EURUSD
The Euro rose slightly against the Dollar, during the Asian trading session on Monday after hitting its lowest level in four sessions last Friday.
The positive impact of the US Jobs Report ended on the Dollar before close of market session last Friday, resulting in trades closing negatively, affected by the decline in average wages. The chances of rising Inflation and thus the chances of accelerating the pace of raising US Interest Rates.
Despite the recent declines witnessed by the EURUSD pair, prices still have to break and stabilize below the levels of support at 1.2330 and 1.2360 in order to confirm the continued decline and penetrating the resistance levels close at 1.2300 would affect the recent bearish trend, causing the pair to proceed on a sideways movement.
USDJPY
The US Dollar fell against the Japanese Yen on Monday as concerns over the fall in US Interest Rates slowed. The Yen rallied today despite a rebound in Japanese and Asian Stock Indices in general, which was supposed to push it back, but the weakness of the Dollar and the Yen’s desire to offset previous losses pushed it higher.
Technical reading shows that despite the recent gains witnessed by the USDJPY pair, prices still have to break and stabilize above the resistance levels at 106.75 and 107.00 in order to confirm a continued uptrend.
A drop below the close support at 106.40 would affect the recent uptrend thereby introducing a sideways trend.
USDCAD
The US Dollar rose against the Canadian Dollar in today’s trading after the declines seen in recent sessions. Despite these declines, prices still have to break and hold below the support at 1.2800 and 1.2760 to confirm a continued decline. Breaking the resistance levels close at 1.2820 would affect the recent bearish trend and introduce a sideways trend.
AUDUSD
The Australian Dollar rose during the Asian Session on Monday to reach a week high against the US Dollar, having found support from the United States agreement to exempt Australia from new tariffs on Imports.
A rebound in the AUDUSD pair could reinforce the previous bullishness. The success of the pair in breaching near resistance levels at 0.7880 would enhance optimism and push the price test to 0.7900
A price reversal below the support level of 0.7850 would temporarily ease the bias.
XAUUSD/GOLD
The price of gold fell during Monday’s trading at the beginning of the week, as Investors’ risk appetite declined. Asian stock markets rebounded this morning however, boosted by improved US Jobs Data.
Technical reading shows that the pair is trying to absorb the recent selling pressures with no clear signals to reverse the overall bearish trend. If the precious metal manages to break through 1325 resistance levels, it would allow the market to correct higher, and possibly test the second resistance at 1330. A break of the support level at 1320 however, would boost the sell bias.
