The dollar’s direction will likely depend on the outcome of the FOMC minutes and Friday’s US jobs report. Positive data could strengthen the dollar and put pressure on commodity prices like gold. GBP and EUR may benefit from disappointing US data. Keep an eye on potential Bank of Japan intervention in the USD/JPY pair.
Euro (EUR/USD):
- Trend: Bearish (short-term)
- Support levels: 1.0718, 1.0685, 1.0666
- Resistance levels: 1.0748, 1.0773, 1.0837
- Today’s Focus: FOMC minutes release. Disappointing US data could see EUR rise to 1.0788.
- Technical Analysis: Choppy trading near the upper boundary of a range. Indicators suggest a potential bearish bias in the short term.
- Trading Recommendations: Wait for a breakout above 1.0773 or below 1.0718 for a clearer direction.
British Pound (GBP/USD):
- Trend: Bearish (short-term)
- Support levels: 1.2663, 1.2653, 1.2623
- Resistance levels: 1.2692, 1.2702, 1.2735
- Today’s Focus: Parliamentary elections in the UK. Labor victory may be priced in, but good PMI data could see GBP rise to 1.2745.
- Technical Analysis: Bullish trend, with potential for further upside if good PMI data is released.
- Support: 1.2623, 1.2602
- Trading Recommendations: Consider buying on confirmation after good PMI data, or on a break above 1.2701.
Japanese Yen (USD/JPY):
- Trend: Bullish (medium-term)
- Support levels: 160.80, 160.00, 159.00
- Resistance levels: 162.00
- Today’s Focus: Weak Japan data may see USD strengthen against JPY. Be cautious of potential Japanese intervention.
- Technical Analysis: Bullish trend, but be cautious of potential interventions by the Bank of Japan.
- Trading Recommendations: Consider buying on a break above 162.06, but be aware of intervention risks.
Australian Dollar (AUD/USD):
- Trend: Ranging
- Support levels: 0.6660, 0.6630
- Resistance levels: 0.6699, 0.6729
- Today’s Focus: AUD may rise on Friday on positive retail sales data.
- Technical Analysis: Bullish, with a potential surge on Friday.
- Trading Recommendations: Wait for a breakout on Friday for confirmation of a surge.
Swiss Franc (CHF/USD):
- Trend: Bullish (short-term)
- Support levels: 0.9000, 0.8982, 0.8900
- Resistance levels: 0.9022, 0.9040, 0.9100
- Today’s Focus: Swiss data and US data on Friday may determine direction. A bullish reaction could see USD rise to 0.9100.
- Technical Analysis: Bullish, with potential to push towards 0.9100.
- Trading Recommendations: Consider buying on a break above 0.9022.
Gold (XAU/USD):
- Trend: Ranging
- Support levels: 2300.00, 2285.00, 2276
- Resistance levels: : 2339, 2351, 2370
- Today’s Focus: Market awaits Friday’s US jobs report. Positive data could strengthen dollar and pressure gold prices.
- Technical Analysis: Choppy trading within a range. Bulls need to break above 2318.00 for further upside.
- Trading Recommendations: Wait for a breakout above 2318.00 or below 2300.00 for a clearer direction.
Categories: Market News
