Gold Higher Amidst Trade Concerns

Gold is trading higher in today's session just less than an hour before the opening of the US session. The precious metal went to a high of $1,265 earlier today and gave away some its gains to currently trade at $1,263.36.

Gold reached a strong support level on the long term at $1,237 earlier this month and market participants quick to get a hold on to the safe haven as trade concerns started looming last week.

If Gold continues on its way north, we can expect to see first resistance level at $1,280. If that level is broken, second resistance level is seen at $1,310 - a double top after the psychological $1,300 level.

This week is lighter on events and so we can expect smooth sailing based predominantly on technicals.

Chart: XAU/USD H4

EUR/JPY Moves Higher

The EUR/JPY pair broke the resistance level at 130.00 and is now trading at 130.20. The pair is trading in a short term bullish direction but still remains pressured by bearish sentiment in the medium and long term perspective.

As trade fears become a significant factor in the financial markets stage, traders are turning from the unsafe US dollar to its major counterpart the Euro and the all time safe haven asset - Gold.

EUR/JPY moved from a low of 124.65 to its current high in a bit more than a month and it's now beyond the bearish resistance. If it continues to trade to the upside we can see a double top at 133.50 before long.

Chart: EUR/JPY H4

EUR/AUD Rally Consolidates

The EUR/AUD pair has been trading to the upside for the past month and only this week it came to a temporary halt as market participants have been agreeing upon the price. The exchange rate is currently floating around 1.58 and is trading in the range of 1.5900 and 1.5750.

It is still unclear whether the pair will continue on its course north, and if it does, we can expect to reach the short term resistance zone at 1.60.

On the other hand, a sell off in the Euro could lead to potential short term correction with major target at 1.5450. No matter what, we can expect a breakout and then draw conclusions.

Chart: EUR/AUD H4

Trend Lines and Channels | ActivTrades Webinar

ActivTrades is presenting another great opportunity to learn. This time they are hosting a webinar focused on trend lines and channels. As you probably know, trend lines and channels are one of the most important components of the technical analysis.

Without trend lines, any asset would be floating freely in space without making any sense. In markets, as in nature, everything works in perfect order. And this is where trading channels come into play.

The webinar, led by trading expert Martin Walker, will be entirely devoted to explaining trend lines and channels thus helping you make better trading decisions ultimately giving you a better trading performance.

The webinar is free and will take place on July 10. For more info and free registration, visit HERE.

USD/CHF Drifts Up

USD/CHF has been moving to the upside for the last month marking a choppy trading behavior from 0.9790 in the beginning of June to 0.9918 made last week. The pair is now trading at 0.9925 right at the support line that took place in the end of March.

The pair is now testing the support line and if we have a confirmation, bulls will initiate another buying wave to possible first target of 1.0037 or at least the psychological level of parity.

It is still not clear whether the support will hold as we are yet to see the latest NFP and Jobs data later today. If the data is negative, bears will most certainly sell a significant amount of US dollars thus breaking the support line. Until the data release, consolidation might be expected.

Chart: USD/CHF H4

EUR/NZD Moves Down

The EUR/NZD pair reached a new high today at 1.7375 and a few moments later it was taken over by the bearish camp. The exchange rate is now trading slightly below 1.7300 and it seems that after the long bullish run a bearish correction is at hand.

The pair moved strongly to the upside in the past two weeks, in mid June it was trading at 1.6600 and had only two days in the red up until today.

It is worth noting that indicators signal the bullish run still has fuel in it as we are above the 200SMA and MACD continues to remain bullish.

A short correction, however, could be healthy for the progressive and steady move to the upside.

Chart: EUR/NZD D1

Gold Supported at $1,236

Gold is trading higher in today's session as the bearish camp got exhausted by selling and Gold bulls took things in control. The precious metal reached a low of $1,236 and shortly after, Gold reacted to the upside by a strong tick to a high of $1,246.50.

Gold reached a strong support in the long term as the lowest is actually a third touch point of the upward trending channel that started in December 2015 at $1,046.90. If there is enough buying pressure we can see Gold go for a prior pivot point at $1,290-$1,300.

On the other hand, we are still in a bearish trend started at $1,360 and a break out of the bullish trendline would be a strong sign of a continuation of the bearish run. Below $1,235 there is a lot of room to go.

Chart: XAU/USD D1