The price for gold was facing the resistance of the 2,340.00 level and continued to fail at all attempts to reach above it. Meanwhile, the 100-hour simple moving average was acting as support. On the daily candle chart, there was another squeeze going on. However, the technical chart was just representing the fundamentals. The markets were waiting for what
The surge of the US Dollar against the Japanese Yen had encountered resistance at the 162.00 mark and the rate was looking for support to resume the surge. Support appeared to be once again found in the 50-hour simple moving average near 161.50. However, then US fundamental data was published and the pair plummeted. In general, the Chairman of
Fundamentals have moved the financial markets. In general, Jerome Powell stated on Tuesday that the Fed needs more data before cutting interest rates. On Wednesday, various US data sets were released either below expectations or at forecast. This caused the drop. On the GBP/USD charts it has resulted in a surge above the 1.2750 level. An extension of the ongoing
The resistance of the 1.0800 mark was broken this week due to the weakness of the US Dollar. In general, Jerome Powell stated on Tuesday that the Fed needs more data before cutting interest rates. On Wednesday, various US data sets were released either below expectations or at forecast. This caused the drop. An extension of the ongoing gains of
The 2,300.00 mark acted as support and the price for gold has managed to recover. The commodity has encountered some resistance in the 2,330.00 level, before approaching the 2,400.00 level. On Monday, the price was making its second attempt to reach above the 2,340.00 level. Meanwhile, the price ignored the 50, 100 and 200-hour simple moving averages. A move above
In general, the USD/JPY continues to surge higher, as a new high was reached on Monday. Meanwhile, by taking a broader look one can spot a support and a resistance lines that both have impacted the rate throughout June. The ongoing surge is expected to continue between the two trend lines. Resistance could be encountered in the 161.50 level, the
Since June 20th, the GBP/USD has been trading between the support of the 1.2620 level and the resistance of the 1.2700 mark. On Monday, the pair appeared to be heading for another test of the 1.2700 mark. Before testing the resistance of the 1.2700 level, the rate could be slowed down at the 1.2692 level where the weekly R1
Since mid-June, the EUR/USD was trading between the support zone at 1.0665/1.0670 and resistance at 1.0745/1.0760. On the first day of July's trading, the resistance zone was broken. However, it was not followed by a surge, as by mid-day the pair was impacted by the lower than forecast EU Purchasing Managers Indices. In the near term future, the pair
The price for gold has failed to show a broad recovery, as fundamentals beat it down on June 21. By June 26, the price was heading back to the 2,300.00 mark. The ongoing decline might look for support in the 2,300.00 mark. However, a failure of this level to hold is not bound to result in a broad decline. The
On Wednesday, an announcement by the government of Japan that the country's GDP will be reviewed cause a decline of the Japanese Yen. Namely, markets are speculating that the GDP will be reviewed to the downside. As a result, the USD/JPY broke the resistance of the 160.00 mark. An extension of the ongoing surge could be slowed down by the
As the markets wait for the UK elections, the GBP/USD has been drawn to the 1.2700 mark as a magnet. However, most recently, the pair bounced off this level and started a decline. On Wednesday, the rate was expected to reach the 1.2620 level. If the 1.2620 level once again acts as support, the pair could recover and face the
For the past week, the EUR/USD has been trading between the support zone at 1.0665/1.0670 and resistance at 1.0745/1.0760. In addition, the hourly simple moving averages and the weekly simple pivot points have been acting as support and resistance. On Wednesday, June 26, the pair was heading to the support of the 1.0665/1.0670 range. A move below this range could
Initially, gold dropped due to it being revealed that the Chinese central bank is no longer buying up the metal to keep in reserves. The Chinese had been buying for 18 months straight. Then on June 07 it was revealed that the US Labor market is doing better than expected, which indicates that the US central bank can keep
Despite the Bank of Japan official comments pushing the USD/JPY below 155.00, the rate has managed to recover. Moreover, on June 7 the surge was boosted by the release of the US monthly employment data. The event pushed the rate as high as 157.00. If the pair continues to move higher, it is expected to face a resistance zone at
The rate was testing the resistance zone above 1.2800, as the US employment data release revealed that the US interest rates can remain higher for longer. The GBP/USD plummeted and headed to the 1.2700 mark. A move below 1.2700 could be slowed down by the 1.2680 level that has acted as support in late May. Further below, take into account
Despite the ECB rate cut, despite the good US employment data, the resistance of the 1.0900 held. The rate appears to be more respecting round exchange rate levels than fundamentals. However, it could be a coincidence that the US employment data did not come in below expectations and cause a breaking of the 1.0900 mark. In regards to support note
Gold failed to reach the 2,360.00 level on Monday. It appears that the 2,350.00 level was strong enough to force the metal into a retreat. By mid-Tuesday, the commodity traded below the 2,330.00 level and the combined resistance of the 50 and 100-hour simple moving averages had stopped an attempted recovery. The ongoing decline could look for support in the
The Bank of Japan has made comments that it would closely monitor the Yen's impact on the economy. Since most market participants see the Yen as too weak and hurting the economy, the comments indicated that the BoJ might strengthen the currency. Due to this reason, the USD/JPY pair started a decline on Tuesday morning. By mid-day the rate
The 1.2800 mark did not manage to hold, as the GBP/USD currency pair moved above it during late Monday's trading hours. However, the 1.2815 level acted as resistance and forced the rate down to the 1.2740 level. At that level support was found in the 100 and 200-hour simple moving averages and the weekly simple pivot point. A recovery of
On Monday, the lower than expected US Manufacturing sector Purchasing Managers Index caused a drop of the US Dollar. The index came in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. The EUR/USD pushed through the 1.0875/1.0885 range's resistance, the weekly R1 simple pivot point at 1.0893 and the 1.0900 mark.
The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. US Dollar index reacted to the news by dropping 0.18% and extending a prior decline. On the gold price charts it caused a recovery that
The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. USD/JPY reacted to the news by declining to the support zone at 156.00/156.25. By mid-day, the range had held and the declined appeared to
Despite passing below 1.2700, the GBP/USD has not declined, as support was found in the 1.2680 level. This level managed to force the pair to trade back above 1.2700. On Monday, the publication of the US ISM Manufacturing PMI caused a surge of the rate and it was set to once again test the 1.2800 mark. A move above the
The EUR/USD continues to fluctuate between a support zone near 1.0800 and the resistance of the 1.0875/1.0885 range. It appears that the pair could fluctuate in this range until the publication of the European Central Bank Main Refinancing Rate and Monetary Policy Statement. When the monetary policy is revealed, the rate is set to reveal its direction. A move above