GOLD
Gold recently underwent a correction, and while current highs are flagged as overbought by the RSI, the market remains bullish. The MACD shows fading selling momentum and hints of renewed buying strength. The quantitative forex models suggest that further upward movement is likely, but significant movement may not occur until after the release of NFP reports. The EMA200 remains far below current price levels, indicating that further buying is possible if momentum persists.
SILVER
Silver remains in consolidation, awaiting direction from gold prices. While the broader outlook for silver is bullish, it relies heavily on gold’s price action post-NFP. The MACD shows a cross with low volume, while the RSI indicates increased buying momentum without signaling overbought conditions. For traders using regulated MetaTrader platforms, silver provides a stable environment, with resistance still firm at 32.5177.
DXY
The Dollar Index (DXY) is consolidating as the market anticipates jobs data. The RSI previously hit oversold conditions, and the MACD suggests potential bearish continuation. A bearish outcome post-NFP is expected, reinforcing the probability of a Fed rate cut later this year. For those employing forex scalping automation, short-term opportunities may emerge as momentum remains firmly bearish.
GBPUSD
The Pound continues consolidating after pulling back from recent highs. The RSI calls for overbought conditions, hinting at further selling potential. The MACD suggests room for downside, though the Bank of England’s recent rate cut provides bullish momentum. Traders looking to compound forex profits may find value in this consolidation phase, using strategic entry points after the NFP report.
AUDUSD
The Aussie Dollar is holding above its prior consolidation zone’s resistance, which now acts as support. The RSI signals overbought conditions, and the MACD shows muted volume. However, with the possibility of a Fed rate cut after the jobs report, continued bullish momentum is likely. Traders using forex scalping automation can leverage these short-term fluctuations to maximize returns.
NZDUSD
The Kiwi Dollar shows strong buying momentum, with the MACD crossing up and the RSI reflecting overbought levels. Prices remain capped under 0.56869, suggesting consolidation. While the market favors bullish momentum, the quantitative forex models indicate that the NFP report will determine the next significant move.
EURUSD
The Euro has struggled to capitalize on the dollar’s weakness, reflecting weaker Euro fundamentals. The RSI indicates overbought conditions, and the MACD shows muted bullish volume. Until NFP data is released, sentiment for the Euro remains bearish. Hedging with multiple currencies can be a smart move here to manage risks in this uncertain environment.
USDJPY
The Yen has shown heightened selling momentum, with the RSI showing exaggerated levels during the correction. The MACD maintains bearish volume, and price action follows a consistent downtrend. For those using compounding forex profits, this downtrend presents opportunities to gain from sustained bearish movements, especially with NFP data looming.
USDCHF
The Swiss Franc bounced from support at 0.90054, with increased bullish momentum. However, the RSI indicates overbought conditions, and resistance near 0.90743 remains a challenge. Regulated MetaTrader platforms can offer precise entries and exits during this period of consolidation, with a bearish sentiment likely to resume after the jobs report.
USDCAD
The Canadian Dollar is consolidating at prior swing lows, acting as temporary support. The RSI signals oversold conditions, while the MACD shows muted volume with unclear direction. The forex scalping automation approach may be effective here, as traders monitor NFP data to see whether this support level holds or breaks.
COT REPORT ANALYSIS
- AUD – WEAK (5/5)
- GBP – WEAK (4/5)
- CAD – WEAK (4/5)
- EUR – WEAK (4/5)
- JPY – WEAK (1/5)
- CHF – WEAK (5/5)
- USD – STRONG (4/5)
- NZD – WEAK (4/5)
- GOLD – STRONG (5/5)
- SILVER – STRONG (4/5)