Forex & Global Markets Daily Insight

Market Analysis

GOLD

GOLD prices are currently consolidating, ranging between the two borders of the market's recent structure. The MACD is showing increased bearish momentum, while the RSI is nearing oversold levels, which indicates potential for a bullish turnaround. We expect to see further consolidation in the coming days as markets grasp for clues on how the U.S. tariffs will take effect and how the war between Israel and Iran might conclude. We will wait for prices to break out and show clear movement before we take any action and commit to a direction.

SILVER

SILVER prices are currently showing increased bullish movement while trading within a tight range. We expect further buying to continue, as the current market conditions support the overall buying momentum. If prices manage to break out of the 36.7308 resistance, we will find continued bullish momentum.

DXY

The Dollar is dropping further and finding increased bearish momentum. Both the MACD and the RSI are reflecting stronger bearish volume and momentum. We expect to see prices drop further in the coming days.

GBPUSD

The Pound is trading near its high but falls short of creating new ones. The pair's strength is primarily coming from U.S. Dollar weakness. We expect to see further buying, as the RSI also indicated oversold conditions on its last two sell-offs. While the chance for a deeper retracement exists, we anticipate that further buying will continue in the coming days. The MACD is also strongly reflecting the increase in buying volume.

AUDUSD

The Australian Dollar is finding further buying, and we do see the 0.65618 level as an effective resistance. We are looking for more buying opportunities but will remain careful about being too aggressive in the market right now. We will take into consideration the opportunity presented by the aggressive buying of the Aussie Dollar due to the “breather” in the Middle East tensions. However, as soon as the situation shows increased conflict or broken arrangements, it might spell another drop for this market.

NZDUSD

The Kiwi is slower in reaching its key resistance level than the Aussie Dollar, but it is also looking to buy further in the coming days. The MACD is reflecting growing buying volume, and the RSI is also indicating oversold levels, showing increased bullish momentum. We expect to see further buying continue in the coming days.

EURUSD

The Euro is finding increased strength as it builds further buying momentum and volume, which is reflected in both the MACD and the RSI. The retracement might be complete, and further buying could continue in the coming days.

USDJPY

The Yen's strength continues, and we anticipate further selling [for USD/JPY] to continue in this market. Both the MACD and the RSI are positioned for more selling as they reflect growing bearish momentum and volume. Prices have also broken under 144.451 and are finding further chances to close below that level to continue the bearish trend. Mostly, the fall in the pair is due to the Dollar‘s weakness rather than the Yen’s own exemplary performance. Thus, this market is also fragile to sentiment changes.

USDCHF

The Franc continues to work as an effective alternative to the Dollar, with the chart showing increased bearish movement [for USD/CHF]. The MACD and the RSI are also strongly reflecting increased bearish volume and momentum. We anticipate further selling to continue in the coming days.

USDCAD

The CAD has now broken below a relevant structure, and the EMA200 is now acting as resistance to the price. The MACD and the RSI are reflecting that further selling volume and momentum are likely in the coming days. We anticipate further selling to continue and are calling a complete shift in the overall momentum of this market to bearish.