Spreads
Spreads
Spreads
Spreads
Spreads
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
EUR/USD (4 Hours)
EUR/USD Holds Above Support Amid Mixed Data and Resilient Dollar
The EUR/USD dropped towards last week’s lows but rebounded during the American session, staying above the crucial support area of 1.0950. The US Dollar remains resilient, but its momentum against the Euro appears to be fading. The Final Eurozone PMI showed little change, while Germany’s unemployment rate fell to 5.6% in July. However, the interest rate market indicates low odds of another rate hike from the ECB. The Greenback lost strength against the Euro following mixed US data, with the JOLTS Job Openings report and ISM Manufacturing PMI coming in below expectations. Despite the numbers, US yields saw modest increases. The market focus now shifts to upcoming US employment data, including the ADP report and Nonfarm Payrolls on Friday.
According to technical analysis, the EUR/USD moved slightly higher on Tuesday and reached the middle band of the Bollinger Bands. Currently, the price is still at the middle band of the Bollinger Bands, indicating that the EUR/USD is in a consolidating mode. The Relative Strength Index (RSI) currently stands at 43, suggesting that the EUR/USD is starting to move back to a neutral stance.
Resistance: 1.1038, 1.1121
Support: 1.0915, 1.0839
XAU/USD (4 Hours)
XAU/USD Rebounds on US Credit Rate Cut Amid Economic Concerns
Gold has rebounded to around $1,950 in the Asian session after justifying the United States government’s rate cut by Fitch Ratings. The metal pared previous losses, but technical indicators suggest a bearish trend in the near term. The market sentiment turned negative due to disappointing earnings from big names, leading to a surge in demand for the safe-haven US Dollar. Additionally, US data disappointed, with manufacturing PMI missing estimates. The situation remains uncertain, and investors are closely watching employment clues for further market direction.
According to technical analysis, the XAU/USD fell on Tuesday and is now approaching the lower band of the Bollinger Bands. Currently, the price is moving in the middle between the lower and middle bands of the Bollinger Bands, indicating that there is still potential for Gold to move lower and reach the lower band. The Relative Strength Index (RSI) currently stands at 45, which suggests that the XAU/USD pair is in a neutral stance but slightly bearish.
Resistance: $1,954, $1,979
Support: $1,938, $1,912
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