USD/JPY

USD/JPY struggled near 4-1/2-month lows, with bearish traders awaiting a follow-through weakness below the 108.00 round figure mark. The US Dollar continued with its recent weakening trend amid firming expectations that the Fed will eventually move to cut interest rates by the end of this year. USD/JPY is expected to find support at 107.83 and a fall through could take it to the support level of 107.64. On the other side, resistance stands at 108.43, and a rise through could take it to the level of 108.65.

 

USDJPY-05-06-2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.43 107.64 107.94 108.15 108.45 108.66 108.97
WEEKLY 106.06 107.17 107.72 108.83 109.38 110.49 111.04
MONTHLY 103.74 106.01 107.15 109.42 110.56 112.83 113.97

EURUSD

EUR/USD trades below the 100-day SMA of 1.1275, at 1.1260, as the Dollar remains under pressure on rate cut chatter. The pair is navigating its fourth consecutive session with gains so far on Wednesday, looking on macro data for the next move. EUR/USD is expected to find support at 1.1235 and a fall through could take it further to the support level of 1.1204. On the other side, resistance stands at 1.1282, and a rise through could take it to the next resistance level of 1.1303.

 

EURUSD-05-06-2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1178 1.1203 1.1228 1.1253 1.1278 1.1303 1.1328
WEEKLY 1.1016 1.1066 1.1117 1.1167 1.1218 1.1268 1.1319
MONTHLY 1.0936 1.1022 1.1095 1.1181 1.1254 1.1340 1.1413

GBPUSD

GBP/USD remains on recovery mode amid overall Dollar weakness. However, traders remain cautious ahead of the key services PMI data as the pair dropped under the 1.2700 mark while into the European open on Wednesday. GBP/USD is expected to find support at 1.2673 and a fall through could take it to the next support level of 1.2649. On the other side, resistance stands at 1.2729, and a rise through could take it to the next resistance level of 1.2746.

 

GBPUSD-05-06-2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2588 1.2615 1.2659 1.2687 1.2731 1.2759 1.2803
WEEKLY 1.2344 1.2451 1.2542 1.2649 1.2740 1.2847 1.2938
MONTHLY 1.1782 1.2170 1.2401 1.2789 1.3020 1.3408 1.3639

GOLD

Gold finally broke out of its early session consolidation phase and spiked to near 3-1/2-month tops, around the $1,335 level in the last hour. Buying interest around the precious metal picked up the pace on Wednesday in wake of firming expectations that the Fed will eventually cut interest rates in the face of escalating US-China trade tensions. Gold is expected to find support at 1,322.20 and a fall through could take it to the support level of 1,317.60. On the other side, resistance stands at 1,337.40, and a rise through could take it to the level of 1,341.50.

 

GOLD-05-06-2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1315.81 1320.28 1325.11 1329.58 1334.41 1338.88 1343.71
WEEKLY 1251.84 1262.87 1284.34 1295.37 1316.84 1327.87 1349.34
MONTHLY 1240.84 1254.07 1279.94 1293.17 1319.04 1332.27 1358.14