The EUR/USD faced downward pressure with the euro falling due to weak Eurozone manufacturing data, while a strong dollar could lead to further declines. GBP/USD dropped sharply after the BoE’s unexpected rate cut, with further losses possible if U.S. data is strong. The USD/JPY saw volatility after the BoJ’s rate hike, with bearish pressure but potential for short-term gains. The AUD/USD struggled amid rising inflation, and the USD/CAD showed bullish potential if resistance breaks. Gold prices, trading around $2,434, might rise if they stay above key support levels.

EUR/USD:

Current Trend: Bearish

• Technical Indicators: The EUR/USD pair recently tested resistance at 1.0849, which saw sellers dominate. The pair has since been unable to break the resistance levels of 1.0827 and 1.0844, resulting in a bearish trend. The MACD indicator supports this downtrend.

• Support/Resistance Levels:

  • Support: 1.0772, 1.0753, 1.0727, 1.0718
  • Resistance: 1.0827, 1.0844, 1.0869, 1.0884, 1.0905, 1.0953

• Forecast: The EUR/USD pair is expected to remain bearish. A breakout below 1.0772 could lead to further declines towards 1.0744. Conversely, breaking above 1.0827 might lead to a temporary upward correction, but a sustained rise would require breaking higher resistance levels.

GBP/USD:

Current Trend: Bearish

• Technical Indicators: The GBP/USD pair is under pressure following the Bank of England’s rate cut. The pair recently fell to 1.2750, its lowest in a month, and technical indicators suggest continued bearishness.

• Support/Resistance Levels:

  • Support: 1.2737, 1.2761, 1.2741, 1.2701
  • Resistance: 1.2868, 1.2909, 1.2941, 1.2976, 1.3012, 1.3025

• Forecast: The GBP/USD pair may continue to face downward pressure, especially if U.S. economic data comes in strong. Watch for potential rebounds if the pair tests support levels like 1.2759, but further declines are likely if the resistance levels hold.

USD/JPY:

Current Trend: Bearish

• Technical Indicators: The USD/JPY pair has experienced a significant decline after the Bank of Japan’s rate hike. Technical indicators suggest a bearish outlook with the price recently testing support levels.

• Support/Resistance Levels:

  • Support: 148.58, 147.06
  • Resistance: 151.28, 153.92, 158.22

• Forecast: The pair is likely to continue its bearish trend, with potential declines towards 147.06. A break below 149.97 could lead to further losses, while resistance around 151.28 will be crucial for any potential reversal.

AUD/USD:

Current Trend: Bearish

• Technical Indicators: The Australian dollar is under pressure due to rising inflation. The pair recently tested key support levels and shows signs of bearish momentum.

• Support/Resistance Levels:

  • Support: 0.6473, 0.6400
  • Resistance: 0.6588, 0.6661

• Forecast: The AUD/USD pair is expected to face continued bearish pressure. A break below 0.6444 could lead to further declines towards 0.6365. Watch for possible rebounds around support levels, but overall bearish trends are anticipated.

USD/CAD:

Current Trend: Bullish

• Technical Indicators: The USD/CAD pair faced resistance at 1.3850 but has shown signs of bullish potential following recent U.S. Dollar strength.

• Support/Resistance Levels:

  • Support: 1.3750, 1.3676, 1.3650
  • Resistance: 1.3850, 1.3900, 1.4000

• Forecast: If the USD continues to strengthen, the USD/CAD pair may test higher resistance levels, potentially pushing towards 1.4000. However, a failure to break 1.3850 could lead to a correction towards support levels.

Gold (XAU/USD):

Current Trend: Bullish

• Technical Indicators: Gold has shown bullish momentum and is trading above key support levels. It has recently tested resistance around $2,458.

• Support/Resistance Levels:

  • Support: $2,400, $2,430
  • Resistance: $2,458, $2,487

• Forecast: Gold is expected to continue its bullish trend if it holds above $2,430. Further gains towards $2,458 and $2,487 are possible. However, if gold falls below key support levels, a correction towards $2,400 could occur.