Euro – US Dollar

EUR/USD is posting small gains in Monday’s European morning, having stalled its recovery under 1.0900. The upside seems capped in the wake of renewed safe-haven demand for the US Dollar. Traders now look forward to the Buba monthly report for a fresh impetus.

If trading above 1.08692 is traded, the growth will likely continue to 1.09181.

On the other hand, if it trades below the range of 1.08692, the decline is likely to continue to 1.08202.

US Dollar – Japanese Yen

The USD/JPY pair oscillates in a narrow range below the mid-145.00s heading into the early Asian session on Monday. Traders prefer to wait on the sidelines amid the risk-averse mood and await the Federal Reserve (Fed) Chairman Jerome Powell Speaks at the Jackson Hole Symposium on Friday.

If the pair continues to trade above the range of 145.379 It is likely to continue climbing to 146.212.

On the other hand, if the pair is traded below 145.379, it is expected to continue falling to 144.963.

British Pound – US Dollar

GBP/USD attracts some buyers on the first day of a new week, sticking to its modest gains, below mid-1.2700s. The pair remains confined in familiar trading, as the mixed fundamental backdrop warrants caution ahead of the Fed’s Jackson Hole Symposium due later this week

If the pair is trading above 1.27290 it is expected to climb to the range of 1.28059.

On the other hand, if the pair trades below 1.27290 it is expected to fall to the range of 1.26920

US Dollar – Swiss Franc

USD/CHF lacks clear momentum around 0.8820, after refreshing a six-week high to 0.8828 heading into Monday’s European session. In doing so, the Swiss Franc (CHF) pair portrays the market’s indecision ahead of the top-tier data/events.

If the pair is trading above 0.88077 it is expected to climb to the range of 0.88420.

On the other hand, if the pair trades below 0.88077 it is expected to fall to the range of 0.87880.

Gold – US Dollar

Gold Price remains on the back foot at the lowest level in five months as market players seek solace in the US Dollar amid uncertainty ahead of this week’s top-tier data/events. Also exerting downside pressure on the XAU/USD could be the pessimism surrounding one of the world’s most significant commodity users, namely China.

If the pair is trading above 1890.92 It is expected to climb to the 1895.10 range.

on the other hand, if the pair trades below 1890.92 It is expected to fall to the range of 1880.88

Euro – US Dollar

EUR/USD is easing toward 1.0900, stalling the previous recovery in the early European morning on Thursday. The US Dollar finds its feet, as markets turn cautious ahead of key inflation data releases from the Eurozone and the US.

If trading above 1.09096 is traded, the growth will likely continue to 1.09642.

On the other hand, if it trades below the range of 1.09096, the decline is likely to continue to 1.08201.

US Dollar – Japanese Yen

USD/JPY clings to mild losses around 145.50-45 heading into Tuesday’s European session as it prints the first daily loss in seven. The Yen pair takes clues from the upbeat Japanese statistics and the US Dollar’s retreat amid a sluggish Asian session.

If the pair continues to trade above the range of 145.220 It is likely to continue climbing to 146.147.

On the other hand, if the pair is traded below 145.220, it is expected to continue falling to 144.864.

British Pound – US Dollar

GBP/USD traders modestly higher on the day above 1.2700 in the European morning. The data from the UK showed that the Unemployment Rate rose to 4.2% in three months through June but Pound Sterling managed to hold its ground amid strong wage inflation readings.

If the pair is trading above 1.26723 it is expected to climb to the range of 1.27707. 

On the other hand, if the pair trades below 1.26723 it is expected to fall to the range 1.26298. 

US Dollar – Swiss Franc

The USD/CHF pair holds ground around 0.8782 during the early Asian session on Tuesday. The pair remains sideways after retreating from a multi-week high of 0.8827.

If the pair is trading above 0.87587 it is expected to climb to the range of 0.88057.

On the other hand, if the pair trades below 0.87587 it is expected to fall to the range of 0.87368.

Gold – US Dollar

Gold price struggles to gain any meaningful traction on Tuesday and oscillates in a narrow trading band just above the $1,900 mark. The XAU/USD remains well within the striking distance of its lowest level since July 6 touched on Monday and seems vulnerable to prolonging its downward trajectory.

If the pair is trading above 1908.82 It is expected to climb to the 1914.95 range.

on the other hand, if the pair trades below 1908.82 It is expected to fall to the range of 1895.31.

Euro – US Dollar

EUR/USD prints a two-day losing streak while falling to the fresh one-week low of around 1.0930. The Euro pair extends the previous week’s U-turn from the support-turned-resistance line stretched from late May towards breaking a short-term key support line and the 100-DMA.

If trading above 1.09644 is traded, the growth will likely continue to 1.09860.

On the other hand, if it trades below the range of 1.09644, the decline is likely to continue to 1.09239.

US Dollar – Japanese Yen

USD/JPY bulls take a breather at the highest level in a year as market players seek more clues to defend the Yen pair’s early-day run-up towards refreshing the Year-To-Date (YTD) peak amid the initial hour of Monday’s European session.

If the pair continues to trade above the range of 144.777 It is likely to continue climbing to 145.396.     

On the other hand, if the pair is traded below 144.777, it is expected to continue falling to 144.583.    

British Pound – US Dollar

The GBP/USD pair remains under pressure and trades in negative territory for the fourth consecutive week. The upbeat UK data fails to lift the Pound Sterling as investors are concerned about the possibility of a further rate hike that would impact the UK economy.

If the pair is trading above 1.26990 it is expected to climb to the range of 1.27323.

On the other hand, if the pair trades below 1.26990 it is expected to fall to the range 1.26594.

US Dollar – Swiss Franc

The USD/CHF pair remains range-bound around 0.8770 during the early Asian session on Monday. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, extends its upside just below 103.00 and traded on a weekly positive note for four weeks in a row. 

If the pair is trading above 0.87587 it is expected to climb to the range of 0.88057.

On the other hand, if the pair trades below 0.87587 it is expected to fall to the range of 0.87368.

Gold – US Dollar

Gold enters a bearish consolidation phase and seesaws between tepid gains/minor losses just above the $1,910 level, or the lowest since July 7 touched during the Asian session. The fundamental backdrop seems tilted in favor of bearish traders.

If the pair is trading above 1915.44 It is expected to climb to the 1918.98 range.

on the other hand, if the pair trades below 1915.44 It is expected to fall to the range of 1906.40

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Asia-Pacific markets fall as investors grow concerned following Fitch’s downgrade of the U.S. credit rating.

Fitch issued a statement downgrading the credit rating of the United States of America from AAA to AA+, and Fitch said that the downgrade of the credit rating of the United States came as a result of the high and increasing burden of the US government public debt, which led to the decline of Japanese stocks to their lowest daily level this year with a slight rise in gold and oil prices.

The euro (EUR) is keeping its erratic performance unchanged so far this week and is marginally falling against the US dollar (USD), spurring EUR/USD to hover around the 1.0980 area after the opening bell on the old continent on Wednesday.

The absence of relevant data in the Eurozone should leave all attention to the US calendar, as the publication of the ADP employment change is expected to be at the center of the debate. In addition, the MBA will release its weekly report on mortgage applications for the past week on July 28.

Following the US Dollar Index (DXY), the dollar has managed to keep the strong recovery in place since mid-July and is still looking to consolidate the recent breakout at 102.00 – which was helped by rising US yields and loss of some risk appeal – a galaxy linked.

During this week, the attention of market participants will be drawn toward the releases of important economic data in both the United States and Europe. These issuances are expected to challenge the recently affirmed data-driven approach adopted by both the Federal Reserve and the European Central Bank (ECB) in their decisions on interest rates.

The EUR/USD pair holds gains near 1.1000 at the start of the European session on Wednesday. The pair finds support from broadly weaker US dollars, as investors remain cautious amid the downgrade of US debt and ahead of key jobs data in the US.

The GBP/USD pair is trading below 1.2800, remaining on the defensive for the third consecutive day this Wednesday. The modest weakness of the US dollar has become a major factor weighing on major currencies. The downtrend seems to be limited ahead of the Bank of England’s decision on Thursday. US ADP coming.

WTI is struggling to maintain the bullish momentum intact after a four-day uptrend that hit the highest level since April 17 early Wednesday. The energy index remains marginalized, falling recently, around USD$81.80-85 heading to the European session as risk aversion grapples with talks about declining energy supplies.

The USD/CAD pair is gaining momentum and rising above the 1.3300 barrier heading to the early European session on Wednesday. The main pair is on track for its sixth weekly close above 1.3200.

 The USD/JPY pair slides to 142.80 as it rebounded from the intraday low heading to Wednesday’s European session. In doing so, the yen pair reverses from three-week highs while pressuring the 61.8% Fibonacci retracement level in October 2022 to January 2023.

The price of gold is holding on to moderate gains as it rebounded from three-week lows. However, the current situation of the metal remains elusive to attract XAU/USD buyers as it remains below the key support level.

Bitcoin fell to $28.6K on Tuesday, hitting its lowest since June 21 amid market concerns about the Curve Finance breakout and a potential drop in liquidity on the AAVE platform. The first cryptocurrency saw impressive bullish momentum, touching $30.0K early Wednesday morning. Although we don’t see the rapid downturn scenario being achieved, for Bitcoin now, the 50-day moving average plays the role of resistance. The chances of a rapid decline will increase sharply with Wednesday’s close below $29.2K.

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EURUSD

EUR/USD is trading close to 1.0900, holding lower ground in early Europe. The main currency pair is facing selling pressure as the market mood turns cautious and underpins the safe-haven US Dollar. Thin trading to extend on the US Independence Day.

 If the pair continues the uptrend to the range of 1.0942, it is expected to continue the uptrend to the range of 1.0970.

On the other hand, If the pair continues the downtrend to the range of 1.0878, it is expected to continue the downtrend to the range of 1.0842.

USDJPY

USD/JPY is trading on the back foot around 144.50 after the Japanese Yen received some respite on the verbal intervention from the country’s top currency diplomat Kanda. The downside appears limited amid the BoJ-Fed policy divergence and ahead of key US data.

if the pair continues the uptrend to the range of 145.06, it is expected to continue the uptrend to the range of 145.98.

On the other hand, If the pair continues the downtrend to 143.61, it is expected to continue the downtrend to 143.22.   

GBPUSD

GBP/USD is hovering around the 1.2700 level, struggling for a clear direction in the European morning. Fears of recession and the US-China tussle put a floor under US Dollar, weighing on the major. Traders are likely to stay on the sidelines on the US Independence Day.

If the pair continues the uptrend to the range of 1.2755, it is expected to continue the uptrend to the range of 1.2787.

On the other hand, if the pair continues the downtrend to 1.2659, it is expected to continue the downtrend to 1.2595.

AUDUSD

AUD/USD has come under fresh selling pressure and trades below 0.6650 after the Reserve Bank of Australia (RBA) left the Official Cash Rate (OCR) unchanged at 4.10%, disappointing the hawks. The RBA, however, left doors open for further tightening later this year.

If the pair continues the uptrend to the range of 0.6698, it is expected to continue the uptrend to the range of 0.6722.        

On the other hand, if the pair continues the downtrend to 0.6667, it is expected to continue the downtrend to 0.6643.

XAUUSD

Gold Price (XAU/USD) stays on the front foot for the fourth consecutive day despite lacking upside momentum around $1,923 heading into Tuesday’s European session.

If the pair continues the uptrend to the range 1941.93, it is expected to continue the uptrend to the range of 1952.78.

On the other hand, if gold continues the downtrend to the range of 1910.82, it is expected to continue the downtrend to the range 1899.97.

The Reserve Bank of Australia (RBA) went against the market expectation and left its policy rate unchanged following the July policy meeting. Meanwhile, the US Dollar holds its ground early Tuesday after having weakened against its rivals following the disappointing ISM Manufacturing PMI survey on Monday. There won’t be any high-impact data releases and trading action is likely to stay subdued with US stock and bond markets remaining closed in observance of the Independence Day holiday.

The RBA announced early Tuesday that it held the Official Cash Rate (OCR) unchanged at 4.10%. The latest Reuters poll showed there was a near split among economists, with 16 of 31 forecasting another 25 bps rate hike to 4.35%. In its policy statement, the RBA reiterated that “some further tightening of the monetary policy may be required” and explained that any tightening will depend on how the economy and inflation evolve. With the initial reaction, AUD/USD lost nearly 50 pips and dropped below 0.6650 before staging a rebound. At the time of press, the pair was trading flat on the day near 0.6670.

The economic activity in the US manufacturing sector continued to contract at an accelerating pace in June, the ISM Manufacturing PMI survey revealed on Monday. The headline ISM Manufacturing PMI fell to 46 from 46.9 in May and came in weaker than the market expectation of 47.2. Further details of the publication revealed that the Employment Index fell to 48.1 and the inflation component, Prices Paid Index, dropped to 41.8 from 44.2. The US Dollar Index erased its daily gains after this data and went into a consolidation phase near 103.00.

EUR/USD failed to make a decisive move in either direction on Monday. Early Tuesday, the pair continues to fluctuate in a tight channel at around 1.0900.

GBP/USD extends its sideways grind near 1.2700 for the second straight day on Tuesday.

Crude oil prices edged higher on Monday after Saudi Arabia said that it will extend the voluntary oil output cut of one million barrels per day by one more month to include August. After rising toward $72, the barrel of West Texas Intermediate retreated toward $70 area with the disappointing US ISM PMI report reviving concerns over the demand outlook.

USD/CAD holds steady above 1.3200 on Tuesday. Later in the day, the Bank of Canada will release the Business Outlook Survey for the second quarter.

USD/JPY moves up and down in a narrow channel below 145.00 on Tuesday. Japanese Finance Minister Shunichi Suzuki said earlier in the day that he is “keeping in close contact with the US at the vice-ministerial level on FX.” Similarly, “We are exchanging views with and communicating with authorities in other countries including our ally the United States not only on currencies, financial markets but various other issues,” Japan’s top currency diplomat Masato Kanda told reporters.

Gold staged a rebound amid retreating US yields on Monday and closed the day modestly higher. XAU/USD stays in positive territory above $1,920 early Tuesday.

Bitcoin gathered bullish momentum and climbed to $31,000 area before staging a technical correction early Tuesday. Ethereum rose above $1,900 on Monday and seems to have stabilized there in the European morning.

EURUSD

EUR/USD is holding steady above 1.0900, defending the latter ahead of the European Open. The pair is looking for a fresh directional impetus amid thin trading conditions and ahead of the Eurozone final PMIs and the top-tier US ISM Manufacturing PMI.

 If the pair continues the uptrend to the range of 1.0950, it is expected to continue the uptrend to the range of 1.0990.

On the other hand, If the pair continues the downtrend to the range of 1.0853, it is expected to continue the downtrend to the range of 1.0796.

USDJPY

USD/JPY seesaws around 144.60 as it seeks fresh clues to defend intraday gains amid a sluggish start to another key trading week. The Yen pair reverses the previous day’s retreat from the highest levels since November 2022 amid mixed risk catalysts and downbeat Japan data.

if the pair continues the uptrend to the range of 145.39, it is expected to continue the uptrend to the range of 145.72.

On the other hand, If the pair continues the downtrend to 144.00, it is expected to continue the downtrend to 143.67.  

GBPUSD

GBP/USD remains confined in a narrow trading band through the Asian session on Monday. Bets for more Fed rate hikes help revive the USD demand and cap the upside for the major. The BoE’s aggressive tightening fuel recession fears and also act as a headwind for the GBP.

If the pair continues the uptrend to the range of 1.2748, it is expected to continue the uptrend to the range of 1.2801.

On the other hand, if the pair continues the downtrend to 1.2621, it is expected to continue the downtrend to 1.2547.

AUDUSD

AUD/USD bulls struggle around the intraday high of near 0.6665-70 as a short-term key upside hurdle prods the risk-barometer pair’s three-day winning streak amid early Monday in Europe. The Aussie pair justifies the trader’s anxiety ahead of Tuesday’s Reserve Bank of Australia (RBA) Interest Rate Decision.

If the pair continues the uptrend to the range of 0.6687, it is expected to continue the uptrend to the range of 0.6714.        

On the other hand, if the pair continues the downtrend to 0.6618, it is expected to continue the downtrend to 0.6576.

XAUUSD

Gold Price struggles to extend late last week’s corrective bounce off the three-month low as market players await top-tier data events. Also acting as trading filters for the XAU/USD are mixed concerns about the US Treasury Secretary Janet Yellen’s China visit.

If the pair continues the uptrend to the range 1928.38, it is expected to continue the uptrend to the range of 1936.69.

On the other hand, if gold continues the downtrend to the range of 1906.17, it is expected to continue the downtrend to the range 1892.27.