There has been a rapid recovery of the USD index, which has seen gold price drift down towards $1,990.00 amid a steep decline in the USD index.
As risk aversion joins hawkish Fed bets to underpin the US Dollar's rebound through early Monday, WTI crude oil buyers struggle to keep the reins around $80.70 as the US Dollar rebound is underpinned by hawkish Fed bets.
The EUR/GBP cross struggles for a firm intraday direction on Tuesday and oscillates in a narrow trading band, just above the mid-0.8700s through the first half of the European session.
A bear flag has been confirmed as USD/CAD falls to 1.3485 while refreshing an intraday low early Tuesday morning in Europe. In addition, both the 100-SMA and 200-SMA of the Loonie pair have declined below their respective moving averages, adding further weight to this bearish trend.
According to our 24-hour view, although we expected the AUD to rise yesterday, we underestimated the pace of advance as it surged to a high of 0.6797.
It is very likely that the XAG/USD pair will push higher toward the next relevant hurdle near the $26.40-$26.50 zone before approaching the peak of 2022 which is just ahead of $27.00.
Currently, the USD/CAD pair has entered a bearish consolidation phase and oscillates in a narrow range around a two-month low that was reached earlier this week.
It is likely that the USD/JPY will move within the 131.20-133.70 range over the next few weeks, according to UOB Group Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.
There is a good chance that the NZD/USD will stay within the range of 0.6140 - 0.6285 for the foreseeable future. The idea is one that has been proposed by Senior FX Strategist Peter Chia and Market Strategist Quek Ser Leang at UOB Group.
GBP strengthens against the USD on the back of positive wage growth data in the UK, which lifts bets on more rate hikes from the BoE.
After two consecutive daily pullbacks on Monday, as reported by CME Group, open interest for natural gas futures markets shrank by around 11.9K contracts due to advanced prints from CME Group.
The price of gold is expected to surpass $2,000 for first time as us debt talks and fed policy are brought into the limelight. Gold price (XAU/USD) has recovered strongly above the psychological resistance of $2,000.00 in the Asian session.
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The AUD/USD pair has climbed swiftly above 0.6680 as the Reserve Bank of Australia (RBA) hiked interest rates surprisingly by 25 basis points (bps) to 3.85%. The market expected an unchanged interest rate policy.
Gold price (XAU/USD) shows signs of volatility contraction around $2,050.00 in the Asian session. The precious metal is struggling to make a decisive move as investors await the release of United States Nonfarm Payrolls (NFP) data for further action.
Economist Lee Sue Ann of UOB Group and Markets Strategist Quek Ser Leang of UOB Group believe the upside momentum in EUR/USD is likely to lose traction once the price drops below 1.0940.
A short-term resistance line teases the traders early Tuesday as WTI crude oil retreats to $72.80, easing from a one-week high. Apart from failing to cross an immediate trend line resistance, bearish MACD signals also weigh on the WTI crude oil price.
Despite the recent rebound in natural gas prices (XNG/USD), the price of natural gas traded mildly below $2.34 in early Tuesday trading.
As a result, the 21-DMA seems to be limiting the upside potential of the energy instrument during this period, despite a steady RSI (14). As long as XNG/USD is closing above the 10-DMA, which is a first in seven days, the buyers of XNG/USD remain hopeful.
According to Lee Sue Ann, an economist at UOB Group, and Quek Ser Leang, a market strategist at UOB Group, a further decline of the EUR/USD is likely to continue below the current level of 1.0920 throughout the rest of 2016.
As part of the debt ceiling discussion next week, US Treasury Secretary Yellen will be meeting with senior bankers. "The debt ceiling will be discussed by senior bankers next week," Treasury Secretary Janet Yellen said Friday.
It is very likely that gains for the market will remain limited to the region of $74.00 per barrel in the near future.
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In order to continue pushing USD/JPY higher, UOB Group's Markets Strategist Quek Ser Leang, as well as Senior FX Strategist Peter Chia, believe that USD/JPY could still rise to 139.00 and beyond.
Gold prices have struggled to capitalize on Friday's significant recovery from the $1,950 level. This is the lowest level since early April touched it on Friday.
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