The US dollar weakness is supporting commodity prices like oil and gold. Geopolitical tensions and summer demand are also contributing to the rise in oil prices. Major currencies like EUR, GBP, AUD, NZD are expected to see short-term corrections before resuming their trends. Investors are watching geopolitical risks and economic data for further direction.
Euro (EUR/USD):
- Euro strengthened despite weak German business climate data.
- Forecast: Short-term decline followed by a reversal towards the end of the week.
- Support levels: 1.0660/1.0610
- Resistance levels: 1.0860/1.0910
British Pound (GBP/USD):
- Pound fell on weak business activity data in the UK.
- Forecast: Potential pullback upwards followed by a decline.
- Resistance: 1.2730/1.2780
- Support: 1.2540/1.2490
Japanese Yen (USD/JPY):
- Yen steadied after a decline last week.
- BoJ hesitant to raise rates, putting pressure on the Yen.
- Forecast: Potential reversal from current levels.
- Support levels: 159.00, 158.23, 157.59, 157.33, 156.56
- Resistance levels: 160.20
Australian Dollar (AUD/USD):
- Australian dollar flat ahead of consumer confidence data.
- Forecast: Upward movement may end in the coming days, followed by a decline.
- Support levels: 0.6591, 0.6541
- Resistance levels: 0.6655, 0.6685
New Zealand Dollar (NZD/USD):
- New Zealand dollar expected to continue downtrend.
- Forecast: Downward movement followed by a potential reversal later in the week.
- Support levels: 0.6070/0.6020
- Resistance levels: 0.6200/0.6250
Canadian Dollar (CAD/USD):
- Canadian dollar forecast to see a reversal from the downtrend.
- Forecast: Downtrend followed by a potential reversal upwards later in the week.
- Support levels: 1.3650/1.3600
- Resistance levels: 1.3800/1.3850
Swiss Franc (USD/CHF):
- Swiss franc expected to see a reversal from the uptrend.
- Forecast: Price decline and potential reversal upwards later in the week.
- Support levels: 0.8790/0.8740
- Resistance levels: 0.9020/0.9070
Gold (XAU/USD):
- Gold prices fell on strong dollar and rising bond yields.
- Forecast: Potential downside followed by a possible reversal.
- Support levels: 2318, 2307, 2300
- Resistance levels: 2351, 2370, 2387
Crude Oil:
- Oil prices rose on supply risks and summer demand expectations.
- Forecast: Potential upside towards the resistance levels.
- Support levels: 84.70, 83.00
- Resistance levels: 86.213, 87.90
Important factors to watch:
- Geopolitical tensions in the Middle East
- US PCE data (inflation gauge)
- API and EIA inventory reports
- Movement of the US dollar
Categories: Market News
