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EURUSD is still holding above the Intraday support at 1.1380 while the advance scenario still applies. Traders need to watch the support of 1.1380 as the market still has a chance to move higher.
Forex
Until we see a weaker US dollar, gold will continue to look a bit soft, leaving only short-term buying opportunities. Gold remains a lackluster market to deal with at the moment.
GBP/JPY Price Forecast: Bulls remain in control with RSI and MACD in positive territory
EUR/USD is still bounded in consolidations above 1.1323 and intraday bias remains neutral. . With 1.1499 support turned resistance intact, further decline is expected.
USD/JPY falls sharply today but still it's bounded in range below 162.83. Intraday bias remains neutral and more consolidations would be seen.
Intraday bias in GBP/USD remains on the upside for the moment. Firm break of 1.3459 will argue that whole correction from 1.3867 has completed, and target 1.3657 resistance for confirmation.
Intraday bias in AUD/USD remains neutral as consolidations continue above 0.6864. Further fall is expected as long as 0.6977 support turned resistance holds.
USD/CAD is still extending consolidations below 1.4247 and intraday bias remains neutral. Deeper pullback cannot be ruled out.
Intraday bias in EUR/GBP remains on the downside for 61.8% retracement of 0.8221 to 0.8863 at 0.8466. Downside could be contained there considering loss of momentum as seen in 4H MACD.
Range trading continues in EUR/AUD and intraday bias remains neutral. Further rise is in favor as long as 1.6306 support holds.
Silver Price Forecast: XAG/USD turns upside down amid renewed Middle East hostilities
Gold heads for weekly loss as Middle East tensions, Fed hike fears cap recovery
The USD/CAD forex pair has decisively broken below the 1.4200 mark that has been a support level for much of the recent range-bound trading.
Euro: Range-bound rebound faces key resistance against US Dollar – Societe Generale
The Euro to Dollar (EUR/USD) exchange rate has edged higher to around 1.1450, extending its recovery from this week's lows as the US Dollar softened modestly. UOB believes the Euro retains a mild upside bias in the near term, although it expects gains to be capped around the 1.1450 level.
Oil is back in the driver's seat, and both the pound and the aussie are feeling its grip. The Bank of England held rates at 3.75% in June, but with UK inflation at 2.8% and crude oil climbing on renewed Middle East tensions, markets now lean towards a hike before year-end.
Gold Price Forecast: XAU/USD wavers around $4,100 with the bearish trend intact
USD/JPY fell to 161.67 on Friday, with the yen fully recovering its losses from the beginning of the week. Market participants are once again increasing expectations of possible intervention by Japanese authorities, following the national currency's recent move to nearly 40-year lows.
Gold: Tentative stabilisation on oil relief – OCBC
Silver price today: Silver falls, according to FXStreet data
