USD/JPY

USD/JPY failed to capitalize on the overnight goodish bounce from weekly lows and met with some fresh supply on the last trading day of the week. The USD fails to attract any buying interest despite a follow-through uptick in the US bond yields. USD/JPY is expected to find support at 108.24 and a fall through could take it to the support level of 107.64. On the other side, resistance stands at 108.59, and a rise through could take it to the level of 108.75.

USDJPY_12_07_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.37 107.62 108.11 108.36 108.86 109.10 109.60
WEEKLY 106.67 107.10 107.78 108.21 108.89 109.32 110.00
MONTHLY 104.82 105.80 106.85 107.83 108.88 109.86 110.91



EURUSD

EUR/USD is now hovering around the 1.1270 area, as the pair deflates a tad after daily highs at 1.1274. The change of heart around the pair remains supported by the recent dovish tone from Powell’s testimonies as well as the FOMC minutes. EUR/USD is expected to find support at 1.1252 and a fall through could take it further to the support level of 1.1234. On the other side, resistance stands at 1.1280 and a rise through could take it to the next resistance level of 1.1293.

EURUSD_12_07_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1193 1.1219 1.1234 1.1260 1.1275 1.1301 1.1316
WEEKLY 1.0995 1.1101 1.1164 1.1270 1.1333 1.1439 1.1502
MONTHLY 1.0954 1.1055 1.1212 1.1313 1.1470 1.1571 1.1728



GBPUSD

GBP/USD remains on the road to recovery for the third consecutive day as it takes the bids to 1.2545 heading into the London open on Friday. The showed little reaction to the political and Brexit uncertainty at home as markets concentrate on the USD weakness amid dovish signals from the US Federal Reserve policymakers. GBP/USD is expected to find support at 1.2524 and a fall through could take it to the next support level of 1.2503. On the other side, resistance stands at 1.2573, and a rise through could take it to the next resistance level of 1.2590.

GBPUSD_12_07_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2427 1.2466 1.2493 1.2532 1.2559 1.2598 1.2625
WEEKLY 1.2207 1.2344 1.2435 1.2572 1.2663 1.2800 1.2891
MONTHLY 1.2260 1.2383 1.2539 1.2662 1.2818 1.2941 1.3097



GOLD

Gold refrains from carrying its previous weakness amid lack of fresh catalysts even as the US-China trade stalemate continues while taking the rounds to $1409.30 in the European open on Friday. Gold is expected to find support at 1,401.00 and a fall through could take it to the support level of 1,394.50. On the other side, resistance stands at 1,415.80, and a rise through could take it to the level of 1,420.40.

GOLD_12_07_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1370.49 1386.82 1396.29 1412.62 1422.09 1438.42 1447.89
WEEKLY 1322.55 1353.70 1377.65 1408.80 1432.75 1463.90 1487.85
MONTHLY 1191.06 1250.68 1322.91 1382.53 1454.76 1514.38 1586.61