USD/JPY Bullish

USD/JPY has made a fabulous rally in the past couple of weeks going from a low of 99.54 to a current high of 103.30. The pair has been boosted from both sides - on one hand we have a strong US dollar supported by hawkish expectations that a raise is about to happen in September. On the other hand, Japan is making steps towards depreciating its currency and a raise can be seen in all pairs where the YEN is the other side.

However, with the predominantly bullish sentiment, the pair is now faced with first resistance at 103.43. Bulls need to get this behind their back this week if they want the momentum to continue pushing the pair higher.

The US data that would be released on Friday will definitely have an impact on the pair, as well as the rate hike expected in September.

Chart: USD/JPY H4

EUR/USD Steady

EUR/USD is trading steadily in today's session after it depreciated a bit in yesterday's session. On Friday, the pair lost some 200 pips from its price going from 1.1360 to 1.1155. It has somehow recovered and the pair is now 1.1173. Although it is now below the resistance level of 1.1180, market participants are anticipating the NFP data on Friday and that is the reason price may consolidate at current level.

Range trading might be expected to go in between 1.12 and 1.1160. If the US data is better than expected then it will be confirmed that the resistance line has successfully managed to hold price in the downtrend channel. If not, USD bears will drive the price up to a possible first target at 1.14, which is slightly higher than previous high.

Chart: EUR/USD H1

USD/JPY Higher

USD/JPY is trading significantly higher in today's session. The rally started on Friday when the pair was 100.06. If we take a look a to the middle of the month, we see that the pair reached major support at the 99.54 level where bulls reacted immediately to the chance they were given and they managed to take control over the trend.

Since then the pair has been trading to the upside up until now with price going higher currently 102.34. We can expect first resistance to be reached this week. The level at 103.50 would act as first resistance and if bulls are able to pull through it, then the second level is seen at 105.40.

A slight pullback might be expected today which would indicate that bulls are doing some profit taking, but overall the market sentiment is prevalently bullish.

Chart: USD.JPY D1

Has Silver Bottomed Out?

Silver has been trading to the downside for the past couple of weeks. The metal went from a multi-year high of 20.80 to a low of 18.50. It is not certain that the down trend will continue but we might expect two support zones to play a role soon. The first support is seen at 18.03 which is the prior pivot point and the second support zone is seen at 17.20 where price meets the long term support zone for the uptrend.

We might expect volatility in today's session as we have US GDP scheduled for later and also Fed Chair Janet Yellen to speak at Jackson Hole Policy Symposium. Rumor has it, Fed Chair Yellen will fuel rate hike bets in this appearance and if this does happen, the US dollar may rise substantially and depreciate Silver price.

Chart: XAG/USD D1

GBP/JPY Up

GBP/JPY reached a high of 133.29 in yesterday's session and is currently trading to the downside at 132.56. The pair is in its uptrend for the past week going steadily higher since 129.25. 129.22 was major support for GBP/JPY and bulls successfully managed to withstand the bear attacks. It was relatively easy since then to push the price up.

However, it seems that bulls are now faced with yet another challenge - the 133 level. The pair reached it yesterday, then went below to 132.93 and opened the new day at that level and then reached 133.30 again in this session. It appears that bulls are having a hard time going above 133.30.

Bears need to keep it below that line for until the end of the week so they could have bigger chances to drive price lower next week.

Chart: GBP/JPY D1

USD/JPY Modest Gains

USD/JPY is trading to the upside in today's session and although just modestly, the pair has broken yesterday's high of 100.39 and topped at 100.55 earlier today. The pair is now 100.26 and it needs to go above today's high which is seen as immediate resistance or at least not go below 99.90 in order for the bullish trend to be established.

First support is seen at yesterday's low of 99.94. If this level is broken then we can expect the pair to continue the move down to 99.40 and then even 98.00. On the other hand, if we can break above 100.60, last high of 100.93 and a possible close above 101 becomes a possibility. No major news are expected today which means that rapid moves will not be a factor in today's trading.

Chart: USD.JPY D1

EUR/USD Lower

EUR/USD is trading lower in today's session after going steadily up for the second half of the last week and the first half of this week. The pair reached a high of 1.1355 and then sharply dropped to a low of 1.1315. Current market price is 1.1316, close to today's bottom ant as it seems this is close to first support level at 1.1300.

Bulls need to hold the price above 1.1300 if they want to keep up the momentum going. A break below 1.1360 would indicate that bears have slowly taken over and we might expect further depreciation. On the other hand, we should get a close above 1.13 for today and hopefully see price going up tomorrow in order for the bull run to continue.

Chart: EUR/USD H4

Gold at Minor Support

Gold reached first support in today's trading after going to a low of $1,331. The precious metal reacted to rumors about a rate hike in September as investors decided that they don't need a safe haven in these times. However, if a rate does not happen, Gold would again be considered a high purchased asset.

But until then, we are caught in between two major levels - $1,350 and $1,330. Gold reached the support level for a third time since the beginning of August and was brought up again above it as bearish pressure was not enough to further depreciate the metal. $1,360 is seen as major resistance for the short-term.

Chart: XAU/USD H4

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Gold Steady

Gold appears to be trading in the range between $1,357 and $1,330. This tight range of less than $30 is the price ratio where Gold has been fluctuating in for the past two weeks. Yesterday's FOMC minutes was not a market mover and Gold continued to be range bound in that area.

Currently, Gold is on the upper side of the frame at $1,352. It's important to notice that since the beginning of August the precious metal has left the upward trading channel and has been out since then.

Bulls need to get back inside in order for the bullish rally to be confirmed. Unless bears take the price to a lower level below $1,330 the bull run is expected.

Chart: XAU/USD H4

AUD/CAD Posts New Losses

AUD/CAD is trading in the red for a fifth consecutive day today. The pair reached a low of 0.9871 and is currently trading at 0.9879. The turnaround came at the high of 1.0131 where the Aussie dollar was stopped from going further as it reached major resistance for the long-term. On that day the bears took over and pushed price down to latest low made yesterday at 0.98696.

The pair is still feeling the pressure from the bearish camp which indicates that they might go to first strong support at the 200SMA at levels gravitating towards 0.98.

If this level is broken then bears will try to continue their rally and end up somewhere around 0.93. On the other hand, bulls need a close above 1.0100 in order for them to have the advantage.

Chart: AUD/CAD D1

Silver Range Bound

The good news - Silver is again above $20. The bad news - it is caught in a struggle between support and resistance levels. Gold's little brother is currently trading at 20.04 after hitting resistance three times since the beginning of July. Silver also went to support for a very brief period of time at 19.23 and 19.52. 

In order for the bull run to continue, bulls need to push the price of Silver above 20.40 which is seen as the next support level. If they fail to do this, then bears will take over and depreciate Silver to prices below 19.60. 

Consumer price index is expected today which may cause mild volatility in Silver. 

Chart: XAG/USD D1

Is Gold on Its Way Down?

Gold ended the week in a roller coaster ride going from $1,335 to $1,356 and then back below $1,334. Currently, the precious metal is trading somewhat higher at a price of $1,339-$1,340. Although Gold made a very impressive rally since the beginning of the year, it is having a hard time going above $1,375. 

With the latest drop, Gold went below the support line on the short-term bullish trend and is now in the hands of bears. If they continue to impact the price, Gold might reach it's previous pivot points at $1,311, $1,250 and $1,205. 

Although it is still to early to make a fair judgement, it appears that Gold is losing momentum and needs a heavy uplifting from the bulls in order to keep climbing.

Chart: XAU/USD H4

GBP/USD Lower

GBP/USD lost its gains accumulated throughout the last month and is now back under 1.30. The pair reached a low of 1.2940 and has now slightly recovered, but the pressure can still be felt. No major news are expected tomorrow so we might be in for a steady and calm day.

First support zone is seen at current market price, while first resistance can be found at 1.3021. If immediate support is taken out, bears might try to bring the Sterling down to prior low of 1.2800. On the other hand, a bullish reaction might drive price above its week low and get a close above 1.3050.

Chart: GBP/USD D1

EUR/GBP Close To Double Top

EUR/GBP is trading North for a third consecutive day. The pair made a high of 0.8597 and is now trading slightly lower at 0.8590. However, a little more than a month ago EUR/GBP made a high of 0.8626 which is seen as first resistance zone. Reaching this level would create a Double top suggesting that price may turn South and start to depreciate.

If price manages to pull through the resistance zone we might see an attempt to go over 0.87 reaching multi-year high at 0.8765. On the other hand, if the Double top holds, bears will take over and drive price down to possible levels gravitating towards 0.84-0.83.

Chart: EUR/GBP D1

EUR/USD Higher on Technicals

EUR/USD is trading to the upside in today's session after yesterday rest at the 200SMA. The pair reached a high of 1.1154 and is currently trading at 1.1147. Main trend for the short-term remains bullish with major bull target at 1.1250. If this level is taken over we might confirm that the euro is in for a rally. 

Until then, first support zone is seen at last low of 1.1070. If the US economy continues to improve with same pace, the FED is expected to raise rates which will further depreciate the pair. Major support level is seen at 1.08. If it fails to hold, market participants might see the pair test the lowest low of 1.0465 from March 2015.

Chart: EUR/USD H4

EUR/USD At Support

The EUR/USD is trading at support in the face of the 200SMA. The pair reacted very sharply to the latest NFP and unemployment reports going from 1.1161 to a low of 1.1045. Previous high for the pair was 1.1233, a level reached before the Brexit happened.

Now the pair is trading at 1.1077 and today is the third day for the EUR/USD to hold onto the 200SMA. However, looking back, the pair has been trading at the level for quite a while and market participants might as well have built tolerance and they might not consider this anything special.

No major news are expected today so we might see a calm day for the pair.

Chart: EUR/USD D1

EUR/USD Lower After Upbeat US Data

The US dollar surged after second consecutive NFO above +250K. The EUR/USD was trading at 1.1235 before the news and immediately retreated to lower levels reaching 1.1046. The pair recovered slightly this morning and is now trading at 1.1097. However, with the latest report market participants are again anticipating a rate raise which may further depreciate the pair.

With the latest report it became clear that Job growth is above expectations, driving investors to the US economy. The unemployment rate stays unchanged at 4.9%.

Here is the data released on Friday:

- USD Unemployment Rate (JUL): 4.9% versus 4.8% expected, from 4.9%.

- USD Change in Non-farm Payrolls (JUL): +255K versus +180K expected, from +287K.

- USD Labor Force Participation Rate (JUL): 65.4% versus 65.5% previously.

- USD Average Hourly Earnings (JUL): 2.6% versus 2.6% expected, from 2.6% (y/y)

Chart: EUR/USD H4

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Gold Lower

Gold is trading lower in today's session after yesterday's high at the resistance of $1,367. The precious metal reached its peak and started declining making a low of $1,350. Gold bulls could not sustain the momentum built from the rally that started at $1,200 so they gave in to the bears who managed to take control and effectively bring price down with more than $15 in a day.

However, considering the strength Gold has gained throughout the year, the rally is most likely to continue as we are especially close to the $1,400 level milestone. In my own view, Gold will reach $1,400 before the end of the month as it is already beyond the downward channel on the long-term starting from the history high of $1,920.

Chart: XAU/USD D1

Gold at Resistance

Gold reached resistance in yesterday's trading session. The precious metal rose to a high of $1,367, still lower than last month's high of $1,375, and is now trading at $1,364. So far today we are witnessing light volumes which indicate that a change in trend is probable.

Gold is expected to pick a direction depending on the forces from both sides - bulls need to get past the resistance at current market price, meaning that if they get a close above $1,370, then $1,400 becomes a real possibility. On the other hand, bears need to put more effort into withholding price. If they can keep it under $1,370 today, they would have a big chance of a market turn.

Whatever happens, Gold is one of the most exciting assets to trade this year.

Chart: XAU/USD D1

USD/JPY Consolidating

USD/JPY has been consolidating since the beginning of the week. The pair reached a low of 101.97 and is currently trading at 102.27. Main trend on the short-term remain bearish as the bears took control over the pair when it reached the resistance zone at 107.49 and has been falling since.

First support zone may be found at current market price, second support zone is seen at 101.70. If that level is broken we might revisit lowest low at 98.95 and as a major support zone bears might attempt to go to 98.

No major news are expected from both sides, which means that technicals would most likely play the major role in defining the trend for the week.

Chart: USD/JPY H4

AUD/USD Close to Resistance

AUD/USD traded higher in Friday's session going from a low of 0.7492 to a high of 0.7609. The pair is now trading at 0.7611 and is really close to visiting major resistance on the long-term. 0.7650 is seen as resistance and first bull target. If bulls manage to push through that level then we might see the pair going to 0.7680 and then thirdly 0.7840.

On the other hand, a failure to break the first resistance level would activate the bearish momentum and bears will push prices down to first support zone at 0.75. The price consolidated for several days around the 0.75 level and then reacted to the FED's decision to not raise rates. This was the catalyst that drove prices higher. If this effect is mitigated then bearish movement is likely to prevail over the pair.

Chart: AUD/USD D1