The US dollar remains strong across the board. The euro and pound are under pressure due to weak fundamentals. The yen is being pressured by carry trades and dollar strength. Gold may see some profit-taking before continuing its uptrend.
EUR/USD
- Short-term outlook: Neutral to slightly bearish. Price may move sideways before a potential decline.
- Resistance: 1.0696, 1.0724, 1.0757 (possible break needed for bullish continuation)
- Support: 1.0530, 1.0581, 1.0658 (downtrend likely to resume if broken)
- Long-term outlook: Bearish. Fundamentals and technicals suggest a downtrend for the Euro.
GBP/USD
- Short-term outlook: Bearish. Pound has resumed its decline after a brief period of flat movement.
- Resistance: 1.2370 (possible break needed for bullish continuation)
- Support: 1.2215, 1.2269, 1.215 (downtrend likely to resume if broken)
- Long-term outlook: Bearish. Fundamentals suggest the Pound is overvalued and should continue to decline.
USD/JPY
- Short-term outlook: Bullish. Price may reach 155.80 before a potential intervention by the Bank of Japan.
- Resistance: 155.80 (possible intervention by BOJ)
- Support: 154.25, 151.95 (downtrend likely to resume if broken)
- Long-term outlook: Bullish. Carry trade sentiment and dollar strength continue to support the Japanese Yen.
Others:
- USD/CAD: Sideways movement expected within a wide range (1.3870/1.3920 – 1.3700/1.3650).
- NZD/USD: Possible initial pressure on the support zone (0.5860/0.5810) followed by a reversal and price increase. Resistance at 0.6030/0.6080.
- AUD/USD: Gradual movement towards the support zone (0.6290/0.6240) expected. Resistance at 0.6450/0.6500.
- USD/CHF: Bullish trend likely to continue with a possible brief decline towards the support zone (0.9000/0.8950). Resistance at 0.9250/0.9300.
- Gold: Flat movement expected at the beginning of the week with a potential reversal and price decrease in the latter half. Resistance at 2420.0/2470.0, support at 2305.0/2295.0.
Categories: Market News