Financial market research and analysis

EURUSD is testing the 1.1070 support (50% Fibonacci retracement on December to May rise), on the back of renewed US dollar strength. Once the support is cleared, the pair could slide lower to 1.0940 (38.2% Fibonacci retracement), sending the pair back to the bearish trend that has started at the beginning of May. Climbing above 1.1133 (200-day moving average), the EURUSD could find more bids for a further rise towards 1.1200 (61.8% Fibonacci retracement), then to 1.1300 mark.

Japanese yen is softening for the 5th session in a row against the US dollar. USDJPY trades at 102.40 with next resistance seen at 103.76 (50-day moving average), before the 104.25 (76.4% Fibonacci retracement on January to June decline). First support is seen at 101.85 (August 8th low), below this level, the pair could slide to 100.67 (August 2nd low), then to 100.00 (July 8th low).

GBPUSD dropped below 1.3000 on the back of a stronger US dollar. The next support is seen at 1.2849 (July 11th low). If the sell-off continues, we could expect a break of the support with a further slide towards 1.2500 mark. A climb above 1.3046 (intraday high) could hint at a recovery with the next resistance at 1.3174 (August 5th high). Above this level, the pair could further extend recovery to 1.3415 (76.4% Fibonacci retracement on December to July decline).

AUDUSD is consolidating gains on Tuesday, while keeping a solid bullish trend The next resistance is seen at 0.7671/0.7675 (August 8th high & July 15th high). Above this area, the pair could extend gains to the 0.7833 (April 21st high). A drop below 0.7600 could cause a further sell-off to 0.7505 (50-day moving average), before the critical support at 0.7363 (200-day moving average).

Despite the stronger US dollar, gold is holding ground above $1330. The trend remains bullish, yet a drop below the 1310 support (July 21st low) could suggest the break of the neckline of a double top pattern (July 11th high, August 3rd high), and encourage a slide targeting 1250 in the mid-term (61.8% Fibonacci retracement on January to July rise).

WTI is recovering on the back of rising concerns regarding the global glut. The American Petroleum Institute's weekly report is due at 20.30 GMT. Further accumulation in oil inventories could give an extra hand for an advance toward $45, while a retreat could well reverse the appetite for a fresh sell-off aiming the $40 threshold.