EURUSD UPDATE (Forex Major Pair): The opportunity to go to the price of 1.1945 is being created by the EURUSD pair – Credit Suisse.
Forex Major and Cross Pairs
EURUSD Forex Major pair Market updates:
Credit Suisse analyst, reviewing the 13-day movement of the EURUSD pair, said that the EURUSD could come to the resistance level at 1.1911-17. The next resistance of the pair may be 1.1945.
The pair’s price began to recover after the release of the US Nonfarm Payrolls report on Friday. However, the price of the pair is falling again in today’s session. However, there is a possibility of increase later.
The pair is currently hovering around 1.1845. However, the price of EURUSD 1.1885 may be somewhat constrained. If the pair’s uptrend is strong, then the maximum price in June may go to 1.1976.
On the other hand, the current support level of the pair, the lowest price on Friday is 1.1606. If the pair is able to exceed that price, the downtrend may become stronger and go to 1.179 price.
AUDNZD UPDATE (Forex Cross Pair):
The Australian and New Zealand dollars are strengthening against the US dollar
Prices of AUDNZD (Australian and New Zealand) currencies are rising on Tuesday a mid a greenback.
Stimulus trapping could be discussed at an upcoming Federal Reserve meeting following the mixed U.S. Labor report. Investors are waiting for this kind of clue.
Meanwhile, the New Zealand dollar is gaining ground in the second quarter on the back of rising New Zealand business confidence and the possibility that New Zealand may raise interest rates in early November.
As a result, the price of the NZDUSD pair has risen to its highest level since June and is hovering around 0.7090. The Reserve Bank of Australia is also hovering around 0.7599 on the back of rising Australian bond prices and the possibility of an interest rate hike before 2024.
USDJPY UPDATE (Forex Major Pair):
USDJPY at a four day low price
The price of USDJPY pair is declining for the fourth day. At present, the price of the pair has come down to around 110.75.
Unemployment has actually risen above expectations in the U.S. NFP report. As a result, the price of USDJPY pair is falling for the third day. Concerns over the Delta Coronavirus variant are also affecting investor sentiment.
The Fed has raised the issue of raising interest rates after the first epidemic. The central bank’s policy stance will be known at tomorrow’s FOMC meeting. Which could give the USDJPY pair a new direction.
However, the US ISM report in today’s session is likely to increase the risk of the dollar. In this opportunity, the price of USDJPY pair may increase further.
AUDUSD UPDATE (Forex Major Pair):
AUDUSD-Commerzbank can be priced at 0.7645-60
The AUDUSD pair’s price has risen to 0.76 due to the weakness of the US dollar. According to Commerzbank analyst Karen Johns, the pair’s next resistance could be 0.7670.
On June 3, the pair came in at a price of 0.7645-60. If the pair is able to overcome that resistance, the maximum price on June 25 may come to 0.7616. According to the 20-day moving average, the next resistance may be 0.7586.
On the other hand, the current support of the pair, the lowest price on Friday is 0.7443. The next support could be the mid-September price of 0.7413. The next resistance may be the November maximum price of 0.7346-40.
USDCAD UPDAE (Forex Major Pair):
The price of USDCAD pair is close to 1.2320. The expectation is that the pair below 100 SMA may actually strengthen the downtrend.
The pair’s downtrend is strengthening according to the MACD indicator on the four hour chart. The pair may cross the 1.2300 level and then come to the June low of 1.2250. The next support could be 1.2220.
On the other hand, the price of the pair may increase to 1.2325 resistance. After crossing USDCAD 1.2355, the three-week high price may come to 1.2345.
AUDUSD FUNDAMENTAL (Forex Major Pair):
AUDUSD at the highest price of the week following the Reserve Bank of Australia’s rate decision.
The Reserve Bank of Australia has kept the interest rate unchanged at 0.10%. Although interest was expected to be 0.10%. As a result, the event did not affect the Australian dollar much.
However, the AUDUSD continued its uptrend for the third day in a row on the weakness of the US dollar. Central bank policymakers have made the current decision, keeping in mind the coronavirus infection in Australia.
According to ABC News, on July 8, the number of coronaviruses in the country dropped from 44 to 29. However, infections are deadly in Sydney, Queensland and New South Wales. Although the price of the US dollar rose yesterday, it has started declining in the Ask session. Which further strengthened the uptrend of the AUDUSD pair.
Immediately AUDUSD traders are more interested in the remarks of Governor Lowe of the Reserve Bank of Australia. AUDUSD can pull back if the central bankers have a principled attitude. However, the next focus will be on US data.
GOLD UPDATE Commodities:
Gold prices are rising for the fifth day
Gold prices are rising for the fifth day. As a result, Gold’s 3-week high is hovering around 1800. Gold’s uptrend is expected to continue until the US FOMC meeting.
In today’s session, investors will keep an eye on the June ISM Service PMI report. The service PMI is expected to fall to 63.5 points from 64 in June. Which could help Gold continue.
Gold’s current resistance is 1800 and the next resistance could be 1844 according to 200 SMA on the four hour chart. On June 10-15, the pair was spotted near the 1870 price. The next resistance may be 1844.
On the other hand, the current support of the pair may be 1787. Subsequent supports may be 1773 and the lowest price in June may be 1750.
EURGBP UPDATE (Forex Cross Pair):
EURGBP is moving below 0.8600 price
The EURGBP has continued its downtrend for the third day since last weekend. The pair is moving near 0.8560 price in the Asian session on Tuesday.
According to the MACD indicator in the daily chart, the price of the pair is likely to decrease. In that case the pair’s current support week’s minimum price is 0.8545. However, there was significant support at 0.8540 in early April.
If the downtrend is strong, last month’s low price may come to 0.8530. If the pair is able to cross 0.8530 then it can go to 0.8500 price. However, if EURGBP goes to 0.8470 price, it will be the lowest price of the year.
On the other hand, the current resistance of the pair is 0.8600. The next resistance may be 0.8610.