Spreads
Spreads
Spreads
Spreads
Spreads
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Gold (XAU/USD)
Last week, gold moved higher and was able to break above our resistance levels, closing the week at $1,980.
On the weekly timeframe, it can be observed that the Stochastic Indicator is moving within the overbought area. Gold is currently trading above the 20, 50, and 200-day moving averages.
Our weekly resistance levels are at $2,006 and $2,047, with support levels at $1,960 and $1,929.
On the daily timeframe, the Stochastic Indicator is trending higher towards the overbought area, while the price of gold is currently trading above the 20, 50, and 200-day moving averages.
Our daily resistance levels are at $1,991 and $2,007, with support levels at $1,968 and $1,945.
Conclusion: This week, low volatility is expected due to the lack of high-impact news from the US. Traders should still keep an eye on the tension in the Middle East, which is expected to significantly impact the gold market. We anticipate a slight correction in gold prices this week, with prices expected to hit our support level of $1,968.
EUR/USD
Last week, the EUR/USD broke above resistance levels, closing the week at 1.0913.
On the weekly timeframe, the Stochastic Indicator is trending higher towards the overbought area. The price is currently trading above the 20 and 50-day moving averages but remains below the 200-day moving average.
Our weekly resistance levels are at 1.1011 and 1.1226, with support levels at 1.0866 and 1.0646.
On the daily timeframe, the Stochastic Indicator is trending higher, entering the overbought area. Meanwhile, the price of EUR/USD is trading above the 20, 50, and 200-day moving averages.
Our daily resistance levels are at 1.0931 and 1.1001, while the support levels are at 1.0834 and 1.0763.
Conclusion: We anticipate a week of high volatility for EUR/USD, driven by impactful news from the Eurozone and the US. We expect the EUR/USD to move slightly higher, potentially breaking past our resistance level of 1.0931 and pushing towards a price of 1.1.
DJ30
Last week, the DJ30 broke above resistance levels, closing the week at 34,945.
On the weekly timeframe, the Stochastic Indicator is trending upwards towards the overbought area. The price is currently trading above the 20, 50, and 200-day moving averages.
Our weekly resistance levels are at 35,039 and 35,714, with support levels at 34,466 and 33,770.
On the daily timeframe, the Stochastic Indicator is within the overbought area. The price is currently trading above the 20, 50, and 200-day moving averages.
Our daily resistance levels are 35,071 and 35,504, with support levels at 34,545 and 34,070.
Conclusion: The US stock market is expected to face a week of high volatility due to impactful US news, specifically from the Fed meeting minutes and various companies’ earnings reports. We anticipate that the DJ30 may move higher, influenced by market trends favouring US dollar weakness, potentially targeting our resistance level of 35,071.
USO/USD
Last week, USO/USD broke below our daily support levels, closing the week at 76.14.
On the weekly timeframe, it can be observed that the Stochastic Indicator is currently trending lower towards the oversold area. The price is trading below both the 20-day and 50-day moving averages but remains above the 200-day moving average.
Our weekly resistance levels are 81.64 and 85.89, with support levels at 74.32 and 69.48.
On the daily timeframe, the Stochastic Indicator is positioned just above the oversold area, and the price is currently trading below the 20, 50, and 200-day moving averages.
Our daily resistance levels are at 78.64 and 81.08, while support levels are at 74.24 and 72.21.
Conclusion: We anticipate more significant movement in USO/USD price, influenced by the latest sentiments around tensions in the Middle East. A possibility of a downward trend exists, with USO/USD potentially reaching our next support level at 74.24.
NAS100
Last week, the NAS100 broke above previous resistance levels, closing the week at 15,824.
On the weekly timeframe, the Stochastic Indicator is currently moving higher towards the overbought area. The price is currently trading above the 20, 50, and 200-day moving averages.
Our weekly resistance levels are 15,900 and 16,407, with support levels at 15,500 and 15,151.
On the daily timeframe, the Stochastic Indicator is trending higher inside the overbought area. The price is currently trading above the 20, 50, and 200-day moving averages.
Our daily resistance levels are currently at 15,992 and 16,423, while support levels are at 15,675 and 15,284.
Conclusion: The US stock market is expected to face a week of high volatility due to impactful news from the US, specifically the Fed’s meeting minutes and various companies’ earnings reports. We anticipate that the NAS100 may trend higher, influenced by the market’s inclination towards US dollar weakness, potentially hitting our next resistance level of 15,992.
GBP/USD
Last week, GBP/USD broke above previous resistance levels, closing the week at 1.2461.
On the weekly timeframe, the Stochastic Indicator is currently trending higher towards the overbought area. The price is trading above the 20 and 50-day moving averages but remains below the 200-day moving average.
Our weekly resistance levels are at 1.2638 and 1.2850, while support levels are at 1.2302 and 1.2049.
On the daily timeframe, our Stochastic Indicator is trending higher towards the overbought area. Meanwhile, the price is trading above the 20, 50, and 200-day moving averages.
Our daily resistance levels are now at 1.2548 and 1.2672, while support levels are at 1.2379 and 1.2247.
Conclusion: We expect high volatility in GBP/USD this week due to impactful data releases from both the US and the UK. We anticipate that GBP/USD will continue its upward movement, potentially surpassing our next resistance level at 1.2638.
USD Index
Last week, the USD Index broke below previous support levels, closing the week at 103.66.
On the weekly timeframe, it can be observed that the Stochastic Indicator is trending lower towards the oversold area. The price is currently trading below the 20 and 50-day moving averages but remains above the 200-day moving average.
Our weekly resistance levels are 104.39 and 106.44, with support levels at 102.87 and 100.79.
On the daily timeframe, the Stochastic Indicator is trending lower, entering the oversold area. The price is trading below the 20, 50 and 200-day moving averages.
Our daily resistance levels are 104.35 and 105.94, with support levels at 102.98 and 101.58.
Conclusion: We expect low volatility in the USD Index this week, driven by a lack of impactful news from the US. We anticipate the USD Index to trend lower, potentially reaching our next support level at 102.87.
USD/JPY
Last week, USD/JPY broke below previous support levels, closing the week at 149.61.
On the weekly timeframe, it can be observed that the Stochastic Indicator has recently exited the overbought area. The price is currently trading above the 20-day, 50-day, and 200-day moving averages.
Our weekly resistance levels are 150.09 and 151.89, with support levels at 148.13 and 145.14.
On the daily timeframe, the Stochastic Indicator is trending lower in the middle. The price is currently trading below the 20-day moving average but remains above the 50 and 200-day moving averages.
Our daily resistance levels are currently at 150.32 and 151.72, while the support levels are at 148.73 and 147.48.
Conclusion: We anticipate a week of low volatility for USD/JPY due to a lack of impactful news from the US. However, the market remains vigilant for updates on Middle East tensions and potential interventions by the Bank of Japan in the currency market. We expect the pair to move lower—as market sentiment currently burdens the US dollar—potentially reaching our support level at 148.73.
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
