Daily Analysis

[Zforex]

EUR/USD Corrects Amid Dollar Retracement
The EUR/USD is undergoing a correction for the second consecutive day as the dollar retraces following a significant rally. This moderation is a typical market response as investors evaluate the Federal Reserve's potential timing for a rate cut. The current correction could be transient before the dollar potentially resumes its ascent. The next resistance level is anticipated at 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0650	1.0500

GBP/USD Gains for Second Day Amid Weaker Dollar
The GBP/USD pair is capitalizing on a weaker dollar, achieving gains for the second day in a row. The current resistance level that the pair is testing is at 1.2600, with the subsequent resistance zone expected to be between 1.2750 and 1.2800.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

JPY/USD Uncertainty: Short-Term Bullish Trend Awaits Dollar’s Weakening

JPY/USD exhibits some uncertainty at the current level. While the short-term bullish trend appears robust, it requires additional weakening of the dollar to sustain its upward trajectory.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
152.00	150.00	148.35	146.50	144.80	144.00

Gold Range-Bound, Resistance at 2038, Support at 2006
Gold is persisting in its range-bound price movements, facing resistance at the 2038 levels and finding support at 2006. Gold may remain under pressure as the Dollar strengthens and yields rise. However, as long as the support at 2006 holds, gold is likely to avoid a bearish territory.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2070	2055-60	2038	2006	1975	1965

Oil Prices Go Up Amid Volatility & Geopolitical Tensions
Oil prices are experiencing modest gains within a volatile trading environment, as geopolitical tensions have intensified and waiting for today’s EIA data. The next support level for oil is identified at $70, with resistance anticipated around the $78 mark.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	70	68	65

 

[Zforex]

The EUR/USD pair is experiencing a correction for the second consecutive day, with the dollar pulling back after a notable rally. This pullback is a common market reaction as investors reassess the Federal Reserve's potential timeline for a rate cut. This current period of correction may be short-lived, with the possibility of the dollar resuming its upward trajectory. The next resistance level for the pair is expected to be at 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0650	1.0500

The GBP/USD pair is subdued today as it awaits further developments. The price movements are indicative of a range-bound trend, with the support level at 1.2500 being the threshold for initiating a bearish trend.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

The pair is bullish today, suggesting potential for further gains if the dollar strengthens and the bullish trend continues. The next resistance level is at 150.00, while support is found at 146.50.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
152.00	150.00	148.35	146.50	144.80	144.00

Gold is down today after reaching the 2038 resistance level, with the next support level in 2006. Gold may experience increased volatility considering geopolitical developments and movements in yields.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2070	2055-60	2038	2006	1975	1965

Oil prices are continuing their modest gains, although a clear direction for the short-term outlook remains uncertain. If prices continue to rise, the 78 level and the 200-day moving average (200MA) will act as resistance. Conversely, if prices reverse downwards, support will be found at the 70 level, followed by the 68 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	70	68	65

 

[Zforex]

EUR/USD Awaits Germany Data with Third Consecutive Correction
The EUR/USD pair continued its correction for the last three sessions with slight movements while waiting for today's data from Germany. This pullback is a normal market reaction as investors reassess the Federal Reserve's potential timeline for a rate cut. This current period of correction may be short-lived, with the possibility of the dollar resuming its upward trajectory. The next resistance level for the pair is expected to be at 1.0850.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0650	1.0500

GBP/USD Uncertain, Range-Bound Trend Suggests Bearish Potential
The GBP/USD pair continues its uncertain movements as yesterday, where the economic calendar doesn't include any market moving data or event today for pound or dollar. The general reading with the actual price movements is indicative of a range-bound trend, with the support level at 1.2500 being the threshold for initiating a bearish trend.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Surges on Dovish BoJ Remarks, Eyes 150.00 Resistance
The USD/JPY pair maintained its upward trajectory, fueled by the dovish stance of new Bank of Japan officials on the yen. Anticipating further gains, the pair approaches the next resistance level at 150.00, with a solid support base identified at 146.50.
Formun Üstü

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	150.00	148.00	146.50	144.80

Gold Fluctuates Between 2038-2006 Range, Bound by Uncertainty
Gold is fluctuating inside its range from the beginning of the year as uncertainty continues, where 2038 is the actual resistance level, and the next support level at 2006. Gold may experience increased volatility considering geopolitical developments and movements in yields.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2070	2055-60	2038	2006	1975	1965

Geopolitical Shifts Propel Oil Prices, 78 Resistance and 200MA in Focus

Recent geopolitical developments in the Middle East spurred a surge in oil prices. The 78 level and the 200-day moving average (200MA) emerge as challenging resistance points, while a potential downturn finds support at 72, followed by the 70 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	72	70	68

 

[Zforex]

EUR/USD Faces Downward Pressure Ahead of CPI Data
The EUR/USD currency pair is currently experiencing a slight downward movement as the markets await today's Consumer Price Index (CPI) data, which is expected to cause significant volatility. The next resistance level for the pair is predicted to be at 1.0850, while the support level is at 1.0750, followed by 1.0650. At the moment, the bearish trend is still in effect.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0650	1.0500

GBP/USD Shows Modest Increase Post Mixed Labor Market Results
The GBP/USD has slightly increased today after the release of mixed results from the labor market data. The upcoming US CPI data will also have an impact on the pair's movement. The next support level is at 1.2500, while the next resistance level is at 1.2800.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Maintains Bullish Momentum as Yen Selloff Continues
USD/JPY is continuing its bullish trend with strong momentum as the yen experiences a selloff due to the yield difference favoring the dollar. The next resistance is at the 150.00 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	150.00	148.00	146.50	144.80

Gold Prices Edge Up Followed by CPI Data Release
Gold prices are slightly increasing while the market awaits the release of CPI data today. The price range movements continue and the current resistance level is at 2038, with the next support at 2006. Gold is expected to experience greater volatility, particularly with geopolitical developments and movements in yields that may be affected by data releases this week.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2070	2055-60	2038	2006	1975	1965

Oil Prices on the Rise, Facing Resistance at 78 and 200MA
Oil prices are on the rise, but they are currently being held back by resistance at the 78 level and the 200-day moving average (200MA). On the other hand, support is expected at the 72 level, followed by the 70 level if prices go down. The rise in oil prices is being attributed to geopolitical tensions.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	72	70	68

 

[Zforex]

EUR/USD Downtrend Deepens Toward New Lows
The EUR/USD has fallen further and is now in a downtrend towards new lows. The next support level is at 1.0650. The trend may continue to go lower as the dollar remains strong. Today's GDP data from the EU may also have an impact on the performance of the euro.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0900	1.0850	1.0750	1.0650	1.0550	1.0450

GBP/USD Declines Following UK CPI Data, Eyes 1.2500
The GBP/USD fell yesterday and today after the UK CPI data release. The pair's next target is 1.2500 and a bearish trend may occur if the next support is broken.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Surges Beyond 150.00 Mark on Strong Momentum
USD/JPY continued its bullish trend and broke the 150.00 mark with strong momentum. The yen experienced a selloff due to the yield difference favoring the dollar. BoJ officials signaling possible intervention may keep markets on alert.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	151.70	150.00	148.00	146.50

Gold's Decline Persists Despite Strong Treasury Yields
Gold is dropping today due to strong treasury yields, approaching the 2000 mark. The next support levels are at 1975 and 1965.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2055-60	2038	2006	1975	1965	1940

Oil Prices Maintain Upward Momentum
Oil prices continue slightly higher toward the resistance level at 78 which will be followed by the 81 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	72	70	68

 

[Zforex]

EUR/USD Downtrend Deepens Toward New Lows
The EUR/USD has fallen further and is now in a downtrend towards new lows. The next support level is at 1.0650. The trend may continue to go lower as the dollar remains strong. Today's GDP data from the EU may also have an impact on the performance of the euro.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0900	1.0850	1.0750	1.0650	1.0550	1.0450

GBP/USD Declines Following UK CPI Data, Eyes 1.2500
The GBP/USD fell yesterday and today after the UK CPI data release. The pair's next target is 1.2500 and a bearish trend may occur if the next support is broken.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Surges Beyond 150.00 Mark on Strong Momentum
USD/JPY continued its bullish trend and broke the 150.00 mark with strong momentum. The yen experienced a selloff due to the yield difference favoring the dollar. BoJ officials signaling possible intervention may keep markets on alert.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	151.70	150.00	148.00	146.50

Gold's Decline Persists Despite Strong Treasury Yields
Gold is dropping today due to strong treasury yields, approaching the 2000 mark. The next support levels are at 1975 and 1965.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2055-60	2038	2006	1975	1965	1940

Oil Prices Maintain Upward Momentum
Oil prices continue slightly higher toward the resistance level at 78 which will be followed by the 81 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	72	70	68

 

[Zforex]

EUR/USD Corrects as Dollar Awaits Retail Sales Data
The EUR/USD is slightly correcting as the US dollar awaits today's retail sales data and more comments from Fed members. The general outlook remains bearish and the next target is 1.650.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0900	1.0850	1.0750	1.0650	1.0550	1.0450

GBP/USD Downtrend Persists on Weak GDP and Inflation Data
The GBP/USD continues to fall after today's GDP data, signaling a recession and yesterday's inflation that did not meet expectations. The pair may enter the bearish zone if it breaks the 1.2500 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Corrects on Weak Dollar
Today, USD/JPY is correcting due to the weakness of the dollar and the anticipation of a possible intervention in the market. The GDP data released today has put more pressure on any possible improvement in the macro environment. However, the general trend is still bullish.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	151.70	150.00	148.00	146.50

Gold Stays Stagnant as Market Awaits Clarity
Gold is stagnant as markets await clarity to make further moves after finding support at the 100MA. A correction is possible toward the 2006 level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2055-60	2038	2006	1975	1965	1940

Oil Corrects from Resistance at 78, Impacted by US Stocks
Oil corrected after reaching the resistance level of 78, as it was impacted by the US stocks. The next support level is at 73. The movements in oil suggest an accumulating period that may lead to a strong reversal. OPEC is unlikely to accept oil prices to go down from this level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	73	70	68

 

[Zforex]

Strong Dollar Fundamentals Suggest Temporary Correction
The EUR/USD is currently correcting at the resistance level of 1.0780 while awaiting further developments. However, given the strong dollar fundamentals, as evidenced by the treasury yields, this correction is likely temporary.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0900	1.0850	1.0780	1.0650	1.0550	1.0450

GBP/USD Resistance at 1.2600 & Volatile Movements Still Expected
The GBP/USD continues to be uncertain with range-bound movements. The resistance level at 1.2600 is preventing a clear direction. The pair may continue volatile movements due to the UK's uncertain economic outlook.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Near 150.00 Amid Uncertainty Over Possible BOJ Intervention
USD/JPY continues to hover near the 150.00 level as uncertainty accelerates due to the BOJ officials and the Ministry of Finance signaling the possibility of intervention, considering the negative impact of such levels on the Japanese economy.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	151.70	150.00	148.00	146.50

Gold Corrects Amid Dollar Weakness, Eyes Resistance at 2038
Gold is correcting for the third session, benefiting from dollar weakness. The next resistance is at 2038. Gold is currently range-bound, indicating market uncertainty.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2055-60	2038	2006	1975	1965	1940

Oil Near 78-Resistance, Outlook Depends on Geopolitical Tensions
Oil is hovering near the 78-resistance level, where the 100MA is also holding. A return or a breakout higher will be determined by the balance between geopolitical tensions and economic conditions affecting demand forecasts.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	73	70	68

 

[Zforex]

Stability in EUR/USD Exchange Rate with FOMC Anticipation
The EUR/USD exchange rate has remained stable for the past three days, as investors anticipate the release of the FOMC minutes tomorrow. The resistance level remains at 1.0780, while the support level is at 1.0650. If the Federal Reserve takes a hawkish stance tomorrow, the US dollar may continue to strengthen, leading to a bearish outlook.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0900	1.0850	1.0780	1.0650	1.0550	1.0450

GBP/USD Stalls in Range-Bound Movements, Eyes Volatility
The GBP/USD remained muted for the third consecutive session with range-bound movements. A resistance level of 1.2600 is hindering a clear direction. The pair may experience some volatility following Bailey's speech.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Holds Steady at 150.00 with Heightened Uncertainty

The 150.00 level of USD/JPY has been maintained as there is an increase in uncertainty caused by BoJ officials and the Ministry of Finance. They are considering the possibility of intervention which may create strong volatility in the market.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	151.70	150.00	148.00	146.50

Gold Eyes 2038 Target, FOMC Minutes Pose Bearish Outlook
Gold is up and heading towards the next target in 2038. However, tomorrow's FOMC minutes may be bearish for gold due to the strength seen in treasury yields until now.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2077	2055-60	2038	2006	1975	1965

Crude Oil Hovers Near 78-Resistance for the Second Day
For the second consecutive trading day, crude oil is lingering close to the 78-resistance threshold. At the same time, the 100MA remains steady. Whether the price of oil will rise further or break through this level depends on the interplay between geopolitical tensions and economic factors that influence demand projections.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	73	70	68

 

[Zforex]

EUR/USD Tests 1.0850 Resistance; Volatility Expected
The EUR/USD touched the 1.0850 resistance level while markets wait for the FOMC minutes today. Volatility will be high while a hawkish stance can support the dollar, taking the trend lower and continuing its general direction.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1000	1.0900	1.0850	1.0750	1.0700	1.0650

GBP/USD Holds Above 1.2600, May Experience Higher Volatility
The GBP/USD returned to levels from earlier this month, holding above the resistance level at 1.2600. The pair is currently trading within a range of price movement without a clear trend. Today may experience higher volatility.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2930	1.2800	1.2600	1.2500	1.2300	1.2470

USD/JPY Steady at 150.00 Amid BOJ Uncertainty
The USD/JPY has remained at the level of 150.00 due to the increased uncertainty caused by the BOJ officials and the Ministry of Finance. They are contemplating the possibility of intervening which might cause strong volatility in the market. The FOMC minutes being released today are expected to create more market volatility.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
155.00	152.00	151.70	150.00	148.00	146.50

Gold Advances Toward $2038 Target
Gold continued to rise towards its next target at 2038. Weakness in the dollar and a rebound in treasury yields supported its ascent. Additionally, gold garnered support from geopolitical tensions in the Middle East.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
2077	2055-60	2038	2006	1975	1965

Oil is currently experiencing a correction for the second day, after hitting resistance at the 78 level. It continues to display volatile movements within a range of price fluctuations, with the next support level expected at 73.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
84	81	78	73	70	68