EURUSD At Weekly Lows, Gold drops Below the 1500 Mark

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

gold

EURUSD at Weekly Lows, Gold below 1,500

August 20, 2019

Asian indices continue higher for the second day mirroring Wall Street as traders look for stimulus in major economies that can boost hectic growth. Germany is prepared to increase fiscal spending as its economy heading to a recession, while the central bank of China lowered corporate borrowing costs. The Hang Seng is trading 0.05 percent higher at 26,306. Nikkei225 in Japan is 0.46% higher at 20,656. The Shanghai Composite traded 0.07 percent higher to 2,884, while in Singapore, the FTSE Straits Times index finished 0,33 percent higher to 3,138. Australian equities are trading higher; the ASX 200 is 0.83% lower to 6,458.

European equities started higher for the second day, DAX30 is 0.37 percent higher to 11,759, CAC40 is 0.36 percent higher at 5,390, while the FTSE MIB in Milan is trading 0.03 percent lower at 20,706. The London Stock Exchange is 0,49% percent higher to 7,225.

1,500 mark
XAUUSD Daily Chart

In commodities markets, crude oil trades 0.05 percent higher at $56.17 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.08% higher at $59,79 per barrel despite major oil producers have agreed to cut output. Gold is under pressure and breached the 1500 mark down to 1,495, keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,534.94 recent high.      

In cryptocurrencies, Bitcoin (BTCUSD) continues higher at 10,789, hitting the daily low at 10,621 and the daily high at 10,944. Bitcoin managed today to break above the 50-day moving average, and bulls are looking to add to long positions. Immediate support for BTC stands now at $9,439 the low from July 30, while next support stands at 9,000. On the upside, strong resistance now stands at 13,138 recent high and then at 13,500 round figure. Ethereum (ETHUSD) adds four dollars to 197, with capitalization now to 21.4 billion, and on the upside, the immediate resistance stands at 317 high while the support stands at 172 recent low. Litecoin (LTCUSD) trades lower at 75.90. The crypto market cap now stands above $271.4 billion.

On the Lookout: Australia weekly consumer sentiment, ANZ/Roy Morgan survey came in at 112.8 while the previous week was at 115.5. The central bank of China set the Yuan rate (USDCNY) at 7.0454 versus yesterday fix at 7.0365.

Trading Perspective: In forex markets, USD trades 0.03 percent lower at 98.33, the Aussie dollar trades 0.37 percent higher at 0.6790, while Kiwi traded lower to 0.6424.

GBPUSD trades 0.02% higher at 1.2123. Major support now stands at 1.2017 the daily which if broken, might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2415 the 50-day moving average while more offers will emerge at 1.2652, the 100-day moving average.

In Pound futures markets open interest increased by 525 futures contracts, while volume decreased by 21.500 contracts.

EURUSD trades 0.07% higher at 1.1082, as Oli Rehn’s dovish comments pressure the common currency. Immediate resistance for the pair stands at 1.1114 the 100-hour moving average and then at 1.1156 the 200-hour moving average. On the downside, immediate support stands at 1.1069 the low from August 2 and then at 1.1026 the YTD low. 

In Euro futures markets, open interest decreased by 1,700 futures contracts, and volume decreased by 34.800 contracts.

1,500 mark
EURUSD Daily Chart

USDJPY is trading 0,15% higher at 106.48 having hit the daily low at 106.45 and the daily high at 106.68. USDJPY pair will find support at 106.25 the 100-hour moving average. On the upside, immediate resistance for the pair now stands at 107.60 the 50-day moving average and then at 109.01, the 100-day moving average. 

USDCAD is trading 0.05 lower at 1.3317, and the pair will find immediate support at 1.3017 the YTD low while extra support stands at 1.30 round figure. On the upside, immediate resistance now stands at the 1.3330 the daily high before an attempt to 1.3450 high from 31st May.  

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