Markets have been quiet yesterday due to the US Independence Day holiday. The direction of the USD will be key for most other currencies. Friday’s Nonfarm Payrolls data from the US is a key event that could impact all the currencies mentioned above.

British Pound (GBP/USD):

• Trend: Bullish (short-term) with underlying bearish sentiment
• Support levels: 1.2701, 1.2681, 1.2663
• Resistance levels: 1.2752, 1.2780, 1.2806
• Forecast: GBP/USD may see some selling pressure on a rebound from the 1.2788-1.2801 zone. Purchases could be considered on a rebound from the 1.2611-1.2620 zone.
• The UK election outcome and US Nonfarm Payrolls data are the key factors.

Japanese Yen (USD/JPY):

• Trend: Bullish (medium-term)
• Support levels: 161.11, 160.80, 160.00
• Resistance levels: 161.81, 162.00
• Forecast: USD/JPY may trade within a range of 161.11 and 161.81.
• Intervention by the Bank of Japan is a possibility.
• US Nonfarm Payrolls data could impact the pair.

Gold (XAU/USD):

• Trend: Bullish
• Support levels: 2343, 2339, 2319
• Resistance levels: 2367, 2387
• Forecast: Gold may see weak volatility but could reach the 2367 resistance level without major pullbacks. A break above $2369 could lead to further gains towards $2400.
• Friday’s Nonfarm Payrolls data is a key factor to watch.

Crude Oil:

• Trend: Bullish continuation likely
• Support levels: 86.21, 85.00, 83.70
• Resistance levels: 87.90, 90.00, 92.50
• Forecast: Oil prices may experience sideways movement due to the holiday. A break above 87.90 could open the door for a test of $90.00.
• Friday’s Nonfarm Payrolls data and Baker Hughes rig count data could impact prices.

Important Events to Watch:

• Friday: US Nonfarm Payrolls report (could impact USD and risk appetite)
• Friday: Baker Hughes oil rig data (could impact oil prices)
• French Parliamentary Elections (ongoing): May impact EUR if Le Pen’s party wins a majority