USD/JPY

USD/JPY remains near at weekly lows, currently trading just under the 108.00 mark, at 107.95. The USD added to the overnight losses led by Powell's dovish comments, however the fading safe-haven demand weighed on the JPY and helped limit the downside. Thursday's key focus will be on the latest US consumer inflation figures. USD/JPY is expected to find support at 107.78 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 108.41.

USDJPY_11_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.42 107.87 108.10 108.55 108.78 109.23 109.46
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 trading on high ground below 1.1300 after Fed Chair Powell opened the door to cutting rates. He speaks again later today. However, EUR/USD may fall apart if ECB minutes hint at a rate cut, due for release at 11:30 GMT today. EUR/USD is expected to find support at 1.1249 and a fall through could take it further to the support level of 1.1232. On the other side, resistance stands at 1.1288 and a rise through could take it to the next resistance level of 1.1307.

EURUSD_11_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1158 1.1179 1.1219 1.1241 1.1281 1.1303 1.1342
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 extends its recovery after Powell, trading above 1.2500, holding on to its gains. Despite mixed data and political pessimism at the UK, the GBP/USD pair buyers cheer the US Dollar weakness as the quote rises to 1.2529 while into the London open on Thursday. GBP/USD is expected to find support at 1.2498 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 1.2576.

GBPUSD_11_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2382 1.2413 1.2459 1.2490 1.2536 1.2567 1.2613
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 surges to 8-day high as dovish results of the Fed Chair’s Testimony and the FOMC Minutes triggered the markets’ run towards the safe-haven metal. Added strength to the bullion buying also came by doubts over the US-China trade deal and likely escalation of geopolitical risk between the US and Iran. Gold is expected to find support at 1,415.90 and a fall through could take it to the support level of 1,409.80. On the other side, resistance stands at 1,429.40, and a rise through could take it to the level of 1,433.80.

GOLD_11_07_19
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1370.09 1381.02 1402.49 1413.42 1434.89 1445.82 1467.29
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