USDJPY

USD/JPY is seen wavering in a narrow trading band, below the 111.00 handle on Tuesday. A modest USD weakness fails to assist the pair to build on the overnight bounce. Despite the latest escalation in the US-China trade tensions, the fact that negotiations will continue this week undermined the Japanese Yen's relative safe-haven status and extended some support to the major. USD/JPY is expected to find support at 110.43 and a fall through could take it to the support level of 110.22. On the other side, resistance stands at 110.97, and a rise through could take it to the level of 111.23.

 

USDJPY-07-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 109.76 110.03 110.42 110.69 111.09 111.35 111.75
WEEKLY 109.95 110.50 110.81 111.36 111.67 112.22 112.53
MONTHLY 109.09 109.95 110.69 111.55 112.29 113.15 113.89

 

EURUSD

EUR/USD keeps the bid tone intact above 1.1200, backed by hopes of an eventual trade agreement between US and China despite the recent escalation in tensions. Recent data in Euroland and Germany allowed market participants to believe that some healing process could be under way in the region amidst the ongoing slowdown. EUR/USD is expected to find support at 1.1183 and a fall through could take it further to the support level of 1.1166. On the other side, resistance stands at 1.1229, and a rise through could take it to the next resistance level of 1.1246. 

 

EURUSD-07-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1152 1.1166 1.1183 1.1197 1.1215 1.1228 1.1246
WEEKLY 1.1003 1.1069 1.1135 1.1201 1.1267 1.1333 1.1399
MONTHLY 1.0896 1.1004 1.1110 1.1218 1.1324 1.1432 1.1538

 

GBPUSD

GBP/USD on the bids around 1.3120, amid fresh political developments about the Brexit. Brexit news show mixed signals, but buyers cheer positive outcomes from the cross-party talks. Also, developments surrounding the US-China trade might also affect near-term market moves. GBP/USD is expected to find support at 1.3075 and a fall through could take it to the next support level of 1.3040. On the other side, resistance stands at 1.3168, and a rise through could take it to the next resistance level of 1.3200.

 

GBPUSD-07-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.3001 1.3041 1.3070 1.3110 1.3139 1.3179 1.3208
WEEKLY 1.2721 1.2813 1.2994 1.3086 1.3267 1.3359 1.3540
MONTHLY 1.2536 1.2701 1.2868 1.3033 1.3200 1.3365 1.3532

 

GOLD

Gold is currently trading at $1,283 per Oz, representing marginal gains on the day. Prices clocked a high of $1,285 on Monday but ended in $1,281 even though the global stock markets cratered on renewed fears of a full-blown US-China trade war. Gold is expected to find support at 1,278.15 and a fall through could take it to the support level of 1,274.45. On the other side, resistance stands at 1,284.50, and a rise through could take it to the level of 1,287.50.

 

Gold-07-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1270.69 1274.42 1279.29 1283.02 1287.89 1291.62 1296.49
WEEKLY 1247.21 1257.33 1268.81 1278.93 1290.41 1300.53 1312.01
MONTHLY 1217.19 1242.62 1263.79 1289.22 1310.39 1335.82 1356.99