2024 August, 21, 08:52:51 AM

Morning briefing: EUR/USD can test 1.1150-1.1200 before possibly topping out

Share with -

Morning Market Briefing

Authors: Vikram Murarka, Kshitij Consultancy Services

Date: August 21, 2024

Time: 04:16:00 GMT

Currency Market Outlook

  • US Dollar Index: Bearish trend, with potential decline towards 100.5-99.5.
  • Euro (EUR/USD): Bullish, targeting 1.1150-1.1200 before potential reversal.
  • Japanese Yen (USDJPY, EURJPY): Bullish, holding above 145 and 160, with potential for further gains.
  • Pound Sterling (GBP/USD): Faces resistance at 0.6775/0.6850, with potential for decline.
  • Australian Dollar (AUD/USD): Faces resistance at 1.30/1.3050, with potential for decline.
  • Chinese Yuan (USDCNY): Volatile within 7.18-7.12 range, with potential dip to 7.12.
  • Indian Rupee (EURINR, USDINR): EURINR bullish, targeting 94; USDINR faces resistance at 83.75, with potential decline.

Bond Market Outlook

  • US Treasury Yields: Bearish, with potential for further decline.
  • German Yields: Bearish, with room for further decline.
  • Indian 10Yr GoI: Sideways range, with bearish bias for sustained break below range.

Equity Market Outlook

  • Dow Jones, Nikkei: Bearish, facing resistance and potential for further decline.
  • DAX: Bullish, with support at 18200.
  • Nifty: Bullish for near term.
  • Shanghai: Bearish, targeting 2800.

Commodities Market Outlook

  • Crude Oil: Bearish, with crucial support; potential for bounce-back if support holds.
  • Gold, Silver, Copper: Bearish, with resistance at 2600, 30.00, and 4.25-4.22.
  • Natural Gas: Range-bound for near term.

For more detailed analysis, visit Kshitij Consultancy Services' official website.

Share this analysis using the social media buttons below.

Disclaimer: The views expressed in this analysis are solely the opinions of the authors and do not necessarily reflect the views of any organization or institution. The information provided should not be construed as investment advice.

Share To -
Please Sign in to make a comment.

  • Trending market news & market moves
  • Forex Forecast & Analysis
  • Experts opinions
  • Upcomming Webinars & Seminars
Subscribe to Our Newsletter