Markets are cautious ahead of key US inflation data release today. EUR/USD and GBP/USD are in a bullish trend with potential for further gains on a breakout. USD/JPY may see renewed buying pressure if the dollar strengthens. Gold could benefit from a hot inflation print but faces resistance at $2370. Silver’s bullish trend may be impacted by tomorrow’s CPI data.
Euro (EUR/USD):
- Trend: Bullish with choppy movement
- Support: 1.0807, 1.0753, 1.0727
- Resistance: 1.0837, 1.0862
- Key Points: No strong direction expected due to lack of data. Look for entries based on false breakouts around support/resistance levels.
- Trading Tips:
- Bulls – Look for long entries on a false breakout below 1.0813 or around 1.0785 with a stop below 1.0757.
- Bears – Look for short entries on a false breakout above 1.0844 or on a retest of 1.0871 with a stop above 1.0899.
British Pound (GBP/USD):
- Trend: Bullish with choppy movement
- Support: 1.2789, 1.2761, 1.2741
- Resistance: 1.2815, 1.2845
- Key Points: GBP showing surprising strength. Look for buying opportunities on pullbacks and selling on false breakouts above resistance.
- Trading Tips:
- Bulls – Look for long entries on a false breakout below 1.2789 or around 1.2734 with a stop below 1.2701.
- Bears – Look for short entries on a false breakout above 1.2822 or on a retest of 1.2858 with a stop above 1.2890.
Japanese Yen (USD/JPY):
- Trend: Bullish near all-time highs
- Support: 160.72, 160.26, 159.00
- Resistance: 161.81, 162.00
- Key Points: Limited trading opportunities due to high volatility and price near resistance. Look for a breakout above resistance for buying entries.
- Trading Tips:
- Bulls – Look for long entries on a break above 162.05 with a stop below 161.02. (Limited opportunities due to high price)
- Bears – Look for short entries only on a break below 160.26 with a stop above 161.81. (not recommended currently)
Gold (XAU/USD):
- Trend: Bullish with recent pullback
- Support: 2360, 2351, 2339
- Resistance: 2370, 2395
- Key Points: Gold attempting to break above resistance at $2370. Consolidation above this level could lead to a sharp rise.
- Trading Tips:
- Bulls – Look for long entries on a break above 2370 with a stop below 2351.
- Bears – Look for short entries on a break below 2360 with a stop above 2370.
Silver (XAG/USD):
- Trend: Bullish with potential for further upside
- Key Points: US CPI data release tomorrow could impact silver prices. Hot inflation could push price above $30.00, but overall trend remains bullish.
- Support: 30.60, 30.20, 30.00
- Resistance: 31.35, 31.70, 32.00
- Trading Tips:
- Bulls – Look for long entries on a break above 31.50 with a stop below 30.00, but be cautious of potential downside before US CPI data.
- Bears – Wait for confirmation of a downtrend before entering short positions. A hot CPI print could push silver below 30.00 in the short term.
Categories: Market News
