EUR/USD, Gold & Crude Oil – Strong Bullish Movement for coming week

Technical Analysis and Forecast for EUR/USD, Gold and Crude Oil ahead of the new week: Expect a Strong Bullish Movement.

EURUSD: Expect a Continuation of the Bullish movement.

Last week's US session has greatly favored Euro. The market has reacted with a strong Bullish candle formed within 4hrs time frame which has taken the price of EURUSD to 1.17962. EURUSD is currently on a strong Bullish trend which is expected to continue in the new week. The next resistance to anticipate this week is at 1.18020. A break above this, will confirm the revival of long term Bullish momentum and trigger more buys that will take the price higher to 1.21940 which is the next resistance for EURUSD at the peak of the Bulls take over.

On the other hand 1.1704 has been a very Critical level and strong support for EURUSD. It has been recorded as the low so far this year since March 31. The market has so much respected this price and less likely to break it at this point. Hence, we expect the retest of the resistance given above and possibly a break above it such that a new support will emerge in the coming weeks.

GOLD: Technical Analysis and Forecast

The increasing new cases of the Corona virus reports, especially its Delta Variant currently spreading fastly in the US has led to further decline the US dollar. With this decline in US dollar following the last week US session reports, Gold prices has witnessed a strong rebound from its hitherto downward trend. Gold has been able to break out of the support at 1762 and heading for the age-long resistance at 1800 in the new week. We expect a new ATH above this region.

Now that 1762 has been regained for Gold. The bulls will have to overcome the strong resistance at 1790-1800, which previously acted as support last month.

Crude Oil: Technical Analysis and Forecast.

The price of Crude oil has been very volatile in the previous week. Further downside has been witnessed last Friday as West Texas Intermediate (WTI) was under pressure for the second day in a row, hence the price of Crude oil has fallen down once more selling at $67 a barrel.

This decline in the prices of crude oil is further fueled as the U.S authority has encouraged OPEC and its allies to increase their output in order to lower prices and fuel an economic recovery. On top of this, the International Energy Agency also lowered its forecast for demand in oil for the rest of the year as Covid cases spike again. With this underlying negative news, oil has witnessed a sharp decline from its previous ATH at $74 per barrel to its current price over the weekend at $67.

At present, the market has recently formed a subtle double bottom near the $65 level. Any break down below $65 in this new week will lead to further downside with the next support at $51.46, then it is likely that we could go much lower to the second support at $49.27. On the other hand, if the present support is sustained in the new week allowing a break out up to the $70 level, then it is possible that we could go looking towards the $74 level once more.