After gloomy Australia/China trade statistics and RBA Lowe, the AUD/USD remains under pressure approaching 0.6350.

After the Australian and Chinese trade balances indicated a declining surplus throughout the reporting period, the AUD/USD exchange rate is still under pressure toward 0.6350. The wide US Dollar demand driven by risk aversion continues to weigh on the pair.

The EUR/USD fluctuates around 1.0730 and struggles to extend gains.

The GBP/USD pair consolidated its recent losses around 1.2500, during Thursday’s Asian session.

The EUR/GBP aims to extend gains on BoE’s dovish remarks, trading higher around 0.8580.

The USD/CAD attracted some dip buying during the Asian session on Thursday and stalls the overnight modest pullback from the 1.3675 region, or its highest level since March 28.

The USD/CHF holds onto modest gains at its highest levels in over two months but lacks momentum near 0.8920 going into Thursday’s European session Following a three-day winning streak.

The USD/JPY pair retreated from a Year-To-Date (YTD) high of 147.87 and traded around 147.50 during the Asian session on Thursday.

The NZD/USD pair is currently trading in the range of 0.5865-0.5860, which is its lowest level since November 2022, and will remain on the back foot into Thursday’s Asian session. A bullish USD is exerting pressure on NZD/USD.

EVENTS RELEASE TODAY:

(AUD) RBA Governor Lowe Speaks at 08:40.

(EUR) GDP (QoQ) (Q2) Forecast 0.3%, Previous 0.0% at 14:30.

(CAD) Building Permits (MoM) (Jul) Forecast –0.5%, Previous 6.1% at 18:00.

(USD) Initial Jobless Claims, Forecast 234K, Previous 228K at 18:00.

(CAD) Ivey PMI (Aug) Forecast 49.2, Previous 48.6 at 19:30.

GBP/USD: Technical Overview

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 1.2519, suggesting a Sell sentiment.
• EMA 20: The 20-day EMA displays 1.2587, reinforcing a Sell indication.
• EMA 50: With a value of 1.2641, the 50-day EMA aligns with a Sell recommendation.

Simple Moving Average

• SMA 5: The 5-day SMA shows 1.2523, indicating a Sell sentiment.
• SMA 20: The 20-day SMA records 1.2615, supporting a Sell stance.
• SMA 50: The 50-day SMA stands at 1.2655, signifying a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, displays a reading of 32.76, suggesting a Negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Negative condition.

Resistance And Support Levels

• Resistance: The resistance level is identified at 1.2557
• Support: The support level is observed at 1.2483

Summary And Trade Suggestions

Based on the technical analysis, GBP/USD presents a Sell outlook. Traders may consider entering a short position, considering the indicators, moving averages, and oscillators.

Trade Suggestion:

• Entry Point: 1.2463
• Take Profit: 1.2365
• Stop Loss: 1.2537

EUR/USD Technical Overview:

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 1.0727, indicating a Sell signal.
• EMA 20: The 20-day EMA is at 1.0778, signalling a Sell sentiment.
• EMA 50: The 50-day EMA currently sits at 1.0832, suggesting a Sell indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 1.0726, reinforcing the Sell recommendation.
• SMA 20: With a value of 1.0804, the 20-day SMA also supports a Sell sentiment.
• SMA 50: The 50-day SMA registers at 1.0833, affirming a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 34.69, signifying a negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 1.0763.
• Support: The support level is identified at 1.0700.

Summary And Trade Suggestions

In summary, the technical analysis of EURUSD points towards a Sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a short position.

Trade Suggestion:

• Entry Point: 1.0687
• Take Profit: 1.0563
• Stop Loss: 1.0789

AUD/USD Technical Overview:

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 0.6399, indicating a Sell signal.
• EMA 20: The 20-day EMA is at 0.6454, signalling a Sell sentiment.
• EMA 50: The 50-day EMA currently sits at 0.6458, suggesting a Sell indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 0.6407, reinforcing the Sell recommendation.
• SMA 20: With a value of 0.6434, the 20-day SMA also supports a Buy sentiment.
• SMA 50: The 50-day SMA registers at 0.6544, affirming a Sell indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 35.03, signifying a negative signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Negative stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 0.6409
• Support: The support level is identified at 0.6364

Summary And Trade Suggestions

In summary, the technical analysis of AUDUSD points towards a Sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a short position.

Trade Suggestion:

• Entry Point: 0.6340
• Take Profit: 0.6258
• Stop Loss: 0.6402

USD/JPY Technical Overview:

Exponential Moving Average

• EMA 5: The 5-day EMA stands at 147.43, indicating a Buy signal.
• EMA 20: The 20-day EMA is at 146.75, signalling a Buy sentiment.
• EMA 50: The 50-day EMA currently sits at 145.96, suggesting a Buy indication.

Simple Moving Average

• SMA 5: The 5-day SMA shows a value of 147.47, reinforcing the Buy recommendation.
• SMA 20: With a value of 146.48, the 20-day SMA also supports a Buy sentiment.
• SMA 50: The 50-day SMA registers at 146.14, affirming a Buy indication.

RSI (Relative Strength Index)

The RSI, calculated over a 14-day period, stands at 62.31, signifying a positive signal.

Stochastic Oscillator

The %K value of the Stochastic Oscillator suggests a Neutral stance.

Resistance And Support Levels

• Resistance: The resistance level is observed at 147.81
• Support: The support level is identified at 146.62

Summary And Trade Suggestions

In summary, the technical analysis of USDJPY points towards a Buy sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a long position.

Trade Suggestion:

• Entry Point: 148.31
• Take Profit: 150.47
• Stop Loss: 147.93