05 Jul, 2024
5 minutes
Daily Technical Analysis Jul 5th 2024
1. EUR/USD Analysis:
News Summary:
The ECB must let investors understand that policymakers will not easily bail out France if financial markets come under stress. Officials will face a test of fiscal dominance that will determine their resolve to support euro zone budget discipline. The market's current expectations for central bank officials may be too high, so they should take a tough approach, and the market should not expect the central bank to intervene so easily.
Trend Analysis:
We can see H4 level of EUR/USD continues to rise and gradually moves away from the 48 hours moving average. However, the MACD double line and energy bar began to shrink above the zero axis. The sell limit could be used, stop loss is mandatory due to risk of nonfarm data.
Today's Key Price Levels:
Key Support Levels: [1.0750]
Key Resistance Levels: [1.0900]
Pivot Points [1.0850]
2. Gold Analysis:
News Summary:
Gold fluctuated within a narrow range, with gold prices rising more than 1% this week as recent US data showed a weak labor market, the Federal Reserve meeting minutes were dovish, and market bets on the Federal Reserve's interest rate cut in September increased. The US dollar index fell sharply to a nearly three-week low. Gold prices hovered near a two-week high as weak data boosted bets on U.S. interest rate cuts.
Trend Analysis:
We can see gold is oscillating above the 48 hours moving average. In addition, the MACD double lines and energy column continue to shrink downward above the zero axis. The sell limit could be placed if nonfarm data exceeds the expectation, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [2330]
Key Resistance Levels: [2387]
Pivot Points [2375]