The currency markets were mixed today with the USD strengthening against the JPY and weakening against the EUR, GBP and AUD. Gold prices rose to record highs due to expectations of rate cuts by the Federal Reserve. Crude Oil is expected to continue its uptrend in the near future.
Euro (EUR):
- Forecast: Neutral to slightly bearish. EUR/USD is expected to trade within a sideways channel today, with potential for downside movement if the US dollar strengthens.
- Support levels: 1.0866, 1.0843
- Resistance levels: 1.0893, 1.0918, 1.0942
- Trading Strategy:
- Buy EUR/USD if it reaches 1.0881 with a target of 1.0911. Exit at 1.0911 and sell for a 30-35 point move.
- Sell EUR/USD if it breaks below 1.0865 with a target of 1.0843. Exit at 1.0843 and buy immediately for a 20-25 point move.
British Pound (GBP):
- Forecast: Neutral to slightly bearish. GBP/USD is also expected to trade within a sideways channel today, with potential for downside movement if the US dollar strengthens.
- Support levels: 1.2686, 1.2660
- Resistance levels: 1.2712, 1.2746, 1.2753
- Trading Strategy:
- Buy GBP/USD if it reaches 1.2712 with a target of 1.2746. Exit at 1.2746 and sell for a 30-35 point move.
- Sell GBP/USD if it breaks below 1.2689 with a target of 1.0843. Exit at 1.0843 and buy immediately for a 20-25 point move.
Japanese Yen (JPY):
- Forecast: Neutral. USD/JPY is caught between conflicting factors, with potential for upside movement due to expectations of a BoJ rate hike and downside movement due to recent weakness in the Japanese economy.
- Support levels: 155.63, 155.29
- Resistance levels: 156.02, 156.36, 157.00
- Trading Strategy:
- Buy USD/JPY if it reaches 155.87 with a target of 156.47. Exit at 156.47 and sell for a 30-35 point move.
- Sell USD/JPY if it breaks below 155.48 with a target of 154.83. Exit at 154.83 and buy immediately for a 20-25 point move.
Australian Dollar (AUD):
- Forecast: Bullish. AUD/USD is expected to continue its upward trend today, with potential to reach targets of 0.6730 and 0.6780.
- Support levels: 0.6681, 0.6662
- Resistance levels: 0.6714, 0.6733, 0.6780
Gold (XAU):
- Forecast: Bullish. Gold is expected to continue its upward trend, with potential to test resistance levels of 2450 and 2500.
- Support levels: 2428, 2395, 2377
- Resistance levels: 2450, 2500
- Trading Strategy:
- Consider selling gold if there is strong selling pressure at 2450, with short targets.
Crude Oil:
- Forecast: Bullish. Crude oil is expected to appreciate in the near future, with potential to test resistance levels of 79.43, 81.60, and 83.25.
- Support: 76.92
- Resistance: 79.43, 81.60, 83.25
Categories: Market News
