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The euro remains under pressure amid economic uncertainties and a strong U.S. dollar, with traders watching upcoming housing data and Fed minutes for direction. The British pound is supported by a cautious Bank of England but struggles to gain momentum due to external risks and mixed labor data. The yen weakens as Japan reports disappointing economic figures, though speculation of further rate hikes provides some support. Gold continues its bullish trend, benefiting from economic concerns and potential trade conflicts, with investors closely monitoring resistance levels for further gains.


EUR/USD

The EUR/USD pair remains under selling pressure, continuing its downward trajectory amid global economic uncertainty and shifting investor sentiment. The pair’s decline can be attributed to concerns over U.S. monetary policy, the impact of geopolitical events, and weak economic data from the Eurozone. The absence of strong economic reports from the EU has further exacerbated bearish sentiment.

The euro faces additional headwinds as the U.S. dollar benefits from safe-haven demand. Ongoing discussions about fiscal stimulus and potential defense spending in the European Union add to inflationary concerns, raising speculation about the European Central Bank’s (ECB) next moves. With inflation still a key concern, the ECB remains cautious about easing monetary policy too quickly.

Support and Resistance Levels:

  • Support: 1.0447, 1.0390, 1.0317, 1.0272
  • Resistance: 1.0510, 1.0537

Forecast: The EUR/USD trend remains bearish, with sellers holding control as long as the price remains below 1.0510. A break below 1.0373 could trigger further declines, targeting 1.0317. However, a consolidation above 1.0510 could lead to a bullish correction toward 1.0537 and beyond.


GBP/USD

The British pound showed initial strength but struggled to maintain gains, settling near $1.26. The market remains focused on mixed labor market data and inflation concerns, which impact expectations about the Bank of England’s (BoE) monetary policy decisions. Strong wage growth and stable unemployment figures suggest that the BoE may delay rate cuts, supporting the pound. However, external factors, such as energy price fluctuations and geopolitical risks, contribute to overall market uncertainty.

The GBP/USD pair is showing signs of consolidation within a broader bullish trend. The immediate resistance at 1.2614 remains a key level for buyers, while support at 1.2582 could serve as a critical pivot point for further moves.

Support and Resistance Levels:

  • Support: 1.2582, 1.2555, 1.2480, 1.2396, 1.2335
  • Resistance: 1.2614, 1.2667

Forecast: If GBP/USD manages to break above 1.2614, further upside toward 1.2667 is likely. However, failure to hold above support at 1.2582 may result in a downward push toward 1.2555. A confirmed breakdown below 1.2452 would indicate the resumption of the downtrend.


USD/JPY

The USD/JPY pair continues its bullish momentum, trading around the 152 level. The Japanese yen remains weak due to disappointing economic data, including declining core machinery orders and a widening trade deficit. Despite speculation about future rate hikes by the Bank of Japan (BoJ), investors remain cautious about Japan’s economic growth outlook.

U.S. economic indicators, particularly the FOMC minutes and housing market data, could significantly impact USD/JPY’s direction. A hawkish Fed stance would further support the dollar, keeping the pair elevated.

Support and Resistance Levels:

  • Support: 151.53, 151.27, 150.72
  • Resistance: 152.32, 153.59, 154.33, 155.04, 155.52

Forecast: USD/JPY is likely to remain in a range between 151.27 and 152.32. A breakout above 152.32 could open the door for a move toward 153.59. Conversely, a drop below 151.27 would indicate increasing yen strength, potentially targeting 150.72. If 155.52 is breached, the uptrend could accelerate.


Gold (XAU/USD)

Gold prices continue their strong upward movement, reaching $2930 per ounce. Investors are flocking to gold as geopolitical uncertainties and fears of trade wars increase demand for safe-haven assets. Additionally, concerns over inflation and Federal Reserve policy add to bullish sentiment in the gold market.

Despite the Fed’s cautious stance on inflation, traders are betting on the possibility of rate cuts later in the year, which could further support gold prices. Market participants are closely watching key resistance levels, as a breakout could push prices even higher.

Support and Resistance Levels:

  • Support: 2865, 2807
  • Resistance: 2910, 2950, 3000

Forecast: Gold remains in a strong uptrend, with the next major target set at 3000. A sustained move above 2950 would confirm continued bullish momentum. However, if the price fails to hold above 2865, a short-term pullback toward 2807 could be expected. A break below 2834 would indicate a possible bearish reversal.nts.


Conclusion

  • EUR/USD: Bearish unless a breakout above 1.0537 occurs.
  • GBP/USD: Bullish bias but needs to clear 1.2667 for further gains.
  • USD/JPY: Bearish medium-term, but remains in consolidation near 152.00.
  • Gold: Strong bullish momentum targeting $3000 if resistance at $2950 is breached.


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