Could EUR/USD move towards the 1.0530 level?
Looking at EURUSD’s chart, we can see that it is in a downward trend, currently trading at around 1.0435 with a direction towards its support level at around 1.0380-1.04. if it will be able to hold its rate above that level, then an upward reaction is expected towards its resistance level at around 1.0530 otherwise it could fall to a new 52w low rate.
Gold outlook: XAUUSD consolidates within a range for the second week in a row
(Mohammad Quqas – Independent Analyst)
– The precious metal trades close to the weekly low, continuing its lazy downtrend.
– The slope of the 100-periods of the moving average indicator (MA) crossed down below the 50-periods as well as the 200-periods below the 100.
– The momentum oscillator’s relative strength index holds onto the natural zone’s lack of momentum.
The XAU/USD consolidated within a rage continues its trades in a rage without making any meaningful moves. However, the consolidation within a range was teasing traders throughout the past two weeks’ trading days. However, the precious metal edges lower making downside trends throughout its volatile trades. At the time of writing, XAU/USD traded at 1,816.18, down 1.38, or (-0.08%) on a daily basis.
On the four-hour chart, XAU/USD trades close to the weekly low, as well as the 100 periods of the moving average indicator crossed below the 200-periods and the 50 crossed below the 100-periods slope line, which indicates more downtrends in the not-so-far future. On the other hand, the Relative Strength Index lacks any gains in momentum for the second trading week. Any downside tick on the value-line for the RSI could weaken gold and vice versa.
However, if the precious metal lost its defending power, the price would fall to the support level of 1815.32. A successful breach of the aforementioned level would pave the way towards 1811.03 close to yesterday’s low. If the price falls below yesterday’s low, that would bring the support level of 1806.69 to the eyes. If the price breaches the mentioned level decisively, it would open the door to 1805.18, which was last seen on June 14th.
Alternatively, if the support level of 1815.32 could prevent the price from falling below, it would drive the XAU/USD to encounter the resistance level of 1819.19. A successful close above that level would pave the way towards 1824.37, followed by the resistance levels of 1830.72 and 1840.58. If the price could stay above the mentioned levels, that would bring the current week back to 1845.24.
The market is so volatile these days that it may breach barriers in both directions without making any meaningful moves, which could make it harder to help to detect the market’s direction and follow trends.