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29 Jul 2016
By Mauro Fellner
JPY strengthens as BoJ disappoints
USDJPY broke the 50-day moving average on the downside and is now trading right above the 103.00 mark, with next support seen at 100/99.98 (July 8th low). The market is now counting on a potentially huge fiscal stimulus package from the PM Abe. If this is the case, we could see a retracement above the 104.25 resistance (Fibonacci retracement), then towards the 105.00 mark. Above 105, a further extension to 107.00/10750 (100-day moving average & Fibonacci retracement) could be expected.
Cable has been trading on the sidelines for the second half of July. The next resistance is eyed at 1.3289 (July 22nd high), if surpassed, the GBPUSD could recover to 1.3400/1.3415 (Fibonacci retracement), then towards 1.3500/1.3532 (June 29th high). The first support can be found at 1.3056 (July 26th low), if broken, could trigger a further sell-off towards 1.2850 (July 11th low).
AUDUSD is trading firmly above the 0.7500 mark, with next resistance eyed at 0.7593/0.7600 mark (Fibonacci retracement). The 50-day moving average crossed above the 100-day moving average, providing a new bullish signal. The pair could break above the 0.7600 mark and extend gains to 0.7700, then towards 0.7834 (April 21st high).
The first support is seen at 0.7465 (100-day and 50-day moving average), if broken, could encourage a further slide to 0.7400 and 0.7345 (200-day moving average).
Gold is consolidating at $1333. The trend remains bullish and the next resistance is eyed the $1374 (July 11th high). Above that level, the price could push towards $1400 mark. The first support is seen at $1310 (July 21st low), if broken, could encourage a slide to $1297 (Fibonacci retracement).
Oil has cheapened for the 7th session in a row, WTI is trading at $40.70 and we could see a further downside to $40 if the intraday low $40.55 is broken.
The first resistance is seen at $41.00/41.15 (intraday high) and if this is surpassed, we could have an upside towards $41.73 (50-hour moving average). Above this level, the price could recover to $42.00/42.20 (Fibonacci retracement), then to $43.00/43.25 (major Fibonacci retracement) and to 43.84 (200-hour moving average).
The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that 71% of our retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.
