USD/JPY

USD/JPY remained on the defensive at the start of a new trading week, although has managed to hold above from the recent lows. The pair opened with a modest bearish gap on Monday in reaction to a Bloomberg report that Chinese officials are reluctant to agree to a broad trade deal pursued by the US President. USD/JPY is expected to find support at 106.62 and a fall through could take it to the support level of 106.44. On the other side, resistance stands at 107.14 and a rise through could take it to the level of 107.29.

USDJPY_07_10_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 106.09 106.33 106.55 106.79 107.01 107.25 107.47
1 WEEK 104.14 105.31 106.13 107.30 108.12 109.29 110.89
1 MONTH 103.64 104.69 106.39 107.44 109.14 110.19 111.89

EURUSD

EUR/USD kicks off the new week on the back foot after German Factory Orders fell by 0.6% monthly and 6.7% yearly in August. Concerns about US-Sino trade relations weigh on market sentiment after Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad deal pursued by U.S. President. EUR/USD is expected to find support at 1.0960 and a fall through could take it further to the support level of 1.0937. On the other side, resistance stands at 1.1006 and a rise through could take it to the next resistance level of 1.1022.

EURUSD_07_10_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0961 1.0966 1.0975 1.0980 1.0989 1.0994 1.1002
1 WEEK 1.0783 1.0831 1.0905 1.0953 1.1027 1.1075 1.1149
1 MONTH 1.0593 1.0739 1.0819 1.0965 1.1045 1.1191 1.1271

GBPUSD

GBP/USD extended its sideways consolidative price action through the early session on Monday and remained well within a broader trading range held over the past one week or so. The British Pound remains on the defensive amid persistent Brexit uncertainties while Fed rate cut speculations weighed on the USD and helped limit the downside. GBP/USD is expected to find support at 1.2298 and a fall through could take it to the next support level of 1.2277. On the other side, resistance stands at 1.2351, and a rise through could take it to the next resistance level of 1.2374.

GBPUSD_07_10_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.2269 1.2284 1.2309 1.2323 1.2348 1.2362 1.2388
1 WEEK 1.2015 1.2111 1.2222 1.2318 1.2429 1.2525 1.2636
1 MONTH 1.1348 1.1654 1.1972 1.2278 1.2596 1.2902 1.3220

GOLD

Gold is relatively flat at the start of this week with both Australia and China out on holidays. The price is back above the psychological $1,500’s and sights are set for higher levels as we head over to trade talk territories. At the time of writing, Gold is trading at $1,505 between a tight range of $1,508.60 and $1,509.39. Gold is expected to find support at 1,498.80 and a fall through could take it to the support level of 1,494.40. On the other side, resistance stands at 1,1513.20, and a rise through could take it to the level of 1,519.50.

Gold_07_10_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1502.21 1506.28 1510.01 1514.08 1517.81 1521.88 1525.61
1 WEEK 1415.86 1440.43 1476.66 1501.23 1537.46 1562.03 1598.26
1 MONTH 1344.50 1407.50 1440.20 1503.20 1535.90 1598.90 1631.60