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Market Update - 03 Aug 2023

AUD/JPY attracts some buyers and holds ground near the 94.00 mark on Thursday. The stronger Chinese data offset the disappointing Australian data. AUD/JPY trades within a descending trend channel line from the middle of June. The immediate resistance level is seen at 95.50; the initial support level is located at 93.30. (FXStreet)

EUR/GBP remains sidelined after refreshing a one-week high the previous day. Bearish moving average crossover teases sellers but three-week-old rising support line can prod downside moves. BoE needs to defy dovish bias to convince EUR/GBP sellers. Five-week-old horizontal resistance challenges buyers targeting July’s top. (FXStreet)

USD/CAD prods July’s peak after two-day uptrend, sidelined of late. Oil Price extends fall from multi-day high amid fears of no change in OPEC+ output cut policy, risk-off mood. Market’s consolidation after a volatile day, preparations for US data prod Loonie pair at multi-day top. Bulls flex muscles amid hawkish Fed hopes, upbeat yields and firmer early signals for top-tier data. (FXStreet)

USD/JPY gains momentum and edges higher to the 143.65 mark. The pair stands above the 50- and 100-hour EMAs with an upward slope. The initial resistance level to watch is 143.80; the first support stop is located at 142.80. (FXStreet)

USD/CHF remains on the front foot for the sixth consecutive day, clings to mild gains of late. Swiss CPI slides to -0.1% MoM, 1.6% YoY in July. Clear upside break of 21-DMA, bullish MACD signals keep buyers hopeful. May’s bottom lures bulls but 0.8880 is a tough nut to crack for bulls. (FXStreet)

The index keeps the rally well in place so far. US 10-year yields rose to nine-month tops past 4.15%. Weekly Initial Claims, ISM Services PMI, Factory Orders next on tap. The rally in the greenback remains well and sound and lifts the USD Index (DXY) to the vicinity of the key barrier at 103.00 the figure on Thursday. (FXStreet)

EUR/JPY corrects sharply to 156.00 as the market mood turns extremely cautious. Eurozone inflation is almost three times the desired rate of 2%, therefore, further policy-tightening seems warranted. The BoJ provided more flexibility to the YCC and delivered a message that the central bank is exiting from the expansionary policy. (FXStreet)

NZD/USD remains depressed for the third straight day and hits a fresh multi-week low. The overnight breakdown through the 0.6145-0.6140 confluence favours bearish traders. Bears might now aim back to retest sub-0.6000 levels, or the YTD trough touched in May. (FXStreet)

AUD/USD drifts lower for the third straiday and drops to its lowest level since early June. Bets for more rate hikes by the Fed continue to underpin the USD and exert downward pressure. The fundamental and technical setup favour bears and support prospects for additional losses. (FXStreet)

Gold price seems fragile above $1,930.00 as the US labor market remains resilient while wage growth slows. Janet Yellen calls Fitch’s downgrade to US government long-term credit rating ‘entirely unwarranted’. Investors await US Services PMI, monthly Factory Orders, and weekly jobless claims data. (FXStreet)

Silver drifts lower for the third successive day and drops to over a three-week low.  The overnight breakdown through key technical supports favours bearish traders. Any attempted recovery is likely to get sold into and remain capped near $24.00. (FXStreet)

Source: FXStreet, DailyFX

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

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