Financial Market Research and Analysis

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EUR holds at 1.10, GBP pushes above 1.32
The euro was best bid against the US dollar this morning, right below the 1.1070 resistance level (50% Fibonacci retracement). Above this level, the EURUSD could rise to test the 1.1105 (200-day moving average), if this level is surpassed, we could expect a rise to 1.1177 (50-day moving average), then to 1.1198/1.1200 (major Fibonacci retracement). A drop below 1.1024 (July 15th low) could result in a slide to 1.1002 (July the 8th low). Below this level, the pair could slump to 1.0942 (major Fibonacci retracement).

Japanese yen lost strength against the US dollar after Friday’s risk-off rally. The USDJPY traded at 105.60/65, testing the 50-day moving average on the upside. A rise above this level could bring the pair to consolidate above the 106.00 mark for a potential recovery to pre-Brexit levels; the 107.58 (major Fibonacci retracement) could be an interesting technical level to watch. On the downside, the break below the 105.30 (intraday low) could cause a slide to 104.26 (Fibonacci retracement). Below this level, the pair could plunge to 102.44 (July 12th low).

After Friday’s slump, Cable is pushing above the 1.3200 mark in London. This week, we can expect some increased volatility on the GBPUSD due to an eventful economic calendar. Starting from tomorrow, the CPI, PPI, then the unemployment data as well as the latest retail sales figures could affect the valuation in sterling. The first support is seen at 1.3200 mark, followed by the minor Fibonacci retracement at 1.3120. If these levels are cleared, Cable could slump to 1.2849 (July 11th low). The first resistance is 1.3300 mark, if surpassed could pave the way toward the 1.3412 level (Fibonacci retracement). Above 1.3412, the pair could extend gains towards 1.3761 (major Fibonacci retracement).

The Australian dollar lost some territory against the US dollar on Friday. Today, the AUDUSD is trading higher. The trend remains bullish, and we can expect a rise towards 0.7675 (July 15th high), if surpassed, could give way for a further rise to 0.7700/0.7717 (minor Fibonacci retracement) before the 0.7834 (April 21st top level).
The first support is seen at 0.7593 (Fibonacci retracement), if this is cleared, Aussie could slump to 0.7475 (100-day moving average), then to 0.7448 (major Fibonacci retracement).

Gold lost $6 an ounce in the session so far. The first support is $1319 (July 14th low), if cleared, the price could slide to $1305 (June 28th low), and to $1300 mark before the major Fibonacci retracement level at $1297. Although the trend remain bullish and the first resistance is seen a o $1346 (July 14th high), than above that the price could soar to $1374 (July 11th high).

Brent prices rose +0.25%, while WTI is moving around 45.80$/45.90$ area after reversing early losses in Asia. The first resistance is presumed at 46.28$ (July 15th high), above that level, the price could soar to 46.73$ (Fibonacci retracement). The firs support is seen at 45.71$ (July 15th low), if cleared, the price could slump to 45.00 mark

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