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Market review by Bulls Capital Markets

USD/JPY:On the FOMC meeting tonight, watch for the key levels at 124.48 being resistance, whilst 123.00 is supportive. A confirmed break of either of these will cause direction.

EUR/USD:The hourly chart shows an uptrend intact in the past week but is being threatened today, with the support initially coming in at yesterday’s low of $1.1020 (which was also the breakout from the resistance on 23rd July).

NZD/USD:The caveat is that the price needs to break above the July resistance high at $0.6770 to really confirm the downtrend breach, whilst the RSI needs to continue to push higher and hold above 50 to suggest this is more than just a bear market rally.

XAU/USD: The sheer fact is that the gold price is now just not being sold off for the time being. That does not mean that a recovery is imminent.

Wednesday, 29 Jul, 2015 / 11:42

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