Financial market research and analysis

The EURUSD bounced on the 100-day moving average to reach 1.1270. The pair is in recovery following last week's weakness. Next resistance is seen at 1.1297, if cleared could gain momentum to the 1.1359 (23.6% Fibonacci retracement on December to May rise). First support is seen at 1.1235 (100-day moving average), if broken, might bring the pair to 1.1200 mark (38.2% major Fibonacci retracement).

The yen is rising to highest levels since 2014 ahead of the BoJ meeting on Thursday. The bond yields dropped to record lows. The USDJPY moved to a new 105.73 low before retracing to 105.92. The next support level is 105.54 (May 2nd low), if cleared, the pair is expected to test the 105.00 mark.

A new poll showing a 10% lead for the Brexit party caused a sell-off in the pound for the 4th day in a row. Hedge funds doubled their short positions on the pound to the most since June 2013. The GBPUSD is trading at 1.4130 with next support at 1.4054 (76.4% Fibonacci retracement on February to May rise), if this level is cleared Cable could slide to test the 1.4000 mark.

On the Australian Bank holiday, the AUDUSD is moving to the upside toward the 100-day and 50-day moving averages before the critical resistance at 0.7445 Fibonacci retracement. If this level is surpassed, the pair could reach 0.7500/0.7503 (June 9th high). First support is at the intraday low at 0.7358, if broken, could bring the pair to 0.7326 (Fibonacci retracement) and even lower to test 0.7287 (200-day moving average).

The risk-off is still in play due to the Brexit risks and Chinese slowdown. Safe haven flows keep the yellow metal bid. Combined to dovish Fed expectations, the Gold could revisit the $1300 level.

Oil retreated after a report showed an increase in U.S. drilling rigs, and the economic concern about the China. Brent fell back below $50 a barrel, while WTI retreated to $48.49 a barrel.