USD/JPY

USD/JPY ticked lower at the start of a new trading week and eroded a part of Friday's post-NFP upsurge to 2-1/2-week tops. A prevalent weaker tone around equity markets, amid fading optimism over a quick resolution to the prolonged US-China trade disputes, benefitted the Japanese Yen's safe-haven status and collaborated toward capping gains and failed to assist the pair to build on its positive momentum. USD/JPY is expected to find support at 108.14 and a fall through could take it to the support level of 107.97. On the other side, resistance stands at 108.50, and a rise through could take it to the level of 108.69. ​

USDJPY_08_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.15 108.25 108.38 108.48 108.60 108.71 108.83
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 exchanging gains with losses, trading in a narrow range around the 1.1220 area. The pair is struggling for direction at the beginning of the week, at 1.1223 after bottoming out in the boundaries of 1.1200 the figure on Friday. EUR/USD is expected to find support at 1.1258 and a fall through could take it further to the support level of 1.1241. On the other side, resistance stands at 1.1245 and a rise through could take it to the next resistance level of 1.1276.


EURUSD_08_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1209 1.1213 1.1221 1.1225 1.1232 1.1237 1.1244
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 dropped on Friday after the US NFP dimmed prospects of increased monetary easing from the Fed. Also, uncertainty surrounding the Brexit added further weakness into the pair. However, fresh doubts over the US-China trade truce and Trump’s comments triggered a USD’s early-day pullback. GBP/USD is expected to find support at 1.2490 and a fall through could take it to the next support level of 1.2469. On the other side, resistance stands at 1.2550, and a rise through could take it to the next resistance level of 1.2573.

GBPUSD_08_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2493 1.2502 1.2513 1.2522 1.2532 1.2542 1.2552
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 fell from the highs of $1,424 to $1,386 lows after Friday’s NFP report. As a result, diminishing expectations of a Federal Reserve interest rate cut in July sent US yields and the Dollar markedly higher. Currently the yellow metal is recovering some loses trading at $1,406.40. Gold is expected to find support at 1,400.00 and a fall through could take it to the support level of 1,391.40. On the other side, resistance stands at 1,413.50, and a rise through could take it to the level of 1,422.34.​

GOLD_08_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1385.25 1390.15 1394.05 1398.95 1402.85 1407.75 1411.65
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