USD/JPY

USD/JPY consolidates the rally to six-week highs of 109.00 in the European open, as the bulls await fresh impetus for the next push higher. The pause in the upside can be likely due to the fresh weakness in S&P 500 futures and Treasury yields heading into Powell’s testimony. USD/JPY is expected to find support at 108.69 and a fall through could take it to the support level of 108.51. On the other side, resistance stands at 109.13, and a rise through could take it to the level of 109.28.

USDJPY_10_07_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.53 108.62 108.78 108.87 109.03 109.12 109.28
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 remains parked around the 1.1200 area as the broad-based side line theme prevails in global markets. Fed Chair Jerome Powell’s testimony is highly-anticipated as he is set to signal a rate cut later this month. The ECB is also set to loosen policy. EUR/USD is expected to find support at 1.1190 and a fall through could take it further to the support level of 1.1168. On the other side, resistance stands at 1.1233 and a rise through could take it to the next resistance level of 1.1255.

EURUSD_10_07_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1168 1.1181 1.1193 1.1206 1.1218 1.1231 1.1243
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 is trading around 1.2450, close to the two-year lows as bears taking back charge ahead of UK data. The pair looks vulnerable and risks a break below 1.2400 should Fed Chair Powell hint at a smaller rate cut this month. GBP/USD is expected to find support at 1.2424 and a fall through could take it to the next support level of 1.2400. On the other side, resistance stands at 1.2490, and a rise through could take it to the next resistance level of 1.2517.

GBPUSD_10_07_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2345 1.2392 1.2424 1.2472 1.2504 1.2552 1.2584
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 rose close to the critical $1,400 mark during yesterday’s session but failed to hold there amid broad USD strength. The yellow metal is fluctuating in a relatively tight range as the sour market sentiment is helping the precious metal limit its losses for the time being, ahead of Powell’s speech. Gold is expected to find support at 1,385.60 and a fall through could take it to the support level of 1,381.30. On the other side, resistance stands at 1,398.00, and a rise through could take it to the level of 1,404.50.

Gold_10_07_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1375.81 1381.98 1389.61 1395.78 1403.41 1409.58 1417.21
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