Spreads
Spreads
Spreads
Spreads
Spreads
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EUR/USD (4 Hours)
The EUR/USD pair has dropped below the psychological support level of 1.1000, indicating weakness as the US Dollar Index (DXY) aims for further gains. US inflation is expected to remain steady, offsetting lower credit from commercial banks with higher household earnings. Meanwhile, the Eurozone economy is facing recession risks due to declining retail demand and higher interest rates from the European Central Bank (ECB). The EUR/USD pair has lost upward momentum, struggling to stay above the resistance level at 1.1033, with the 20-period Exponential Moving Average providing support. The Relative Strength Index suggests a lackluster performance ahead. A break below 1.0942 could lead to further downside, while a recovery above 1.1095 could drive the pair to new highs.
According to technical analysis, the EUR/USD pair is currently trending lower after a period of upward movement. At present, the price targeting the lower band of the Bollinger band. It is expected that the EUR/USD will continue to consolidate and move slightly higher for today. The Relative Strength Index (RSI) is presently at 45, suggesting a neutral trend in the EUR/USD market.
Resistance: 1.1015, 1.1051
Support: 1.0986, 1.0954
XAU/USD (4 Hours)
The price of gold (XAU/USD) is holding onto its gains near $2,020, but its rise is limited by the strengthening US dollar. Traders are focused on the upcoming release of the US Consumer Price Index (CPI) data, which will impact the Federal Reserve’s interest rate outlook. Initially, there was an improvement in market sentiment, leading to a relief rally in bank stocks globally. This reduced demand for US government bonds and the dollar, but the dollar rebounded as US Treasury bond yields recovered. As a result, gold initially moved higher but failed to sustain its upward momentum as the dollar and bond yields strengthened. Market expectations for Fed interest rates may change based on the CPI data. Traders are also monitoring developments in the US banking sector crisis and statements from Federal Reserve policymakers.
The technical analysis indicates that XAU/USD is moving flat on Monday. The price is currently just below the middle band of the Bollinger Band, indicating the potential for a consolidating movement. Moreover, the Relative Strength Index (RSI) is currently at 53, indicating that XAU/USD is neutral.
Resistance: $2,030, $2,046
Support: $2,015, $2,003
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