Financial market research and analysis

EURUSD rose to 1.1330 on Tuesday morning. Surpassing 1.1365 (18th August high), the pair could extend gains towards 1.1500 mark. A break below 1.1300 mark could cause a drop to 1.1205/1.1200 (100-day moving average) and to the critical 1.1150 (200-day moving average).

The USDJPY dropped to 100 mark, after Bank of Japan Governor Kuroda missed the opportunity to talk about monetary policy at the FinTech Forum. Breaking the 100.00 critical level could encourage a new sell-off wave, with the next supports seen at 99.53 (August 16th low) and 98.99 (June 24th low). Surpassing the 100.93 (August 22nd high), we can expect a further rise to 101.45 resistance (August 15th high), 102.65 (August 8th high), before 103.25 (50-day moving average).

Cable trades above 1.3180, after breaking the 50-day moving average. The positive momentum could encourage a further rise to 1.3370 resistance (August 3rd high), before the 1.3500 mark. Support is provided by the 1.3149 (50-day moving average), if cleared, could push for 1.3000 support, then towards 1.2865 (August 15th low).

AUDUSD trades above 0.7640, in a bullish trend where the pair is likely to surpass the 0.7700 mark and target the 0.7755 (August 10th high) before the 0.7834 top level (April 21st high). Support is seen at 0.7584/0.7561 (August 22nd low & 50-day moving average). Breaking this level could mean an inversion of the trend to bearish, with a potential drop to 0.7461 (100-day moving average), before the critical 0.7390 (200-day moving average).

After having tested the 50-day moving average, Gold bounced higher to $1341 an ounce on Tuesday morning. A climb above 1358 (August 16th high) could cause a further rise towards 1374 top level (July 11th high), and the $1400 mark. The bullish trend looks underpinned by the 50-day moving average, and breaking below this level could cause a drop to $1310 (July 21st low) before the $1300 mark.

Yesterday, the oil prices recorded the biggest loss in three weeks, and today the sentiment remain bearish. The sell-off started this week could be partially caused by profit taking on higher Iraq exports, and by the lower expectation of an OPEC agreement on the supply cap in the near future. WTI trades right above $47 a barrel with critical support at $46.34 (200-hour moving average), before the $45 a barrel. Climbing above $47.92/48.00 (100-day moving average) could encourage more bids, and push the price towards 49.33 (August 19th high) and towards $50 a barrel.