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The Majors and gold after US holiday: EUR/USD, USD/JPY and Gold

July 06, 2021

EUR/USD: The European currency traded practically unchanged against the US dollar on Monday due to the holidays in the US and decreased trading volumes. Macroeconomic data continue to reflect progress. Markit published the final versions of its June Services Purchasing Managers Index for the Eurozone. The German Index was worse than expected, while the Eurozone PMI was better than expected, reaching 58.3. Today we expect Retail Sales data for the Eurozone and the ISM Non-Manufacturing Index from the US. The local support level can be seen at 1.1840. A breakout below could take the pair towards 1.1790.

SELL 1.1835/TP 1.1785/SL 1.1852


USD/JPY: The US dollar was little changed against the Japanese yen on Monday. Japan published the June Jibun Bank Services PMI yesterday, which improved to 48, still showing economic contraction. Today during the Asian session, the country also published May Labor Cash Earnings and Overall Household Spending data which were better than expected, but this did not have any effect on the pair’s price. How the Japanese yen performs in the coming weeks against the USD will depend on how the Fed communicates its monetary policy on Wednesday. The local resistance level can be seen at 111.15. A breakout to the upside could take the pair towards 111.75.

BUY 111.20/TP 111.75/SL 110.95


XAU/USD: Gold prices rose a little on Monday. After the big rebound of the metal’s price that was in the second half of the previous week, gold demonstrated growth for the fourth day in a row. In the absence of important macroeconomic data releases and fundamental developments, gold’s movements remained relatively limited at the start of the week. The local resistance level can be seen at $1810. If the metal reaches this level and rebounds from it, it can become a trigger for the downside movement towards $1760.

SELL STOP $1795/TP $1760/SL $1806