The Euro is currently trading near a two-year low as investors await the ECB’s monetary policy decision. The Pound Sterling is trading near 1.28, with investors focusing on UK economic data and the Bank of England’s policy meeting. The US Dollar is strengthening against the Japanese Yen, driven by US inflation expectations and a weaker Japanese economy. Gold prices are rising due to geopolitical tensions and increased demand from China.
EUR/USD
- Current Trend: Bearish
- Key Support Levels: 1.0524, 1.0504, 1.0449
- Key Resistance Levels: 1.0565, 1.0615, 1.0654
The EUR/USD pair is currently trading near the two-year low. The market is awaiting the ECB’s monetary policy decision. A potential 25 bps rate cut is expected, which could weaken the Euro. However, a surprise move or a hawkish tone could strengthen the currency.
GBP/USD
- Current Trend: Bullish
- Key Support Levels: 1.2751, 1.2686, 1.2633
- Key Resistance Levels: 1.2783, 1.2878, 1.2905
The GBP/USD pair is trading near 1.28. The market is awaiting key economic data from the UK and the Bank of England’s monetary policy decision. A positive economic outlook and a hawkish stance from the BoE could strengthen the Pound.
USD/JPY
- Current Trend: Bearish
- Key Support Levels: 151.41, 150.74, 149.42
- Key Resistance Levels: 151.96, 153.23, 154.71
The USD/JPY pair is trading near a one-week low. The market is focused on US inflation data and the Bank of Japan’s monetary policy decision. A higher-than-expected US inflation could strengthen the Dollar, while a dovish stance from the BoJ could weaken the Yen.
Gold (XAU/USD)
- Current Trend: Bullish
- Key Support Levels: 2669, 2662, 2653
- Key Resistance Levels: 2688, 2704, 2708
Gold is trading near a two-week high. The market is supported by geopolitical tensions and increased demand from China. However, a stronger US Dollar could put pressure on Gold prices.
