Financial Market Research and Analysis

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

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GBP consolidates as Aussie drops
EURUSD is consolidating gains above 1.1300 after a four-day winning streak. The bullish trend could gain more momentum above 1.1365 resistance (August 18th high), with next target placed at 1.1500, before a further attempt to 1.1615 (May 3rd high). The first support is seen at 1.1300. A break below this level could cause a setback to the 1.1205/1.1200 (100-day moving average) before the critical 1.1147 (200-day moving average).

The USDJPY is holding above the 100.00 mark due to a stronger US dollar against its major peers. Failure to hold the ground above the 100 level, could bring the pair to 98.99 (June 24th low). A climb above 101.45 (August 15th high) could attract more bids and pave the way towards 102.65 (August 8th high), before 103.25 (50-day moving average).

Cable consolidates gains at 1.3120 on the back of a broadly stronger US dollar. The first resistance is eyed at 1.3224 (50-day moving average). Breaking above this level could allow a further rise to 1.3372 (August 3rd high). Support is seen at 1.3000/1.2976 (August 17th low), below which, the GBPUSD would step back into its bearish trend and extend losses to 1.2865 (August 15th low).

The AUDUSD retreated by 0.55% in Sydney on stronger US dollar. Intraday support is eyed at 0.7608/0.7600 (August 17th low). Stepping below this level could encourage a further sell-off to 0.7555 (50-day moving average), then to 0.7463 (100-day moving average). Resistance is building at 0.7700 / 0.7755 (August 10th high), if surpassed could trigger a fresh rally towards 0.7834 (April 21st high).

After four day winning streak, Gold consolidates at $1347 on Friday. The first resistance is seen at $1358 (August 16th high), above which, we could expect a further rise to the $1374 top level (July 11th high). The first support can be found at 1329 (50-day moving average). Below this level, we could see a drop to 1310 (July 21st low), and to $1300 mark.

Oil prices have been climbing higher due to a positive sentiment about the OPEC talks. Although today WTI is tanking 0.5% trading at right below $48. Surpassing the $49.32 resistance (July 4th high), the price could rise towards $50 mark, then to $50.51 (June 22nd high). A first support is eyed at $48.00. Below, we could expect a drop to $46.30 (August 17th low).

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