The summer calm will extend into this week as economic events will remain sparse. Nevertheless, meeting minutes from the central bank and the annual conference of central bankers at the Jackson Hole Economic Symposium should produce loads of headlines ahead of proposed policy easings in September. Besides, the trade and geopolitical tensions will also come to the fore as world leaders attend a G7 summit in France. Bitcoin (BTC/USD) has restored the psychologically level $10,000 whole figure level (as part of its ongoing 2-month consolidation) after some profit-taking during the previous week. Whereas the buyers see BTC/USD recapitulating an up channel. Bulls are also suggested to closely monitor Ripple (XRP/USD) and Ethereum (ETH/USD) as these seem to reclaim (after breaking last week) major prior support at 0.3 and 200 respectively.   One of the most important fundamental today is the Eurozone’s July inflation figures which are due to kick the week off. Excluding any deviation from prelim numbers, the focus will be on the headline CPI figure. Later, the investors focus will shift to August prelim private sector PMI numbers due out on Thursday. Expect the German manufacturing PMI and the Eurozone’s composite PMI to be the key drivers. Moreover, the Eurozone's service sector activity will need to extend support, though. Moderate growth in services and anticipate risk aversion to impact. The single currency hasn't moved much as the EUR/USD pair continues to trade below support come resistance level of 1.1115. Previously, the EUR/USD declined to a new 2-week low of 1.1091, as US economic figures shocked to the upside, while ECB’s Rehn discoursed about “significant” stimulus required. US Retail Sales increased by 0.7% in July, more than doubling the 0.3% boost expected. Investors are still likely to trade EUR/USD with a bearish bias, but most of the price action will be determined by the Final CPI data during the European session. Thus, we may see a further drop in the EUR/USD until 1.1060. The immediate resistance stays at 1.1115 today. Support Resistance 1.1118   1.1178 1.1094   1.1215 1.1034   1.1275 Pivot Point 1.1154 On Monday, I will be looking to stay bearish below 1.1115 to target 1.1080 and 1.1060 support areas today. Below this, the EUR/USD can extend bearish rally until 1.1030 today. The GBP/USD ended the week up by 0.96% to $1.2149. This week, we don't have much fundamental news scheduled for Sterling, however, the August’s CBI Industrial Trend Orders may drive some price action in GBP/USD, which is due to be released on Tuesday. We will discuss it in more details tomorrow. The GBP/USD pair has ended the week with gains, a handful of pips below the 1.2150 level. The GBP/USD spiked to place a high around 1.2140, breaking above the bearish trendline resistance area. Bullish trend in Sterling continued for a third consecutive day, mostly supported by some headlines indicating that Labour leader, Jeremy Corbyn, has been in discussions with the Scottish National Party, on how to strive together to prevent a no-deal Brexit. Technically, the GBP/USD has closed outside of downward trendline which was extending resistance at 1.2140. At the moment, this level is likely to work as a support for the Cable. The Relative Strength Index (RSI) has already crossed over 50, suggesting a strong bullish bias among traders. On the upperside, resistance stays at 1.2207, while support is likely to be 1.2140 and below this, the 1.2100 level may underpin the GBP/USD. Support Resistance 1.2096 1.2186 1.2046 1.2226 1.1956 1.2316 Pivot Point 1.2136 I’m looking to stay bullish above 1.2136 with a target of 1.2170 and 1.2200 on the upper side. During the Asian session, the precious metal gold continues to trade is sideways, within a narrow trading range of around 1532 - 1508 as investors are in a phase of indecision whether to go short and do profit-taking in gold or to stay bullish amid U.S.- China trade war and a steep fall in U.S. bond yields. Besides that, the hopes of stimulus from major central banks eased fears of a steep global economic downturn. During the weekend, China’s central bank revealed a key interest rate change to help drive borrowing costs lower for companies, and support a drop in economic growth. The yellow metal gold is supported amid trade war and other geopolitical tensions around the globe. Immediate resistance stays at 1517. It’s a crucial level as a violation of this open further room for buying until 1524. On the lower side, gold is likely to gain support around 1,508 and 1,495. Support Resistance 1483.43 1539.31 1453.42 1565.18 1397.54 1621.06 Pivot Point 1509.3 On Friday, let's keep an eye on 1,509.3 level as gold is likely to stay bearish below this and bullish above this level. All the best and have a profitable day!

On Friday, the U.S. dollar index experienced gains following a surge in U.S. retail sales eased concerns about the world’s top economy. Previously, the greenback was on track for a weekly gain versus safe-haven currencies such as the Japanese yen and the Swiss franc, pointing to some respite for frayed nerves following fears of recession and rallies in Hong Kong rattling financial markets. With that, one this is clear; the market is trading risk-off sentiment and investors are looking to park their investments into the non-risky or safe-haven assets such as gold, silver, and Japanese yen while sell-off is experienced in stock markets. Bitcoin, on the other hand, traded yesterday upwards and moved to $10,407, representing a 0.82% price increase on the day. Bitcoin has consolidated from just under $10,000 to over $12,000 this month and had most recently been on a downward streak. BTCUSD continues to hold below the strong resistance level of 10,400, currently dropping to near $10,000. Yesterday's move looks like a lower's high. Therefore the next target can be a lower low around 9,682. However, a bullish breakout of 10,420 can lead BTC towards 10,600 and 10,900.     The EUR/USD pair declined to a new 2-week low of 1.1091, as US economic figures shocked to the upside, while ECB’s Rehn discoursed about “significant” stimulus required. US Retail Sales increased by 0.7% in July, more than doubling the 0.3% boost expected. The bearish breakout of EUR/USD below the descending triangle support area of 1.1160 has triggered sharp sell-off in EUR/USD; recalling the fact that most of the bearish bias in EUR/USD was triggered due to worse than expected GDP report.     With that being said, investors are still likely to trade EUR/USD with a bearish bias. Thus, we may see a further drop in the EUR/USD until 1.1060. The immediate resistance stays at 1.1115 today. Support Resistance 1.1118      1.1178 1.1094      1.1215 1.1034      1.1275 Pivot Point 1.1154 I will be looking to stay bearish below 1.1115 to target 1.1080 and 1.1060 support areas today. The GBP/USD spiked to place a high around 1.21400, the bearish trendline resistance area. The bullish trend triggered the release of better than expected retail sales figures. According to the Office for National Statistics, the quantity purchased in retail sales boosted by 0.5% versus the prior three months, with food stores and fuel stores seeing a decline. The quantity bought in July 2019 surged by 0.2% versus the previous month, with strong growth of 6.9% in non-store retailing. Besides that, there's no relevant news around Brexit. The latest news announced J.Corbyn’s plan to call for a no-confidence vote on PM B.Johnson had been refused, as expected. Corby’s strategy involved snap elections, a setback in Brexit and another referendum. Technically, the GBP/USD has come out of sideways channel, which was keeping sterling within a tight range of 1.2080 – 1.2015. The relative strength index (RSI) is crossing above 50, suggesting a slight bullish bias among traders. However, the bearish trendline resistance on the 4-hour chart is keeping Sterling bearish below 1.2125 resistance. Support Resistance 1.2039       1.2089 1.2019       1.212 1.1969       1.2171 Pivot Point 1.207 I’m looking to stay bearish below 1.2070 and bullish above 1.2085 with a target of 1.2120 on the upper side and 1.2040 on the lower side. On Friday, the precious metal gold is trading sideways, within a narrow trading range of around 1532 - 1508 as investors are in a phase of indecision whether to go short and do profit-taking in gold or to stay bullish amid U.S.- China trade war and a steep fall in U.S. bond yields. Gold Aug 16 by EagleFX-com on TradingView.com   Gold continues to stay supported amid trade war and other geopolitical tensions around the globe. Immediate resistance stays at 1532. It’s a crucial level as a violation of this open further room for buying until 1545. On the lower side, gold is likely to gain support around 1,517 and 1,508. Support Resistance 1,500.71    1,528.12 1,485.01     1,539.83 1,457.61     1,567.23 Pivot Point  1,512.42 On Friday, let's keep an eye on 1,532 level as gold is likely to stay bearish below this and bullish above this level. All the best and have a profitable day!

On Thursday, the U.S. dollar index continues to trade choppy due to lack of market-moving fundamentals. The market is currently trading the Risk-off theme which is driven by global slowdown across the board, for instance, a day before we saw weakening German data as well as a big miss on China data. As per Reuters poll of foreign exchange strategists, the Chinese yuan is likely to decline further beyond the current 7 per dollar rate across the upcoming year as Beijing steps back from managing the currency amid tariff threats from Washington. BitcoinBTC/USD The UK retail sales, listed to be published later this session at 8:30 GMT, is expected to sink -0.3% m/m in May, following a 1.0% figure seen in June. Indeed, no-Brexit sentiments and ongoing geopolitical tensions between the U.S. and China is making consumers frightened which is causing a drop in retail sales. Worse than expected figures may put extra weight on Sterling today. The US economy is focused on consumption and inflation figures as this has been an opulent cause of the growth of late. Headline sales are anticipated to decline in the report for July – 0.3% against 0.4% in June. Whereas, the Core sales are anticipated to surge by 0.4%. The control group – which has surged by 0.7% in June – is anticipated to have improved at a moderate pace. A day before, the single currency Euro was attempting to break below the 1.1160 support and the 50 EMA. The major reason behind such a sell-off is the worse than expected GDP report. Germany's economy contracted in the second quarter as global risk and the trade war hurt German manufacturers. GDP for the three months concluded June shrank 0.1% versus the previous quarter, in line with analyst expectations. That's down from 0.4% growth in the first three months of the year. With that being said, If the bears continue to succeed, we may see a further drop in the EUR/USD until 1.1110. The immediate resistance stays at 1.1169 today. EUR/USD - Daily Technical Levels Support Resistance 1.1118       1.1178 1.1094      1.1215 1.1034      1.1275 Pivot Point 1.1154 I will be looking to wait for a slight retracement before taking a sell position below 1.1165. Whereas, the EUR/USD can stay bullish above 1.1113. On Wednesday, as per the UK Office for National Statistics (ONS) report, the British Consumer Prices Index (CPI) came out at 2.1% in July, beating the 2.0% figure from June while exceeding expectations of a 1.9% report. Meantime, the core inflation measure (excluding volatile food and energy items) came at 1.9% y/y last month compared to 1.8% booked in June while matching the consensus forecast of 1.8%. Technically, the GBP/USD is trading sideways within a narrow range of 1.2100 - 1.2015. The relative strength index (RSI) is crossing below 50, suggesting bearish bias among traders. Below 1.2015, Sterling has room to go for 1.1975. While a bullish breakout at 1.2102 is likely to extend bullish rally until 1.2160. GBP/USD - Daily Technical Levels Support Resistance 1.2039       1.2089 1.2019       1.212 1.1969        1.2171 Pivot Point 1.207 I'm looking to stay bearish below 1.2100 and bullish above 1.2015 having placed my stop loss 30 pips below and above the entry price to capture 30/40 pips take profit. Precious metal gold-mounted during the Asian session as the U.S. bond yield curve scared traders about growing recession risks. On the other hand, the protracted Sino-U.S. trade war continued to fears of global economic retardation, boosting the appeal for safe-haven assets. Gold continues to stay supported amid trade war and other geopolitical tensions around the globe. Immediate resistance stays at 1524. It's a crucial level as a violation of this open further room for buying until 1530/34. On the lower side, gold is likely to face support around 1,517 and a bearish breakout can cause a drop until 1513. Overall, gold trades with the bullish sentiment, however, the U.S. retail sale and Philly Fed manufacturing may drive further trends during the New York session today. Gold - Daily Technical Levels Support Resistance 1,500.71     1,528.12 1,485.01      1,539.83 1,457.61      1,567.23 Pivot Point 1,512.42 In my opinion, it's better to stay bullish in gold above 1,512/10 to target 1,532 today. All the best and have a profitable day!