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EUR/USD Rises to 1.0900; Gold Eyes $2,500 on Fed Easing; US Futures Slip as Tech Awaits Earnings.

By Research Team Wednesday, Jul 17, 2024
EUR/USD

    • 11.30amD1
    • High1.0906
    • Low1.0895
    • Close1.0902

EUR/USD is trading at 1.0909, 0.08% up since previous day close. The EUR/USD pair was trading at about 1.0900 on Wednesday in the Asian session.  The Fed’s decision to hold rates in conjunction with the ECB’s rate decrease in June has increased the policy gap between the two central banks, which could short-term cause EUR/USD to depreciate even more. Since the hanging guy on the previous day’s candle indicates, the trend might be reversing. 1.0921 is the closest resistance, and 1.0869 is the closest support.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0987
R2 1.0965
R1 1.0921
Turnaround 1.0891
S1 1.0869
S2 1.0830
S3 1.0801
By Research Team Wednesday, Jul 17, 2024
US 30

    • 11.35amD1
    • High41037.00
    • Low40890.00
    • Close40892.00

US30 is trading at 40892, 0.21% down since previous day close. Technology stocks like NVIDIA Corporation led a significant increase in value during the previous year, and the hype around AI was a major factor in Wall Street’s surge. Another factor that put pressure on tech equities was traders pulling out of the industry and shifting to more economically vulnerable industries. RSI indicates that the market is in an overbought area. The market may be trending upward today. The nearest resistance is at 4050, while the support is at 40180.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 41595.00
R2 41391.00
R1 41050.00
Turnaround 40232.00
S1 40180.00
S2 39739.00
S3 39260.00
By Research Team Wednesday, Jul 17, 2024
GOLD

    • 11.40amD1
    • High2482.00
    • Low2461.00
    • Close2464.00

XAU/USD is trading at 2473, 0.21% up since the previous day’s close. Following its recent record high, which it reached on Wednesday during the Asian session in the $2,482-2,483 range, the price of gold retreats. Any further decline could still be viewed as a limited time purchasing opportunity. Now, traders are looking to the US industrial production data for a quick boost. the RSI reaches 70. With sellers and buyers exerting equal effort today, the market may consolidate. The closest support is 2417, while the closest resistance is 2483.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2522.00
R2 2502.00
R1 2483.00
Turnaround 2454.00
S1 2417.00
S2 2399.00
S3 2391.00
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