Spreads
Spreads
Spreads
Spreads
Spreads
USDJPY edges lower for the third- consecutive day on Tuesday amid subdued greenback demand. A diminishing odd for a more aggressive US Fed interest rate hike in late July continues to weigh on the greenback.
From the technical perspective, the four-hour outlook of USDJPY remains bullish but bearish in the near term. Bulls are supported as USDJPY continues to trade within the ascending channel while USDJPY has dropped below the 20 Simple Moving Average, suggesting a downside momentum in the short- term. As of now, the relevant support near 137.43 would be the first defendant for bulls. A convincing break below the level might prompt aggressive selling and bring the pair to test 136.82. On the four-hour chart, as long as USDJPY holds above 136.22, the overall outlook remains upside.
Resistance: 138.18, 139.38
Support: 137.43, 136.82, 136.22
Gold advances slightly on Tuesday amid the broad-based selling pressure on the US dollar.
From the technical aspect, the outlook of the bullion remains bearish as gold continues to trade within the negative territory since early July. However, gold might be primed for a rebound if gold can breach the upper bound of the descending channel. The breakout of the level would give the metal a boost towards the next resistance of $1,740. On the flip side, if gold fails to overcome the bearish channel, the downside would resume towards the trough of $1,697.
Resistance: 1,740.31, 1,766.70, 1,788.03
Support: 1,697.66
EURUSD continues to advance toward 1.0250 as the US dollar struggles to find demand. The euro-dollar gains positive traction amid the speculation about the ECB meeting this week.
Technical speaking, in the near- term, the outlook of EURUSD turns upside as it trades well above the 20 Simple Moving Average. The break of the previous resistance has given the euro dollar a boost toward the next immediate resistance of 1.0266. Despite the RSI indicator has reached an extreme level, the bullish MACD looks to attract more follow-through buyers of the euro dollar. At the time of writing, bulls might give it another attempt if the pair can successfully break above the aforementioned resistance level of 1.0266. Further price action eyes on the ECB meeting.
Resistance: 1.0266, 1.0363, 1.046
Support: 1.0146, 0.9952
Note: The information is provided for reference purposes only and doesn’t take into account your personal objectives, financial circumstances, or needs, and does not constitute investment advice. We encourage you to seek independent advice if necessary. VT Academy will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
