Today's Trader's Edge

Market Analysis

GOLD

Gold prices are showing a steady rise with growing momentum and volume, a trend reflected in both the MACD and RSI. With the overall price structure having already shifted to bullish, we will continue to look for more buying opportunities and will wait to see how the rally progresses.

SILVER

Silver prices have risen after successfully testing a key support level. The MACD is recording an increase in bullish volume, while the RSI is beginning to normalize from overbought conditions. We will wait for this normalization to complete, which may present a more favorable entry point.

DXY

The Dollar is currently consolidating and showing signs of weakness after reaching a peak price barrier. The underlying expectation is for a continued decline, driven by the narrative that the Federal Reserve is poised to cut rates in September. We will continue to wait and see how the price action develops.

GBPUSD

The Pound is slightly consolidated but has shown progress toward a bullish continuation after failing to break below the key 1.34294 support structure. We now expect prices to continue higher in the coming days.

AUDUSD

The Aussie has also found strength against the U.S. Dollar after testing the EMA200, a move that has shifted the overall structure to bullish. The MACD is recording these gains with increasing volume. The RSI, however, has yet to fully normalize from overbought levels, which suggests there may be another minor drop before a continuation higher. We shall wait for an opportunity to enter at a more favorable price.

NZDUSD

Unlike the Aussie dollar, the Kiwi remains subdued. Despite some recent gains, the price has kept itself under the EMA200 and away from the key trend-shift structure. We will continue to hold a bearish bias on the Kiwi, noting that the MACD is consolidated and the RSI is indicating overbought conditions.

EURUSD

The Euro has entered a consolidation phase just slightly under the EMA200. The MACD is also consolidated, while the RSI is near overbought levels, suggesting that momentum still favors sellers for now. We will wait to see how the next few candles progress before confirming a direction.

USDJPY

The Yen remains consolidated. We will hold off on calling a direction for this pair until a clear breakout occurs, as it remains one of the least volatile markets at present.

USDCHF

The pair has shown increased bearish movement and has broken through a recent low. The MACD is still recording increased selling volume, and while the RSI is nearing oversold levels, it has room to move lower. We will wait to see how the price progresses while expecting more selling to come.

USDCAD

The Canadian Dollar has taken advantage of U.S. weakness, pushing the USD/CAD pair down to test the EMA200. This comes after a break in the prior shift barrier. We will continue to look for more selling opportunities in this market.