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EUR/USD and EUR/JPY Forecast-Prices, Charts, and Analysis

The Euro Area economy expanded by 0.3% in Q2, according to the latest Eurostat data, slightly more than the 0.2% market forecast. Last month’s data was revised down to -0.1% from 0%, balancing the two quarters out. According to Eurostat, amongst the Member States for which data are available for the second quarter of 2023, Ireland (+3.3%) recorded the highest increase compared to the previous quarter, followed by Lithuania (+2.8%). Declines were recorded in Sweden (-1.5%), in Latvia (-0.6%), in Austria (-0.4%) and in Italy (-0.3%).

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Gold Prices Embrace Golden Cross as XAU/USD Looks to Beyond the Fed Next

Gold, XAU/USD, Fed, Golden Cross — Market Update:

Gold prices slightly higher in the aftermath of the Fed

A Golden Cross is forming between key moving averages

Is this a sign that further upside progress is in store?

Gold prices were left slightly higher in the aftermath of Wednesday’s rate hike from the Federal Reserve. The most meaningful development from the central bank was not the widely anticipated tightening, but rather commentary from Chair Jerome Powell that most officials do not envision a recession in the horizon, underscoring expectations of a soft landing.

With that in mind, it is widely anticipated that the Fed will do nothing in September. Anything beyond that will be dictated by incoming economic data. For now, let us examine how the technical landscape is shaping up in gold.

The most interesting development from the XAU/USD daily chart is that a bullish Golden Cross is taking shape between the 20-day and 50-day Moving Averages (MA). This is offering an increasingly upside technical bias and reverses the bearish Death Cross seen in May.

The Golden Cross has formed in the aftermath of prices breaking above a near-term falling trendline from May. Since then, gold seems to have found resistance around the 23.6% Fibonacci retracement level at 1971. Clearing higher exposes the minor 14.6% point at 2013 before May highs kick in. These make for a range of resistance between 2048 and 2081.

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Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.06% US 500: 0.77% France 40: 0.09% Germany 40: 0.08% FTSE 100: 0.03%

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Our data shows the vast majority of traders in USD/CHF are long at 87.70%, while traders in Germany 40 are at opposite extremes with 80.20%.

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Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.27% 🇦🇺AUD: 0.26% 🇨🇭CHF: 0.21% 🇪🇺EUR: 0.17% 🇨🇦CAD: 0.10% 🇯🇵JPY: 0.09%

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As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: -0.11% Wall Street: -0.14% Germany 40: -0.46% FTSE 100: -0.57% France 40: -0.81%

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Our data shows the vast majority of traders in USD/CHF are long at 89.73%, while traders in Germany 40 are at opposite extremes with 82.36%.