• CL-OIL


  • Cocoa-C


  • View more

Daily Technical Insights 27th June 2023


Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

EUR/USD (4 Hours)

EUR/USD Rises as Markets Await Inflation Data and Central Bank Speeches

The EUR/USD pair saw a modest increase on a quiet Monday, with investors eagerly anticipating the release of key inflation data and speeches from central bank officials. The US dollar weakened slightly due to declining yields and a rebound in commodity prices. Germany’s Ifo data showed a decline, raising concerns about the country’s economic health.

The European Central Bank’s forum on central banking in Sintra has begun, where ECB President Lagarde and other policymakers will address the audience. Monetary policy expectations will be influenced by the discussions and upcoming inflation data from the Eurozone and the US.

Movement of EURUSD with the recent markets movements.

Chart EURUSD by TradingView

According to technical analysis, the EUR/USD pair exhibited low volatility on Monday, but the Bollinger Bands still have wide bands. Currently, the price is approaching the middle band of the Bollinger Bands from the lower band. The Relative Strength Index (RSI) is currently at 51, suggesting that the EUR/USD has returned to a neutral position.

Resistance: 1.0932, 1.0965

Support: 1.0890, 1.0863

XAU/USD (4 Hours)

XAU/USD Eases from Highs as Investors Await Central Bank Clues and Inflation Updates

Spot gold (XAU/USD) initially surged at the weekly opening but later retraced its gains during the European session. XAU/USD reached a high of $1,933.31 before settling around $1,925 per troy ounce. The US Dollar traded within narrow ranges as investors remained cautious amid central banks’ ongoing battle against inflation.

Market participants are closely watching the European Central Bank (ECB) Forum on Central Banking, where ECB President Christine Lagarde is expected to provide opening remarks. Additionally, upcoming discussions featuring central bank chiefs, including the Federal Reserve’s Jerome Powell, Bank of England’s Andrew Bailey, and Bank of Japan’s Kazuo Ueda, could provide insights into future monetary policy decisions.

Inflation updates from Europe and the US are also anticipated, adding to speculations regarding central banks’ actions and their impact on the global economy. While risk sentiment is currently low and global indexes are trading negatively, market movements are limited due to the absence of significant data releases at present.

Chart XAUUSD by TradingView

According to technical analysis, the XAU/USD pair is experiencing low volatility and a tight range on Monday, resulting in narrower movements for the upper and lower bands of the Bollinger Bands. The price is currently moving above the middle band of the Bollinger Bands, indicating a potential for a slight upward movement with the aim of reaching the upper band and our resistance levels. Currently, the Relative Strength Index (RSI) stands at 50, indicating that the XAU/USD is in a neutral position.

Resistance: $1,932, $1,940

Support: $1,922, $1,912

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.