Spreads
Spreads
Spreads
Spreads
Spreads
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EUR/USD (4 Hours)
EUR/USD Rises on ECB’s Hawkish Stance Amid Upbeat US Data
The EUR/USD pair climbed on Tuesday as the European Central Bank (ECB) signalled a hawkish stance on inflation, while the US Dollar struggled to capitalize on positive US economic data. ECB President Lagarde mentioned that inflation in the Eurozone could persist for some time, indicating a continued path of rate hikes. This boosted the Euro’s performance. In the upcoming days, attention will shift to inflation data from Italy, Germany, and the Eurozone, which could further impact market sentiment. Despite the US Dollar’s slight decline, it maintained stability due to expectations of a potential rate hike by the Federal Reserve in July. US yields rose during the American session, keeping the EUR/USD pair around the 1.0950 level.
According to technical analysis, the EUR/USD pair moving higher on Tuesday trying to reach the upper band of the Bollinger Bands. Currently, the price is moving just below the upper band of the Bollinger Bands which shows that there’s a possibility that the price will continue to move higher. The Relative Strength Index (RSI) is currently at 55, suggesting that the EUR/USD is still in a neutral position.
Resistance: 1.0965, 1.0995
Support: 1.0920, 1.0890
XAU/USD (4 Hours)
XAU/USD Consolidates as Risk Appetite Rises on Positive Economic Data
Gold (XAU/USD) continued its consolidation phase, fluctuating around the $1,920/30 range, as increased risk appetite drove demand towards more attractive assets. Asian stock markets received a boost from news of a stronger-than-expected Chinese economy, while upbeat economic data from the United States further contributed to positive sentiment. Durable Goods Orders, Nondefense Capital Goods Orders, New Home sales, and CB Consumer Confidence all surpassed expectations, leading to gains in European indexes and a recovery on Wall Street. The US Dollar gained momentum as macroeconomic figures exceeded forecasts, causing yields to rise and putting pressure on gold (XAU/USD), which briefly dipped to $1,911.46 before recovering to approximately $1,914.
According to technical analysis, the XAU/USD pair is moving lower to reach the previous low on June 23rd, 2023, and is expected to reach the lower band of the Bollinger Bands. Currently, the price is slightly higher than the lower band, suggesting a potential upward movement towards the middle band of the Bollinger Bands. The Relative Strength Index (RSI) is currently at 40, indicating that the XAU/USD is in a neutral but slightly bearish condition.
Resistance: $1,921, $1,932
Support: $1,912, $1,903
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