Gold consolidates above a key support area as market participants await further clues. DXY remains key as we have a host of Fed Speakers on the docket which could provide some volatility as the week progresses.
This piece employs a technical approach to analyze EUR/USD, GBP/USD, and AUD/USD, with an emphasis on significant price levels that may act as support or resistance in the upcoming trading sessions.
The pound benefitted from last week’s dollar selloff but the pair finds early resistance in a quiet week. Fed speakers emerge to fill the void with UK GDP on Friday
Rand prices faces firm opposition at a key support zone after a sharp appreciation against the USD.
The US dollar continues to move lower and eyes levels last seen nearly two months ago, as rate traders price in 100 basis points of rate cuts in the US next year.
Outlook on FTSE 100, DAX 40 and S&P 500 as softer US economic data, a subdued Non-Farm Payrolls and dovish Fed statements led to risk-on sentiment.
AUD prices trade marginally lower today as investors keenly await tomorrow’s RBA interest rate decision.
Several Fed officials will deliver speeches in the coming days, including Chairman Powell. Traders should pay attention to their comments for clues on the outlook for monetary policy and impact on markets.
Gold & silver prices rallied last week leaving technical signal in favor of additional upside as markets prepare for several Fed speakers throughout the week.