News & Research

03 September 2024

powered by Land Prime

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• EURUSD

Update: The price has retraced to around 1.1050. There are signals that it may break below this level, leading to a potential continuation of the downtrend towards 1.1025 and possibly down to 1.1007. The price movement suggests a bearish sentiment, with the potential for a slight upward correction before the downtrend resumes. The Relative Strength Index (RSI) indicates possible short-term bullish retracement, but the overall trend remains bearish.

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• GBPUSD

Update: GBP/USD is experiencing downward pressure, with the price approaching the key resistance level around 1.3200 after breaking below 1.3124. This reinforces expectations for a continuation of the bearish trend. Despite a 2.1% gain in August, GBP/USD has started declining, with the technical indicators suggesting a buildup of bearish momentum. However, there is potential for a bullish bounce if it holds above the critical support level of 1.2650. Traders should be cautious as the price may retrace slightly upwards before continuing on a bearish path. The technical picture indicates that any corrections may be limited.

• GOLD

Update: Gold is showing a weak bearish trend, closing at around $2499. The daily candle suggests a potential correction as it remains above recent support levels. The price is expected to face resistance around $2520. If it can break above $2506, there may be opportunities for buyers targeting the previous resistance level around $2513. If gold can hold above the 21-day Simple Moving Average (SMA) at $2470, buyers might remain optimistic. However, traders should be wary of a potential bearish breakout if prices decline below the established support levels

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• AUDUSD

Update: AUD/USD has tested support at around $0.6728, where it has found some reliability. The price is currently facing resistance at $0.6823. The pair has struggled to maintain levels above $0.6798 recently. A failure to break this resistance could encourage further downward movement. Therefore, we are bearish as long as the pair is trading below 0.6823 with targets: 0.6700 – 0.6650.

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• GBPJPY

Update: GBP/JPY has closed a bullish candle at approximately 193.030. This marks a break and closure above a significant daily resistance level, reflecting some strength in buying momentum. The overall momentum appears bullish, and traders should watch for potential buying opportunities if the price holds above the 188 level with targets to the upside: 192 - 193. However, the presence of bearish signals means that careful monitoring is advisable, especially if the price approaches key resistances with sufficient evidence.

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