USDJPY

USD/JPY manage to retract from 109.90 level that reached earlier in the session but remains in the lows. The prevailing risk-off environment, evident from a sea of red across global equity markets, continued underpinning the JPY's relative safe-haven status and has been one of the key factors weighing on the major for the fourth consecutive session. USD/JPY is expected to find support at 109.78 and a fall through could take it to the support level of 110.55. On the other side, resistance stands at 110.28, and a rise through could take it to the level of 110.66.

 

USDJPY-08-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 109.35 109.76 110.01 110.43 110.68 111.10 111.35
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 is extending the side-line theme on Wednesday, but it remained close to the key barrier at 1.1200. Escalating tensions between the US and China over the trade war increased inflows into safe havens currencies and supporting the demand for bonds, strengthening the Dollar. ECB’s Draghi speech later in the day could give direction to the pair. EUR/USD is expected to find support at 1.1176 and a fall through could take it further to the support level of 1.1153. On the other side, resistance stands at 1.1217, and a rise through could take it to the next resistance level of 1.1235. 

 

EURUSD-08-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1111 1.1139 1.1164 1.1192 1.1218 1.1245 1.1271
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 drops to the 1.3040 level amid uncertainty surrounding PM May’s position and Brexit deal. On Tuesday, the cross-party Brexit talks failed to deliver an agreement over the Brexit deal that the UK Prime Minister Theresa May could present in the parliament for voting, as a result, the UK now has to take part in the EU election. GBP/USD is expected to find support at 1.3012 and a fall through could take it to the next support level of 1.2989. On the other side, resistance stands at 1.3088, and a rise through could take it to the next resistance level of 1.3122.

 

GBPUSD-08-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2935 1.2987 1.3028 1.3080 1.3121 1.3173 1.3214
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 has reached $1,287 per Oz, the highest level since May 1, on news that China increased its gold holdings. Despite that, the uptick didn’t last, and Gold retracted to $1,285.65 as of now. Gold is expected to find support at 1,283.10 and a fall through could take it to the support level of 1,280.50. On the other side, resistance stands at 1,288.30, and a rise through could take it to the level of 1,290.20.

 

Gold-08-05-19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1272.95 1276.05 1281.05 1281.05 1289.15 1292.25 1297.25
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