The EUR/USD, GBP/USD, USD/JPY, and Gold (XAU/USD) markets exhibit a cautious outlook with potential for limited movements. The EUR/USD is experiencing a bearish trend, with a slight chance for correction amidst the anticipation of a rate cut by the FOMC in September. Similarly, the GBP/USD faces bearish pressure, with traders wary of the Bank of England’s upcoming rate decision, which may trigger a minor correction. The USD/JPY remains volatile but shows a bearish trend as the market speculates on possible rate hikes by the Bank of Japan, juxtaposed against potential Fed rate cuts. Gold, on the other hand, is consolidating its gains and may experience sideways movement with brief declines, supported by safe-haven demand amid geopolitical tensions and rate cut expectations from the Fed.
EUR/USD:
Current Situation:
- The EUR/USD pair is trading around 1.0833 after a drop from 1.0854.
- The pair shows a bearish trend with a potential for slight correction due to a lack of significant economic data releases.
Technical Indicators:
- Support Levels: 1.0850, 1.0827, 1.0807, 1.0753, 1.0727, 1.0718
- Resistance Levels: 1.0869, 1.0884, 1.0905, 1.0953
- The MACD indicator shows bearish momentum but is in the positive zone, indicating potential for a correction.
Trading Recommendations:
- Buy Signal: Buy at 1.0847, target 1.0867. Buy at 1.0831, target 1.0847 and 1.0867.
- Sell Signal Sell at 1.0831, target 1.0810. Sell at 1.0847, target 1.0831 and 1.0810.
Outlook:
- The EUR/USD trend is bearish, with potential short-term corrections. A move below 1.0850 could lead to further decline to 1.0827. A breakout above 1.0897 may resume the uptrend.
GBP/USD:
Current Situation:
- GBP/USD is trading around 1.2860 after testing the level with limited downside potential.
- The trend is bearish with potential for slight correction.
Technical Indicators:
- Support Levels: 1.2824, 1.2801, 1.2761, 1.2741, 1.2701
- Resistance Levels: 1.2909, 1.2941, 1.2976, 1.3012, 1.3025
- The MACD indicator is below zero, indicating bearish momentum.
Trading Recommendations:
- Buy Signal: Buy at 1.2849, target 1.2881. Buy at 1.2829, target 1.2849 and 1.2881.
- Sell Signal: Sell at 1.2829, target 1.2804. Sell at 1.2849 if MACD is overbought, target 1.2829 and 1.2804.
Outlook:
- The GBP/USD trend remains bearish. The Bank of England’s upcoming meeting may cause fluctuations. A break below the trend line could see the price fall to 1.2824, while a breakout above 1.2941 may resume the uptrend.
USD/JPY:
Current Situation:
- USD/JPY is trading around 153.65 after a volatile week.
- The trend is bearish with potential for further declines if the Fed hints at a rate cut.
Technical Indicators:
- Support Levels: 153.22, 151.45, 150.80, 149.65
- Resistance Levels: 154.22, 155.84, 156.86, 157.83, 158.33
- The MACD indicator is negative, indicating bearish momentum.
Trading Recommendations:
- Buy Signal: Buy at 153.96, target 154.46. Buy at 153.55, target 153.96 and 154.46.
- Sell Signal: Sell at 153.55, target 153.04. Sell at 153.96, target 153.55 and 153.04.
Outlook:
- The USD/JPY trend is bearish. The pair may continue to fall if the Federal Reserve signals a rate cut, while the Bank of Japan considers raising rates.
Gold (XAU/USD):
Current Situation:
- Gold is trading around 2387, extending gains on expectations of a Fed rate cut.
- The trend is bullish with potential for a sideways movement in the short term.
Technical Indicators:
- Support Levels: 2370, 2351, 2339, 2319, 2295, 2276
- Resistance Levels: 2401, 2434, 2451, 2471, 2500
- The MACD indicator is positive but with slowing momentum.
Trading Recommendations:
- Buy Signal: Look for buy opportunities around the support zone of 2370 with confirmation.
- Sell Signal: Selling is risky and not recommended due to the potential for deposit losses.
Outlook:
- Gold is likely to experience sideways movement with potential for short-term declines. A breakout above 2432 may resume the uptrend. Geopolitical tensions and Fed rate cut expectations will continue to influence gold prices.
