EURUSD getting back on track
The pair flirts with the 1.1600 area as investors digest last week’s inflation data. With the Fed and the ECB holding their rates, all eyes will now turn to inflation data as global economies assess the fallout from recent Middle Eastern tensions. With no immediate fundamentals this week from America or the Eurozone, traders could look elsewhere for profitable opportunities. The pair is testing 1.1600 as immediate resistance, with 1.1450 as firm support.
XAUUSD hits a fresh low
Gold spirals lower amid the Iranian conflict, as traders wonder whether a turnaround is on the horizon. With a drop of over 15% in recent sessions, the precious metal now looks closer to $4000 than $5000. Prices have come under increased pressure as sellers are attracting more sellers. A firm support at the recent low at 4300 is the next target. 4500 looks like it will be a critical resistance for now.
UKOIL rising higher
It’s no surprise that Brent continues its bullish trajectory as the Strait of Hormuz remains closed. More retaliation will raise concerns about a prolonged war, which could push oil prices even lower. As prices continue to rise, more records could be set, as the 120.00 level is the target for bulls, which was the peak before the war began. 105.00 becomes a support that, if breached, could see a rebound towards the 100.00 level.