EUR/USD
Trend Theme：EUR/USD jumps but fails to grasp 1.10.
Trend Review：EUR/USD scrambled for higher ground on Monday, launching bids into 1.1000 before settling back into a familiar range near 1.0950 and failing to set a fresh high for 2024. Broad-market expectations for rate cuts from the Federal Reserve have run well ahead of the curve, with investors hoping for an initial double-cut from the Fed in September.
Today Advise：Bearish
Key Levels：
| PP | Resistance* | 1.09535 * | 1.09573 ** | 1.09661 *** |
| 1.09485 | Support* | 1.09447 * | 1.09397 ** | 1.09309 *** |
Weekly forecast：
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USD/CAD
Trend Theme：USD/CAD edges lower to near 1.3800 amid fears of looming US recession..
Trend Review：The USD/CAD pair trades on a softer note around 1.3805 during the early Asian session on Tuesday. The US Dollar bounces off the YTD lows near the 102.00 level and hovers around 102.60 amid fears of a US recession.
Today Advise：Bearish
Key Levels：
| PP | Resistance* | 149.278 * | 149.528 ** | 149.941 *** |
| 149.115 | Support* | 148.865 * | 148.702 ** | 148.289 *** |
Weekly forecast：
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WTI
Trend Theme：Oil steadies decline despite US equity joining Monday selloff.
Trend Review：Oil prices slide lower for a third straight day in a severe correction. Libya’s biggest oil field halts production. The US Dollar Index trades sharply lower and enters a correction phase.
Today Advise：Bullish
Key Levels：
| PP | Resistance* | 73.875 * | 74.151 ** | 74.575 *** |
| 73.727 | Support* | 73.451 * | 73.303 * | 72.879 *** |
Weekly forecast：
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XAU/USD
Trend Theme：Gold consolidates around $2,400 amid a combination of diverging forces.
Trend Review：Gold price struggles to capitalize on the previous day’s goodish bounce from the 50-day SMA support and oscillates in a narrow band during the Asian session on Tuesday. Geopolitical risks and the prospects for bigger rate cuts from the Fed continue to support the non-yielding XAU/USD.
Today Advise：Neutral
Key Levels：
| PP | Resistance* | 2415.96 * | 2419.62 ** | 2425.34 *** |
| 2413.9 | Support* | 2410.24 * | 2408.18 ** | 2402.46 *** |
Weekly forecast：
