
A new trading week is coming…
EUR/USD keeps moving inside the descending channel. It has reversed down from the upper trend line at 1.1800. It’s heading towards the 1.1780 support level. If it manages to break it, the way down to the next support zone of 1.1760-1.1750 will be open. The pair isn’t likely to break above the upper trend line, but still, be aware of resistance levels which are at the psychological mark of 1.1800 and the high of July 22 at 1.1825.
Gold is moving down to the 23.6% Fibonacci retracement level of $1790. It will struggle to cross it, but if it does, the way down to the low of June 24 at $1775 will be open. Resistance levels are the 38.2% Fibonacci retracement level of $1815 and the 50% FIbo level of $1833.
Finally, let’s discuss AUD/USD. It’s moving inside the descending channel. It’s likely to fall to the recent low of 0.7340. However, it may struggle to break it on the first try. The move below the support level of 0.7340 will open the doors to the low of July 21 at 0.7300. Resistance levels are 0.7400 and 0.7440.
A new trading week is coming…
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