Gold prices fell in early Asian trade on Tuesday as the dollar rose to a near one-week high on expectation of a smaller interest rate cut by the U.S. Federal Reserve at ...

GBPUSD has declined considerably again after it failed to surpass the short-term moving averages from the beginning of the month. During the preceding week, cable reached a fresh more than two-year low of 1.2380 and touched the return line of the downward sloping channel. The negatively aligned Tenkan-sen line serves as a testament to the negative short-term momentum that is in place. The RSI indicator is moving south in the bearish territory, while the %K line of the stochastic oscillator created a downside crossover with its %D line, suggesting an extension of the selling interest. Immediate support to further declines may be taking place around the 1.2360 – 1.2380 support zone, while the 1.2100 handle, identified by the low on March 2017, could provide additional support in case of steeper losses. A move to the upside may meet resistance near 1.2878, this being a peak recorded on July 12, with the area around it also encapsulating the 23.6% Fibonacci retracement level of the downleg from 1.3380 to 1.2380 near 1.2615. In case of stronger bullish movement could send prices towards the 38.2% Fibonacci mark of 1.2760. To summarize, GBPUSD looks negative in the near-term, while in the medium-term the picture is seen bearish unless the price breaks above the descending channel, which has been holding since March 13. ...

EUR/USD – Push down to retest range support. The pair has broken below the 1.1240 lower limit of the short-term neutrality zone as per highlighted in our previous report (click here for a recap). As the hourly Stochastic oscillator has started to inch up from an extreme oversold level, the pair may stage a bounce at this juncture back towards the 1.1245 intermediate resistance. Flip to a bearish bias in any bounces below the 1.1285 short-term pivotal resistance for another round of potential push down to retest the 1.1180 neckline support of the “Head & Shoulders” configuration and below exposes the 1.1130/1120 medium-term range support. On the other hand, an hourly close above 1.1285 sees an extension of the corrective rebound towards the 1.1345 intermediate resistance. ...