Key Price Levels for GBPUSD, EURUSD, EURJPY, and Gold – July 27 – 31, 2020

The USD has continued to weaken, testing the lows of several years back across all instruments and currency pairs.

Gold has soared to an all-time high trading a little above the 2011 peak.

The EURUSD is visiting the September 2018 levels.

The GBPUSD on the other hand is trading close to the June 2020 highs – a key level we saw in March 2020.

From the fundamental perspective, world economies are still reeling from the COVID-19 pandemic and some countries are bracing for a second wave of corona cases.

Sellers will this week pounce on any optimistic US outlook to drive down the price.

The key event in their minds is that Wednesday Federal Funds Rate.

Until there is a clear direction for the USD, the 4 hour and daily charts are still printing bullish candles.

Below are the key levels to watch this week.

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Key Price levels this week.

EURUSD.

EURUSD-weekly-forecast

Pivot – 1.15710.

Resistance Levels: 1.16686, 1.17289, 1.17718, 1.18265.

Support Levels: 1.14734, 1.14131, 1.13702, 1.13155

GBPUSD.

GBPUSD-weekly-forecast

Pivot – 1.27043.

Resistance Levels: 1.28133, 1.28807, 1.29287, 1.29898.

Support levels. 1.25952, 1.25278, 1.24799, 1.24188

EURJPY.

EURJPY-weekly-forecast

Pivot – 123.367.

Resistance levels: 124.181, 124.648, 125.042, 125.498

Support levels: 122.553, 122.050, 121.692, 121.236

GOLD.

GOLD-weekly-forecast

Pivot – 1871.11.

Resistance levels: 1909.65, 1933.47, 1950.42, 1972.01

Support Levels: 1832.57, 1808.75, 1791.80, 1770.21

Key Fundamentals this week.

Monday, July 27

USD – Core Durable Goods Orders m/m
USD – Durable Goods Orders m/m

Tuesday, July 28

EUR – Spanish Unemployment Rate
USD – CB Consumer Confidence

Wednesday, July 29

USD – Pending Home Sales m/m
USD – Crude Oil Inventories
USD – FOMC Statement
USD – Federal Funds Rate
USD – FOMC Press Conference

Thursday, July 30

EUR – German Prelim GDP q/q
USD – Advance GDP q/q
USD – Advance GDP Price Index q/q
USD – Unemployment Claims

Friday, July 31

USD – Core PCE Price Index m/m
USD – Revised UoM Consumer Sentiment
USD – Core PCE Price Index m/m
USD – Personal Spending m/m

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Final remarks.

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Till next week.

Trade responsibly.

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