The euro appears stronger than the pound, yen, and gold, despite concerns about U.S. economic slowdown impacting the dollar. The euro’s potential correction hinges on weak U.S. statistics. The pound is experiencing a bearish trend, with expectations of Bank of England rate cuts affecting its performance. The yen is volatile, with significant gains due to safe-haven demand amid market uncertainties. Gold, currently in a downward trend, faces resistance at key levels, with its performance tied to broader economic and geopolitical factors.

EUR/USD:

Key Points:

• The EUR/USD pair has been showing strength recently, hitting a 7-month high amid a weakening USD.
• Concerns about the Federal Reserve’s pace in supporting the U.S. economy and potential interest rate cuts are driving the dollar’s weakness.
• The Euro was bolstered by an upwardly revised Eurozone PMI for July.

Trading Recommendations:

• Support Levels: 1.0933, 1.0884, 1.0841, 1.0816
• Resistance Levels: 1.1000

Technical Outlook:

• The EUR/USD pair is in an upward trend in the hourly timeframe, although technical indicators (MACD and RSI) suggest a possible correction.
• A potential support zone lies around 1.0933 and 1.0884, with the latter being more significant.
• The alternative scenario is a downtrend resuming if the price breaks and consolidates below 1.0786.

Forecast:

• Short-Term: Expect slight upward movement if U.S. data remain weak. A correction is likely before any further gains.
• Medium-Term: Continuation of the uptrend, provided support levels hold.
• Long-Term: Stability above 1.1000 may lead to a stronger upward trend.

GBP/USD:

Key Points:

• The GBP is nearing a one-month low due to expectations of rate cuts by the Bank of England amidst U.S. recession fears.
• Interest rate futures suggest significant rate cuts by the end of the year.

Trading Recommendations:

• Support Levels: 1.2717, 1.2694, 1.2662
• Resistance Levels: 1.2840, 1.2879, 1.2909, 1.2950

Technical Outlook:

• The GBP/USD is in a bearish trend, forming a narrowing triangle which suggests an impending impulsive exit.
• A break above 1.2840 could change the trend to bullish, while a break below the lower triangle line may lead to further declines.

Forecast:

• Short-Term: Potential further decline if U.S. data strengthen.
• Medium-Term: Bearish trend likely to continue unless significant resistance levels are broken.
• Long-Term: Any consolidation above 1.2840 could lead to a bullish reversal.

USD/JPY:

Key Points:

• The USD/JPY has seen significant volatility, recently declining sharply to a 7-month high for the yen.
• Market sentiment is being driven by weak U.S. economic indicators and a drop in the Nikkei Stock Index, boosting the yen’s safe-haven appeal.

Trading Recommendations:

• Support Levels: 142.80, 140.22, 137.26
• Resistance Levels: 148.13, 150.88, 151.26, 153.80

Technical Outlook:

• The medium-term trend is bearish, with recent price action testing support at 142.80.
• Buyers need to push the price above the downtrend line for a potential rally to 148.13.

Forecast:

• Short-Term: Potential further declines if U.S. data remain weak.
• Medium-Term: Continuation of the bearish trend unless resistance levels are breached.
• Long-Term: A break above 150.88 would indicate a bullish reversal.

Gold (XAU/USD):

Key Points:

• Gold prices fell due to recession fears in the U.S., but its appeal as a safe haven persists amid global uncertainties.
• Technically, gold is facing strong resistance at the 200 EMA (2417).

Trading Recommendations:

• Support Levels: 2367, 2343
• Resistance Levels: 2414, 2445, 2459, 2471, 2500

Technical Outlook:

• Gold is in a downtrend with selling pressure intraday. The price is currently trading below the moving averages.
• A rebound might occur if the price reaches the support levels and buyers react strongly.

Forecast:

• Short-Term: Further declines expected if gold fails to break 2417.
• Medium-Term: Downtrend continuation if prices remain below moving averages.
• Long-Term: A break above 2459 could resume the uptrend.