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Trading ideas for EUR/USD, USD/JPY and Gold

August 20, 2021

EUR/USD: The European currency fell on Thursday amid the strengthening of the U.S. dollar. The last Federal Reserve meeting minutes showed that authorities are planning to start tapering stimulus this year, even though there was division over the labor market recovery and the level of risk posed by rising coronavirus cases. Although the data published by the U.S. Department of Labor yesterday showed that the Initial Jobless Claims fell to their lowest level since the beginning of the coronavirus pandemic, it failed to help improve the market sentiment. There won’t be any high-tier macroeconomic figures released on Friday, and we expect that the pair will probably continue its current trend in the near future. The local support level can be seen at 1.1660. A breakout below could take the pair towards 1.1605.

SELL 1.1655/TP 1.1605/SL 1.1672


USD/JPY: The U.S. dollar was little changed against the Japanese yen yesterday. Correction in the U.S. Treasury yields contributed to the downside dynamics of the pair at the beginning of the trading session yesterday. Japan published foreign investment figures that showed a positive dynamic in net sales of long-term U.S. securities by foreign residents. Today, the country published the July National Consumer Price Index, far lower than market expectations. The local support level can be seen at 110.00. A breakout up could take the pair towards 110.47.

BUY 110.0/TP 110.47/SL 109.91


XAU/USD: Gold prices fell on Thursday due to a strong U.S. dollar and bets over an early policy tapering by the U.S. Federal Reserve. The rise in Delta variant cases across the United States is weighing on hopes the economy could recover quickly. The higher U.S. Treasury yields increase the alternative cost of holding the bullion metal. Meanwhile, the metal’s downside is capped because a demand emerges near the lower level amid rising concerns about the spread of the Delta variant and its possible impact on global growth recovery. The gold market was flat this week. The price was trading in a pretty narrow range. The local support level can be seen at $1770. A breakout below could take the pair towards $1737.

SELL $1769/TP $1737/SL $1780