Good Morning!
The dollar Index needs to bounce back from current levels to test 105+ on the upside, else it can fall towards 104, while Euro is headed towards 1.09. EURJPY looks bullish towards 172 while USDJPY looks muted below 158/157. USDCNY is headed towards 7.25/26. Aussie and Pound can soon rise to 0.67 and 1.28 respectively before topping out. EURINR can now rise back towards 90-91 in the coming sessions. USDINR above 83, has potential to rise back towards 83.35/40 in the near term.
The US Treasury yields have to break their immediate resistance to move higher and avoid a fall. It is a wait and watch situation. The resistances on the German yields are holding well. A corrective fall looks likely in the near-term within the overall uptrend. The 10Yr and 5Yr GoI are holding well above their supports. We can expect a consolidation before they move up again.
Dow Jones was closed yesterday. DAX and Shanghai have bounced back contrary to our view and might extend the bounce further. Nifty has key resistance at 23200 which if holds, can lead to a corrective fall. Nikkei lacks a follow through rise but bias is positive to see a rally towards 40000 while above 38000.
Crude prices have extended the bounce but needs to overcome the resistance at $85 (Brent) and $80 (WTI) respectively to bring back the bullishness. Else can remain vulnerable to a fall. Gold and Silver have risen above their resistance and while this break sustains, a further rise can be seen in the near term. Copper is holding well above support at 4.70. While above 4.70, a rise towards 5.00 looks possible. Natural Gas can come down to test its immediate support. Thereafter we need to see if it bounces back or breaks lower.
Visit KSHITIJ official site to download the full analysis
The above views are based on the latest available information. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. While the views are proffered with the best of intentions, neither the author, nor the firm are liable for any losses that may occur as a result of any action based on the above. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
Recommended Content
Editors’ Picks
![EUR/USD stays below 1.1100, looks to post weekly losses](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/european-euro-coin-on-top-of-american-dollar-bill-11292130_XtraSmall.jpg)
EUR/USD stays below 1.1100, looks to post weekly losses
EUR/USD continues to trade in a narrow range below 1.1100 and remains on track to end the week in negative territory. Earlier in the day, monthly PCE inflation data from the US came in line with the market expectation, failing to trigger a reaction.
![GBP/USD struggles to find a foothold, trades near 1.3150](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-157771037_XtraSmall.jpg)
GBP/USD struggles to find a foothold, trades near 1.3150
GBP/USD stays on the back foot and trades in negative territory at around 1.3150 on Friday. The US Dollar holds its ground following the July PCE inflation data and doesn't allow the pair to stage a rebound heading into the weekend.
![Gold retreats toward $2,500 ahead of the weekend](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-bars-50657756_XtraSmall.jpg)
Gold retreats toward $2,500 ahead of the weekend
Gold stays under modest bearish pressure and declines toward $2,500 in the American session on Friday. The 10-year US Treasury bond yield edges higher toward 3.9% after US PCE inflation data, causing XAU/USD to stretch lower.
![Week ahead – Investors brace for NFP amid Fed rate cut speculation](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/NFP/america-back-to-work-gm178972493-25143312_XtraSmall.jpg)
Week ahead – Investors brace for NFP amid Fed rate cut speculation
Here comes another NFP week, with investors eagerly awaiting the results as they try to discern the size and pace of the Fed’s forthcoming rate cuts. The weaker than expected July numbers triggered market turbulence, instilling fears about a potential recession in the US.
![Easing Eurozone inflation to back an ECB rate cut in September](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/Eurozone_countries/Eurozone/eu-flags-flying-at-the-european-commission-building-brussels-belgium-24759579_XtraSmall.jpg)
Easing Eurozone inflation to back an ECB rate cut in September Premium
Eurostat will publish the preliminary estimate of the August Eurozone Harmonized Index of Consumer Prices on Friday, and the anticipated outcome will back up the case for another European Central Bank interest rate cut when policymakers meet in September.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.