The EUR remains in a narrow range, reflecting weak European data, while the GBP faces a downtrend due to limited upward movement despite steady UK PMI results. The JPY shows moderate gains as the BoJ’s potential rate hikes and weaker US data influence its rise. AUD is under pressure after a GDP slowdown, facing further bearish movements. Gold struggles with a declining trend, impacted by a strong USD and weak safe-haven demand. Upcoming US economic data, including jobs and trade reports, will be key factors for these currencies and gold’s near-term trajectory.

1. EUR/USD:

Current Trend: Bearish
Key Support Levels: 1.1028, 1.1017, 1.0950
Key Resistance Levels: 1.1100, 1.1146, 1.1191

The EUR/USD pair remains under pressure due to weak economic data from the Eurozone, particularly poor PMI and retail sales figures. With the ECB likely to cut rates in September, the outlook is bearish. The pair is trading near the support level of 1.1028, and a break below this level could push prices towards 1.0950.

Short-Term Forecast:

• Bearish with potential downside to 1.0950.
• If U.S. data underperforms, a corrective bounce to 1.1100 could occur.
• Scenario to Watch: A break above 1.1191 would signal a trend reversal.

Trading Strategy:

• Sell at resistance near 1.1100, targeting 1.1028 and 1.0950.
• Buy only if the price breaks and consolidates above 1.1191.

2. GBP/USD:

Current Trend: Bearish
Key Support Levels: 1.3055, 1.2973, 1.2932
Key Resistance Levels: 1.3158, 1.3202, 1.3306

The GBP/USD is facing selling pressure as the UK PMI data failed to impress and U.S. economic concerns persist. With the Bank of England maintaining a dovish stance, and a potential rate cut by the year-end, the pair is likely to stay on a downtrend.

Short-Term Forecast:

• Bearish, with a potential drop toward 1.3055.
• Resistance at 1.3158 and 1.3202 will act as selling zones unless U.S. data significantly underperforms.

Trading Strategy:

• Sell on rallies near 1.3158 or 1.3202, targeting 1.3055.
• Consider buying only if price breaks above 1.3202 with strong momentum.

3. USD/JPY:

Current Trend: Bullish but Consolidating
Key Support Levels: 145.22, 144.47, 144.06
Key Resistance Levels: 147.17, 148.29

USD/JPY has pulled back from recent highs as the yen gains support from a potential BoJ rate hike. However, the dollar remains strong due to safe-haven demand, keeping the medium-term outlook bullish.

Short-Term Forecast:

• Bullish with a potential upside to 147.17 if support at 145.22 holds.
• A break below 144.47 could signal a deeper correction towards 144.06.

Trading Strategy:

• Buy at support near 145.22, targeting 147.17.
• Sell if price breaks below 144.47, targeting 144.06.

4. AUD/USD:

Current Trend: Bearish
Key Support Levels: 0.6681, 0.6650
Key Resistance Levels: 0.6738, 0.6769

The AUD/USD is under pressure following weak GDP data and a general slowdown in the Australian economy. The bearish trend remains intact, and further downside is likely unless there is a shift in global risk sentiment.

Short-Term Forecast:

• Bearish, with a potential drop to 0.6681 and 0.6650.
• Resistance near 0.6738 will be key; failure to break this level will continue the downtrend.

Trading Strategy:

• Sell near resistance levels of 0.6738, targeting 0.6681 and 0.6650.
• Buy only on a confirmed break above 0.6769.

5. Gold (XAU/USD):

Current Trend: Bearish
Key Support Levels: 2472, 2450
Key Resistance Levels: 2495, 2513

Gold continues to struggle due to a lack of safe-haven demand and a strong U.S. dollar. The precious metal is facing seasonal weakness in September, and upcoming U.S. jobs data will be crucial in determining the next move.

Short-Term Forecast:

• Bearish with potential downside to 2450 if it fails to break 2495.
• A weak jobs report could trigger a short-term rally toward 2513, but the overall outlook remains negative.

Trading Strategy:

• Sell below 2495, targeting 2472 and 2450.
• Buy only if price breaks and consolidates above 2513, targeting 2531.