EUR/USD recovers some ground on Tuesday as the Greenback weakens post neutral-dovish remarks by Fed Chair Jerome Powell and as the French government announced a suspension of a pension reform. The pair trades at 1.1606 up 0.32%.
Gold price edges up during the North American session, yet trades below the all-time high of $4,179 reached earlier on Tuesday as investors digest Federal Reserve (Fed) Chair Jerome Powell's speech.
The New Zealand Dollar trims some of its earlier losses, as the Greenback turns negative on the day sponsored by the escalation of trade tensions between Washington and Beijing and Fed Chair Jerome Powell slightly dovish remarks. The NZD/USD trades at 0.5718, down 0.14%.
GBP/USD prolongs its losses for the second consecutive day on Tuesday as soft data in the United Kingdom (UK) justifies the need for lower interest rates by the Bank of England (BoE).
The 100 hour MA in the EURUSD and the 61.8% of the move up from the August 1 low both come in at 1.15922 and represent key topside resistance. The 1.15414 stalled the fall. That was the low from last week too.
Gold (XAU/USD) is taking a breather on Tuesday after surging to a fresh all-time high near $4,179 earlier in the day as safe haven demand remains supported amid intensifying US-China trade tensions, dovish Federal Reserve (Fed) expectations, and growing uncertainties across major economies.
The EURUSD is lower (higher USD) but the USDJPY is an outlier with that pair lower (lower USD). In the video, I take a look at the technicals that are driving the 3 major currency pairs to kickstart the US session.
US Dollar (USD) is likely to trade in a range between 7.1330 and 7.1460. In the longer run, USD is expected to trade in a range between 7.1200 and 7.1550, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
US Dollar (USD) is likely to trade in a range between 151.85 and 152.75. In the longer run, the current price movements are likely the early stages of a 149.50/153.00 range-trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Pound’s reversal against the Yen extended to fresh one-week lows at 201.34, hammered by a downbeat UK employment report and the risk-averse sentiment stemming from a new chapter of the Sino-US trade feud.Data from the UK released earlier on Tuesday revealed an unexpected increase in the jobless rate
Gold’s reversal from all-time highs near $4,180 found support at $4,090 earlier on Tuesday. The precious metal trimmed losses in risk-off markets amid simmering tensions between the US and China, returning to the $4,125 area during the European trading session.
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