XAU/USD was flat in the Asian session.

•XAU/USD was flat in the Asian session. The pair has posted slight losses in the European and North American sessions
•There is resistance at 1361
•1331 is providing support. This line could face pressure in the North American session
•Current range: 1331 to 1361
Further levels in both directions:
•Below: 1331, 1307 and 1279
•Above: 1361, 1388, 1416 and 1447
XAU/USD ratio is showing movement towards long positions. Currently, long positions command a strong majority (64%), indicative of trader bias towards XAU/USD reversing directions and moving upwards.
Gold prices are lower on Friday, as the metal trades at $1339.52 in the North American session. It’s a quiet end to the trading week, with no US releases on the schedule.
US indicators were positive on Thursday and continue to boost the US dollar. US unemployment claims dropped to 262 thousand, beating the forecast of 269 thousand. This marked a five-week low for the key indicator and points to a labor market that is not only robust, but is approaching full capacity. On the manufacturing front, the Philly Fed Manufacturing  Index gained 2.0 points, rebounding nicely from a decline of -2.9 points in the previous release. This figure beat the estimate of 1.4 points.

AUD/USD

•AUD/USD posted considerable losses in the Asian and European sessions. The pair is unchanged early in North American trade
•0.7701 has strengthened in resistance following losses from AUD/USD
•0.7560 is providing support
•Current range: 0.7560 to 0.7701
Further levels in both directions:
•Below: 0.7560, 0.7440 and 0.7339
•Above: 0.7701, 0.7835, 0.7938 and 0.8045
AUD/USD ratio is showing little movement on Friday. Currently, short positions have a small majority (52%), indicative of slight trader bias towards the pair reversing directions and moving upwards.
The Australian dollar has posted considerable losses on Friday. Early in the North American session, the pair is trading just above the 0.76 level. There are no Australian or US releases on the schedule.
US numbers were positive on Thursday, and continue to boost the US dollar. US unemployment claims dropped to 262 thousand, beating the forecast of 269 thousand. This marked a five-week low for the key indicator and points to a labor market that is not only robust, but is approaching full capacity. On the manufacturing front, the Philly Fed Manufacturing  Index gained 2.0 points, rebounding nicely from a decline of -2.9 points in the previous release. This figure beat the estimate of 1.4 points.
In Australia employment numbers sparkled in July. Employment Change jumped 26.2 thousand, crushing the estimate of 10.2 thousand. This marked the sharpest gain since October 2015. However, the rise was made up of part-time jobs, as full-time positions actually dropped.

GBP/USD

•GBP/USD has posted slight losses in both the Asian and European sessions. The pair has posted considerable losses in North American trade
•1.3064 is under strong pressure in support. This line could break in the North American session
•1.3142 has strengthened in resistance following sharp losses by GBP/USD on Friday
Further levels in both directions:
•Below: 1.3064, 1.2938 and 1.2865
•Above: 1.3142, 1.3219, 1.3327 and 1.3480
•Current range: 1.3064 to 1.3142
The British pound has posted sharp losses on Friday, reversing directions after strong gains on Thursday. Early in the North American session, GBP/USD is trading at 1.3060. On the release front, it’s a quiet end to the week, with just one UK release. Public Sector Net Borrowing posted a surplus of GBP 1.5 billion in July, well above expectations. There are no US events on the schedule.

Brent crude has been cruising higher over the last couple of sessions

Brent crude has been cruising higher over the last couple of sessions, taking out some significant resistance levels with relative ease along the way and now finds itself trading at a one-month high.
The tests have been coming thick and fast for Brent in recent days and the next one isn’t far behind. The break through $46.50-46.70 was very significant – taking out prior support and resistance, retracement levels and moving average – but the next test could be more significant again.

 

EUR/USD ratio is unchanged on Monday

•EUR/USD has shown limited movement in the Asian and European sessions
• 1.1278 is a strong resistance line
• 1.1150 remains fluid. It is a weak support and could break in the Monday session
Further levels in both directions:
•Below: 1.1150, 1.1054, 1.0925 and 1.0821
•Above: 1.1278, 1.1376 and 1.1467
•Current range: 1.1150 to 1.1278
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EUR/USD ratio is unchanged on Monday, consistent with the lack of movement from EUR/USD. Currently, short positions have a strong majority (56%), indicative of trader bias towards EUR/USD breaking out and moving to lower levels.
The euro is showing limited movement on Monday, as EUR/USD trades at 1.1170. With French and Italian markets on holidays, we can expect an uneventful day from the pair. There are no Eurozone events on the schedule. Later in the day, the US will release the Empire State Manufacturing Index, with the indicator expected to improve to 2.1 points. Tuesday promises to be busier, with the release of German ZEW Economic Sentiment. The key indicator plunged in July by 6.8 points, reflecting market turmoil after the surprise Brexit vote in late June. Also on Tuesday, the US will release Building Permits and consumer inflation reports.

AUD/USD has shown limited movement

AUD/USD ratio is unchanged on Thursday, consistent with the lack of movement from AUD/USD. Short positions have a majority (55%), indicative of trader bias towards the pair breaking out and moving ground.
•AUD/USD has shown limited movement throughout the Thursday session
•There is resistance at 0.7835
•0.7701 was tested earlier in support. This line remains fluid and could see further action in the North American session
•Current range: 0.7701 to 0.7835
Further levels in both directions:
•Below: 0.7701, 0.7560, 0.7440 and 0.7339
•Above: 0.7835, 0.7938 and 0.8045
The Australian dollar is almost unchanged on Thursday after gaining 50 points on Wednesday. In the North American session, AUD/USD is trading slightly above the 0.77 level. On the release front, it’s another quiet day. Australian MI Inflation Expectations dipped to 3.5%. There was more good news from the US labor market, as Unemployment Claims dropped to 266 thousand, beating expectations. Friday will be busy, as the US releases key retail sales, CPI and consumer confidence reports. Any unexpected readings could affect the movement of AUD/USD.

EUR/USD ratio is showing slight gains

The euro has posted moderate losses on Thursday, erasing most of the gains seen in the Wednesday session. Currently, EUR/USD is trading at 1.1140. In economic news, French Final CPI declined 0.4%, matching the forecast. Today’s key event is US Unemployment Claims, with the indicator expected to edge higher to 272 thousand. Friday will be busy, with Germany releasing Preliminary GDP, and the US publishing CPI and Retail Sales reports, as well as the UoM Consumer Sentiment report.EUR/USD ratio is showing slight gains in short positions. Currently, short positions have a strong majority (61%), indicative of trader bias towards EUR/USD continuing to move to lower levels.