By ForexTime
The market mood was mixed on Tuesday as investors turned cautious ahead of another busy week for global financial markets. Despite US markets currently closed due to the Independence Day holiday, volatility could still be the name of the game thanks to top-tier economic reports and risk events.
Here are some technical setups to keep an eye on ahead of the Fed minutes tomorrow and the US NFP report released on Friday:
Dollar on standby
The dollar remains on standby with prices trading around 103.00 as of writing. Should bulls jump back into the driver’s seat, prices could challenge 103.50, 103.80, and 104.00. Alternatively, a decline below 103.00 may see bears attack 102.35 and 102.00, respectively.
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EURUSD choppy affair…
The EURUSD remains within a messy range on the daily charts with support at 1.0850 and resistance at 1.1010. A solid breakdown below 1.0850 could see prices challenge 1.0760. Should prices break above 1.1010, an incline toward 1.0900 could be on the cards.
GBPUSD waits for fresh catalyst
Sterling remains trapped within a range with support at 1.2600 and resistance at 1.2730. A strong breakout above 1.2730 could open the doors toward 1.2850. Should prices sink below 1.2600, bears could challenge 1.2550 and 1.2420.
USDJPY remains bullish
Despite consolidating over the past few days, the USDJPY remains in a healthy uptrend on the daily charts. Further upside could be expected if a solid daily close above 145.50 is achieved. If bulls run out of steam, this could lead to a decline back towards 142.30.
AUDUSD capped below 0.6680?
The AUDUSD could sink lower if prices fail to push above the 0.6690 resistance. Earlier this morning, the Reserve Bank of Australia left its cash rate unchanged at 4.1% which caused prices to retreat. However, bulls seem to be lingering in the vicinity with the Aussie back around the 0.6690 level where the 100 and 200-day SMA resides. Sustained weakness below this point may trigger a selloff back towards 0.6630 and 0.6570. Should prices breakout and secure a daily close above this point, bulls may propel prices toward 0.6760.
USDCAD in breakout mode
The USDCAD be gearing up for a breakout this week as prices trade between support at 1.3140 and resistance at 1.3280. A breakout above 1.3280 could signal an incline toward 1.3400. Should prices slip back below 1.3140, the next key level of interest can be found at 1.3000.
WTI Crude rangebound
It feels like the same old story for WTI Crude with prices trading within a range on the daily charts. Support can be found at $67.00 and resistance at $74.40. Oil prices may react to the 8th OPEC International Seminar featuring OPEC+ ministers on Wednesday. A move below $67.00 could see prices hit $64.50. Alternatively, a breakout above $74.40 could open a path toward $76.80.
Gold approaches resistance
Gold prices have pushed higher, challenging the $1932 resistance level. A breakout above this point may see $1959. Should $1932 prove to be reliable resistance, prices may decline back toward $1900.
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Source: Streetwise Reports (10/30/24) Bob Moriarty of 321gold sat down with Francis Hunt of The…
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