Spreads
Spreads
Spreads
Spreads
Spreads
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EUR/USD (4 Hours)
Weaker US Dollar Boosts EUR/USD as Market Awaits US Inflation Data
The EUR/USD pair continued its upward climb, propelled by a weaker US Dollar and positive momentum. The focus now turns to upcoming US inflation data, which is expected to shape the next direction for the pair.
The US Dollar Index (DXY) fell to a three-week low, vulnerable to further losses due to declining inflation expectations and lower bond yields.
Additionally, the positive performance of Wall Street stocks exerted pressure on the US Dollar. Meanwhile, Eurozone data revealed a decline in the Sentix survey, suggesting weak GDP growth in the region.
According to technical analysis, the EUR/USD pair moved higher on Monday and created a push to the upper band of the Bollinger Bands. Currently, the price is moving just below the upper band with still wider bands, indicating a potential for further upside towards the upper band of the Bollinger Bands.
The Relative Strength Index (RSI) is currently at 69, suggesting a bullish trend is in for the EUR/USD.
Resistance: 1.1033, 1.1057
Support: 1.1002, 1.0965
Spot Gold (XAU/USD) Prices Slide Amid Market Mood Swings and US Inflation Expectations
Gold prices experienced a downward trend, briefly reaching a low of $1,912.66 during London trading hours but recovering some losses following the opening of Wall Street. The initial strength of the US Dollar was fueled by concerns over China-US tensions and their impact on global growth.
However, a more positive sentiment during American trading hours led to a weaker USD as US stock indexes rebounded. With limited action in equities due to the absence of significant data, XAU/USD remained largely unchanged for the day.
The market focus remains on central banks’ monetary policies, particularly the potential extension of tightening measures, driven by policymakers’ concerns about persistent inflation.
The upcoming release of the June Consumer Price Index (CPI) in the United States is expected to provide fresh insights into the Federal Reserve’s future actions, making it a significant event for financial markets.
According to technical analysis, the XAU/USD pair is moving flat on Monday, between the middle band and the upper band of the Bollinger Bands. Currently, the price is moving in a flat movement, suggesting that there’s a possibility that the price will move in a tight consolidation.
The Relative Strength Index (RSI) is currently at 56, indicating a neutral stance for XAU/USD with a slight potential bullish movement.
Resistance: $1,932, $1,946
Support: $1,920, $1,909
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
