The EUR/USD pair shows a strong bullish trend, reflecting a weakening dollar. In contrast, the GBP/USD pair is under pressure as UK inflation remains subdued, suggesting a possible rate cut by the BoE. Meanwhile, USD/JPY faces selling pressure despite supportive Japanese economic data, indicating a complex market environment. Gold, seen as a safe haven, is gaining momentum due to geopolitical tensions and expectations of a U.S. recession, while oil prices are affected by rising U.S. crude inventories and ongoing geopolitical risks, balancing demand and supply concerns.

EUR/USD:

• Current Market Sentiment: Bullish
• Analysis: The EUR/USD pair has recently broken above the 1.0950 mark, buoyed by weaker-than-expected U.S. inflation data, which has increased investor confidence that the Federal Reserve may soon shift to a dovish stance. The Euro has been further supported by this sentiment, despite weaker-than-expected economic sentiment data from Germany.
• Support Levels: 1.0944, 1.0905, 1.0884
• Resistance Levels: 1.1000, 1.1138
• Forecast: The pair is likely to remain bullish as long as it sustains above the 1.0944 support level, with potential upward movement towards 1.1138. A break below 1.0905 could signal a reversal towards the 1.0884 support.

GBP/USD:

• Current Market Sentiment: Cautiously Bullish
• Analysis: GBP/USD has shown limited movement despite a softer-than-expected UK inflation report, which has increased speculation of a BoE rate cut in September. The pair is trading above the 1.2800 level, supported by a strong UK labor market report.
• Support Levels: 1.2844, 1.2800, 1.2726
• Resistance Levels: 1.2879, 1.2912, 1.2950
• Forecast: GBP/USD could continue to trade with a bullish bias towards 1.2879 and 1.2912 as long as it holds above the 1.2844 support. A break below 1.2800 could shift sentiment to bearish, targeting the 1.2726 support level.

USD/JPY:

• Current Market Sentiment: Mixed, with a Bearish Bias
• Analysis: USD/JPY is trading within a range as mixed signals from the U.S. inflation data and Japanese economic strength create uncertainty. The yen has been supported by domestic data, but the overall trend remains bearish.
• Support Levels: 146.12, 145.62, 142.80
• Resistance Levels: 148.13, 150.88
• Forecast: The pair is expected to remain range-bound between 146.12 and 148.13. A break below 146.12 could trigger a deeper correction towards 145.62, while a sustained move above 148.13 could signal a return to bullish momentum, targeting 150.88.

Gold (XAU/USD):

• Current Market Sentiment: Bullish
• Analysis: Gold has seen a slight pullback but remains in a bullish trend, supported by declining U.S. Treasury yields and geopolitical risks. The precious metal is trading near key resistance levels, with the potential to test new highs.
• Support Levels: 2459, 2440, 2416
• Resistance Levels: 2476, 2500
• Forecast: Gold is likely to continue its upward trend if it holds above the 2459 support, with potential to test the 2500 psychological level. A break below 2440 could indicate a deeper pullback towards 2416.

Oil (Brent Crude):

• Current Market Sentiment: Neutral with Bearish Risks
• Analysis: Oil prices are under pressure from rising U.S. crude inventories, offsetting the potential bullish impact of geopolitical risks in the Middle East and supply disruptions in Libya.
• Support Levels: $83.00, $80.50, $78.00
• Resistance Levels: $87.00, $90.00
• Forecast: Brent Crude may remain under pressure if U.S. inventory levels continue to rise, potentially testing the $83.00 support. A break below this level could lead to a further decline towards $80.50. However, any escalation in geopolitical tensions could push prices back towards the $87.00 resistance.

Summary:

• EUR/USD: Bullish, targeting 1.1138.
• GBP/USD: Cautiously Bullish, targeting 1.2879.
• USD/JPY: Mixed, with a Bearish Bias, likely range-bound.
• Gold: Bullish, aiming for 2500.
• Oil: Neutral with Bearish Risks, watch for support at $83.00.