Financial market research and analysis

EURUSD opened flat on Monday. The pair trades rangebound within the 200 and 100-day moving averages,1.1140 and 1.1200 respectively. Below 1.1140, we could expect a further sell-off to 1.1070 (50% Fibonacci retracement on December to May rise). Above 1.1200, the pair could make a fresh upside attempt to 1.1230/1.1250 area.

The enthusiasm in USDJPY remained contained despite a weaker-than-expected growth data in Japan. The pair hold the ground at 101.10, yet the yen-bears remained relatively timid. Intraday resistance are eyed at 102.00 (optionality) and 102.65 (August 8th high). Clearing this zone, we could see a further recovery to 104.25 (76.4% Fibonacci retracement on January to June decline). However, a slide below the 100.67 (August 2nd ) could encourage a further sell-off towards 100.00, before 99.98 (June 24th low).

Cable tested the 1.2900 bids in Asia. The next critical support is eyed at 1.2849 (July 11th low). Any recovery is expected to remain limited pre- 1.3000. Traders will be closely monitoring the UK's July inflation data in the next 24 hours of trading. The expectations are soft. Yet a strong read, following the Bank of England’s looser policy action, could bring in scope the lower limits of the BoE’s monetary strategy and reverse the GBPUSD's trend to bullish, at least temporarily.

The Aussie found new strength against the US dollar on Monday morning. Despite dropping 2 figures in the last two sessions, AUDUSD is trading at 0.7670, confirming a strong bullish trend. The pair could rise above 0.77/0.7755 (August 10th high), and this could cause a further upside towards 0.7800 and then 0.7834 (April 21st high). Sliding below 0.7630/0.7600 (intraday low), AUDUSD could ease towards 0.7535 (50-day moving average).

Gold traded rangebound at around $1340 per ounce. The short-term support is seen at $1329 (August 8th low). Below, the yellow metal could cheapen to $1324 (50-day moving average) and test $1300/1297 (76.4% Fibonacci retracement). Above $1357, we could expect a fresh attempt to $1374 top level (July 11th high).

WTI is trading with a positive pulse on Monday. Clearing $45 resistance could pave the way towards $45.66 (23.6% Fibonacci retracement on July to August decline), before a further attempt to $48. The first support is seen at $43.61 (50-hour moving average). Below, WTI could retreat to $43.00 (100-hour moving average), then towards the critical 42.16 (200-hour moving average).