XAUUSD tests resistance
Gold Pushing higher as buyers continue to enter the buying market. The price has accumulated strength after rising above the critical threshold of 2640 and is about to test key resistance at 2660. Another push higher could end the previous bearish rhetoric and resume the uptrend in the coming weeks. In the meantime, short-term bulls could face their first test if the rally takes a breather. 2620 is the closest support, and 2600 is a significant level at which the yellow metal will stay afloat.
EURUSD slides lower
The Euro pulled lower as the market expects the Fed to progress with its aggressive rate-cutting policy. The pair is looking to confirm a break below the 1.0900 level. Clearing this psychological zone would drop prices towards August’s low of 1.0780, with 1.0840 being the first target. On the flip side, a move higher after this current consolidation needs a 1.0950 break before a retracement to the upside can progress.
USDCAD continues the rally
The greenback shows its superiority across the board as price action soared over 300 pips. A jump above the daily resistance of 1.3650 dented the bearish mood, forcing more sellers to exit and wait for signs of stabilisation. With the RSI becoming majorly overbought, this could be a sign of exhaustion, with the pair hitting some consolidation. 1.3700 is the first support. Otherwise, the pair could be subject to a more sustained rally.
