News & Research

10 September 2024

powered by Land Prime

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• EURUSD

Update: The slump towards 1.1025 and maybe much lower to 1.1007 might continue if pair is able to continue below 1.1050. There may be a little upward correction before the decline begins, but the price movement points to a negative outlook. The general trend is still negative, but the Relative Strength Index (RSI) suggests a potential short-term positive retracement.

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• GBPUSD

Update: The price of GBP/USD is under pressure to decline, having broken below 1.3124 and now moving closer to the important support level at 1.3040. This heightens the likelihood that the negative trend will continue.  The pair may continue going downwards for as long as it is trading below 1.3180 with targets: 1.3000 – 1.2900.

• GOLD

Update: Gold's attractiveness as a safe-haven asset tends to be reinforced by the pressure on the US dollar. Gold prices have also been helped by expectations of further Federal Reserve interest rate reductions. The opportunity cost of owning non-interest bearing assets, such as gold, can be important by lower interest rates. Consequently, a break above the resistance level of $2,550 in gold prices may indicate a continuation of the rising trend towards the $2,600 level.

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• AUDUSD

Update: It is challenging to identify a distinct directional bias for the AUD/USD because both Australia and the US have provided a mixed bag of positive and negative economic data. Nonetheless, a break over the 0.6700 resistance level in the AUD/USD pair would indicate a possible upward move towards the 0.6800 level. Prices may, however, be indicating a bearish trend with targets between 0.66 and 0.6550 if they fall below the 0.6630 support level.

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• GBPJPY

Update: The overall trend for the pair remains bearish, with the most recent closure below the support level of 188.20, indicating ongoing selling pressure. As could be seen on the chart above that the pair is trading below a strong level of resistance around 188.20. Therefore, we are bearish for as long as the pair is trading below it with targets: 184 – 183.

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