In the recent trading session, the euro, pound, yen, and gold all displayed varying degrees of sensitivity to economic data and central bank comments. The euro saw limited movement amid expectations of further ECB rate cuts, while the pound weakened as investors anticipate Bank of England rate cuts. The yen experienced a sharp decline following dovish BOJ comments, boosting the dollar. The Canadian dollar remained stable ahead of crucial employment data. Gold, although under selling pressure, showed potential for a technical rebound if it maintains support above key levels.

EUR/USD:

• Current Trend: The EUR/USD pair has shifted to an upward trend on the hourly timeframe, despite recent pressure from the strengthening US dollar and dovish comments from the ECB.
• Support Levels: 1.0884, 1.0841, 1.0816
• Resistance Levels: 1.0941, 1.1000
• Market Sentiment: The euro is expected to hold its current upward trend unless significant bearish factors emerge, such as stronger-than-expected US economic data or a shift in ECB policy stance.
• Forecast: A short-term bullish movement is likely, with potential gains towards the 1.0941 resistance level. However, if the price fails to break above 1.0941 or if the US dollar gains strength, the pair could see a retracement towards the 1.0884 support level.

GBP/USD:

• Current Trend: The GBP/USD pair is currently in a bearish trend, reflecting concerns about the UK economy and expectations of rate cuts from the Bank of England.
• Support Levels: 1.2662
• Resistance Levels: 1.2705, 1.2731, 1.2803, 1.2879, 1.2909, 1.2950
• Market Sentiment: The pound is under pressure due to recession fears and expectations of rate cuts, with no clear signs of a reversal in the short term.
• Forecast: The pair may continue to test the support at 1.2662, with further downside potential if the Bank of England maintains its dovish stance. A break below 1.2662 could lead to a move towards 1.2600. A recovery would need to clear 1.2705 to gain momentum.

USD/JPY:

• Current Trend: The USD/JPY pair is in a medium-term bearish trend, although the recent weakness in the yen has provided temporary support to the dollar.
• Support Levels: 146.37, 142.80, 140.22, 137.26
• Resistance Levels: 148.13, 150.88, 151.26, 153.80
• Market Sentiment: The pair may see a short-term rise as the yen continues to weaken, but overall, the bearish trend could resume if the dollar fails to break above 148.13.
• Forecast: Expect the pair to test the 148.13 resistance level. If it fails to break through, a decline towards the 146.37 support level is likely. However, a break above 148.13 could signal a continuation of the uptrend.

USD/CAD:

• Current Trend: USD/CAD is consolidating above a key support level as traders await Canadian employment data, which could significantly influence the pair’s direction.
• Support Levels: 1.3736, 1.3690, 1.3650
• Resistance Levels: 1.3800, 1.3855, 1.3900
• Market Sentiment: The pair is likely to remain range-bound until the employment data is released. A positive Canadian employment report could lead to a breakdown of the 1.3736 support level, while weak data may support a move towards the 1.3800 resistance.
• Forecast: The pair may continue to oscillate between 1.3736 and 1.3800 in the short term. A break below 1.3736 could lead to a deeper decline, while a move above 1.3800 may push the pair towards 1.3855.

Gold (XAU/USD):

• Current Trend: Gold is currently in a downtrend after failing to hold above key resistance levels, with sellers taking control from the 2403 resistance level.
• Support Levels: 2367, 2343
• Resistance Levels: 2403, 2414, 2445, 2459, 2471, 2500
• Market Sentiment: With financial markets stabilizing, gold may continue to face selling pressure. However, geopolitical risks and potential central bank rate cuts could provide support.
• Forecast: Gold is likely to test the 2367 support level in the short term. If this level holds, a bounce towards 2403 is possible. However, a break below 2367 could lead to a further decline towards 2343. Conversely, if gold breaks above 2414, it could signal a resumption of the uptrend, targeting 2445.