Technical Analysis

USD/JPY steadily climbs above 108.00 handle – EUR/USD sidelined near 1.1250

Published on 2019-07-16 11:34 Share
EURUSD_16_07_19

USD/JPY

USD/JPY edged higher on Tuesday, with bulls making a fresh attempt to build on the momentum further beyond the 108.00 round figure mark. The US Dollar gained some traction after Monday’s stronger-than-expected manufacturing data, while improving risk sentiment undermines JPY’s safe-haven demand and remained supportive of the pair. USD/JPY is expected to find support at 107.88 and a fall through could take it to the support level of 107.64. On the other side, resistance stands at 108.18, and a rise through could take it to the level of 108.35.

USDJPY_16_07_19.png

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.48 107.64 107.77 107.94 108.07 108.24 108.37
WEEKLY 106.28 107.04 107.48 108.24 108.68 109.44 109.88
MONTHLY 104.82 105.80 106.85 107.83 108.88 109.86 110.91



EURUSD

EUR/USD extends the consolidation around 1.1250 levels into early Europe, as a sense of caution prevails ahead of the European Commission President vote and key German/US macro data. EUR/USD is expected to find support at 1.1243 and a fall through could take it further to the support level of 1.1225. On the other side, resistance stands at 1.1265 and a rise through could take it to the next resistance level of 1.1280.

EURUSD_16_07_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1218 1.1236 1.1248 1.1266 1.1279 1.1296 1.1309
WEEKLY 1.1122 1.1158 1.1215 1.1251 1.1308 1.1344 1.1401
MONTHLY 1.0954 1.1055 1.1212 1.1313 1.1470 1.1571 1.1728



GBPUSD

GBP/USD drops to 1.2485 in the European open on Tuesday, while investors wait for the monthly employment data. Also, comments from the US Federal Reserve Chairman Jerome Powell and the Bank of England (BOE) Governor Mark Carney at the French G7 Presidency 2019 will also direct near-term market momentum. GBP/USD is expected to find support at 1.2468 and a fall through could take it to the next support level of 1.2451. On the other side, resistance stands at 1.2507, and a rise through could take it to the next resistance level of 1.2531.

GBPUSD_16_07_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2426 1.2468 1.2492 1.2534 1.2558 1.2600 1.2624
WEEKLY 1.2342 1.2391 1.2483 1.2532 1.2624 1.2673 1.2765
MONTHLY 1.2260 1.2383 1.2539 1.2662 1.2818 1.2941 1.3097



GOLD

Gold trades near $1,413 during the early European session on Tuesday. The yellow metal witnessed a pullback during the previous day as lack of major news joined upbeat outcome of the US NY Empire State Manufacturing Index. Gold is expected to find support at 1,409.10 and a fall through could take it to the support level of 1,405.30. On the other side, resistance stands at 1,419.60, and a rise through could take it to the level of 1,423.80.

GOLD_16_07_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1400.39 1404.82 1410.99 1415.42 1421.59 1426.02 1432.19
WEEKLY 1353.41 1370.78 1394.21 1411.58 1435.01 1452.38 1475.81
MONTHLY 1191.06 1250.68 1322.91 1382.53 1454.76 1514.38 1586.61

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