Key Economic Indicators: What to Watch Today

Market Analysis

GOLD

Gold prices are currently in a consolidation phase. While the price action has not confirmed a new leg up, we still expect an extended bullish movement, as a weaker U.S. Dollar typically supports gold prices.

SILVER

Gold prices are currently in a consolidation phase. While the price action has not confirmed a new leg up, we still expect an extended bullish movement, as a weaker U.S. Dollar typically supports gold prices.

DXY

The Dollar is experiencing further selling pressure, with the MACD and RSI continuing to record more bearish volume and momentum. The index has now completely shifted to a selling bias, leading us to look for more bearish opportunities. This weakness was amplified after Tuesday's ISM Services PMI report came in weaker than expected, increasing the market-priced probability of a September rate cut to 94.6%.

GBPUSD

The Pound is showing increased buying pressure and has broken above the EMA200. While this is a significant bullish development, the longer-term market structure has not yet confirmed a full reversal. Therefore, we remain cautious. The MACD and RSI both reflect the current strong bullish movement, signaling that a larger shift may be underway.

AUDUSD

The Aussie dollar is finding increased buying momentum and volume, which is reflected in the RSI and the MACD. However, the price itself has shown little change. We will wait for a decisive bullish break before committing to a directional view.

NZDUSD

The Kiwi is exhibiting a similar pattern to the Australian Dollar, posting small bullish gains as the MACD and RSI record upward momentum. While we anticipate more buying in the coming days, we are waiting for a clear shift in the overall price structure before making a definitive call.

EURUSD

The Euro is finding increased buying momentum, with strong signals from both the MACD and RSI. The overall price structure shifted to bullish after yesterdays trading session. Therefore, we will now look for more buying opportunities and expect the upward trend to continue.

USDJPY

The pair remains consolidated and is nearing the EMA200. We expect a test of this level, which may act as resistance, before a potential continuation of the downtrend. The MACD and RSI are also consolidating at the moment. We will wait for a clear break before taking action.

USDCHF

The pair is still trading at a key structural boundary. We will wait to see how the price progresses in the coming days and will refrain from making a directional call until a clear break occurs.

USDCAD

The CAD is gaining strength against the weaker U.S. Dollar, pushing the USD/CAD pair lower. The MACD and RSI indicate increased bearish momentum and volume. With this, we will continue to look for more selling opportunities.