.

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USD/JPY

• Current Sentiment: USD/JPY has been in a range as traders await the election outcome. The pair faces a pivotal resistance near 152.56, with medium-term bullish sentiment but signs of trend exhaustion.
• Support Levels: 151.65, 151.16, 152.00
• Resistance Levels: 152.56, 153.06, 153.58, 154.86
• Forecast: A Trump victory could strengthen the dollar, pushing USD/JPY toward resistance at 153.06 or higher. Conversely, a Harris win may weaken the dollar, potentially driving USD/JPY below 151.65 with targets around 151.16 if the downward move strengthens.

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NZD/USD

• Current Sentiment: NZD/USD is bearish, pressured by weak domestic economic conditions, while the price is capped below resistance near 0.6002.
• Support Levels: 0.5957, 0.5942
• Resistance Levels: 0.5987, 0.6002
• Forecast: If the U.S. dollar strengthens, NZD/USD could break support at 0.5957 and head toward 0.5942 or lower. A shift above 0.6002 would indicate a bullish reversal, but this scenario seems less likely unless risk sentiment improves significantly.

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Gold (XAU/USD)

• Current Sentiment: Gold is supported by safe-haven demand due to election uncertainty and possible rate cuts from the Fed. Resistance near $2750 remains strong, while gold finds support around $2724.
• Support Levels: 2724, 2708, 2704
• Resistance Levels: 2739, 2750, 2771, 2790, 2800
• Forecast: Should election uncertainty persist or escalate, gold could break above $2750, aiming for $2790 or even $2800. Alternatively, a dollar rally might pressure gold down to $2724 or lower.

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Summary of Outlook

• EUR/USD: Sideways to bearish, with support holding above 1.0832.
• GBP/USD: Bearish but watch for potential upward momentum if resistance at 1.2999 breaks.
• USD/JPY: Cautiously bullish, though limited by election sentiment and resistance at 152.56.
• NZD/USD: Bearish bias below 0.6002, with a downside target of 0.5790.
• Gold: Bullish in uncertain market sentiment, with primary support at 2724 and resistance at 2750.