Financial Market Research and Analysis

Our analysts have their fingers on the pulse of the world's financial market news.

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Fed minutes in focus

EURUSD consolidates gains above 1.1250; the next resistance is seen at 1.1322 (August 16th high). Surpassing this level, the pair could rise to 1.1400/1.1427 (June 24th high). A first support is seen at 1.1200 (100-day moving average). Below, the pair could retreat to the critical 1.1143 (200-day moving average).

 

The USDJPY is trading above 100.70 on Wednesday and, surpassing the short term resistance at 101.45 (August 15th high),  could encourage a further extension toward 103.17 (50-day moving average). The critical support is presumed at 100.00/99.53 area (August 16th low). A failure to hold support at this area could cause a further drop to 98.99 (June 24th low).

Cable consolidates gains above 1.3000 mark, after better than expected data from the UK job report, showing a decrease in the job claimant count by 8.6K unit . The next resistance is eyed at 1.3174 (August 5th high). Above this level, the recovery could target 1.3276 (50-day moving average). A retreat below the 1.3000 support could bring the GBP-bears back in action and pave the way toward 1.2865/ 1.2850 (August 15th low & July 11th low).

AUDUSD is consolidating gains at 0.7660. The first support is seen at 0.7636 (August 15th low). A break could encourage a further fall to 0.7550 (50-day moving average). Mid-term trend and momentum indicators remain comfortably bullish, and a new rise above 0.7700 / 0.7755 (August 10th high), could bring the 0.7800/0.7834 (April 21sth high) in radar.

Gold is trading sideways pre-FOMC minutes. The support is eyed at $1327 (50-day moving average). A break below this level could encourage a further sell-off targeting the 1300/1290 (100-day moving average). A rise above $1358 (August 16th high) could encourage a rise to 1366 (August 3rd high) and eventually to 1378 (July 11th high).

 

Oil trades on the sidelines before the US oil inventories due later in the session. Surpassing $47.00 could generate a fresh momentum towards 47.65 (July 13th high), before the $50 a barrel. Below $46.00 / $45.70 (50-day moving average), WTI could retreat to $45.00 then to $44.43 (100-day moving average).

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