Financial Market Research and Analysis

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

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Oil falls as USD strengthens
EURUSD is testing the 1.1100 support, if cleared, could cause a further drop to the 200-day moving average at 1.1078, then to 1.1070 (Fibonacci retracement). Below this level, the pair could slump to 1.1000 and even to 1.0942 (major Fibonacci retracement). On the upside, surpassing the 1.1130 (June 29th high) could encourage a further rise towards 1.1200 mark (also Fibonacci retracement).

The US dollar strength across the board doesn’t seem sufficient to lift the USDJPY. The pair is trading at 102.60 with next resistance eyed at 103.00 (intraday high). In case this level is surpassed, we expect a surge to 104.35 (Fibonacci retracement). A break below the 101.40 (June 27th low) could cause the pair to plunge towards 98.99 (June 24th low), levels seen last week after the Brexit results were published.

In the last couple of session, the GBPUSD has been trying to surpass the 1.3500 mark, in an effort to recover following the decent slump on Friday the 24th. If the 1.3500 resistance is cleared, we could see a further rise towards 1.3600 and then 1.3698/1.3700 mark. A break below the 1.3362 (intraday support) could cause a test of 1.3300 mark, if cleared, could bring the price back to 1.3224 (June 24th low).’

AUDUSD traded range-bound between 0.7300/0.7302 (200-day moving average) and 0.7450/ 0.7469 (100-day moving average). Surpassing the resistance level, we can expect a new surge to 0.7595 (Fibonacci retracement). Below 0.73, we could expect the mid-term trend to turn bearish with next support presumed at 0.7063 (Fibonacci retrace).’

In Asia, Gold prices fell 0.3% at $1315 an ounce. The mid-term trend looks bullish and the next resistance is the 1325/1330 area, if cleared could cause a rise to 1360 (June 24th high). On the downside, a break of the 1305 (June 28th low) support, could cause a further slide toward the 1300 mark.’

Oil started the session downbeat, while Brent futures were struggling to price at $50 due to the concerns over the strike in Norway and improved production in Nigeria. WTI trades above $49. Surpassing the $49.40 (Fibonacci retracement) resistance, it could surge back to $50 a barrel, and even to $50.50 (June 22nd high). A drop below the $49 could cause a further slump to $48.70 (Fibonacci retrace) and even lower to test the $48 level.’