After tumbling to 1.1003 on Friday on the back of mixed US macroeconomic data, EUR/USD consolidated within the 1.1050-1.1065 area (hourly 55-period Exponential Moving Average) in the past several hours of trade. As of early US session on Monday the major pair broke out from a relatively tight daily range to trade at 1.1072. Resistance may be encountered within the 1.1108/1.1115 area (38.2% Fibonacci retracement/July 8th high) and then – at 1.1169 (50.0% Fibonacci, which reflects the descent from June 24th high to June 24th low).
GBP/USD rallied and rose briefly above the 1.3000 handle to an intraday high of 1.3018, following reports in the media that Conservative candidate, Andrea Leadsom, is to withdraw from the contest for the Prime Ministers seat, which puts Theresa May in a leading position. At the start of the US trading session, however, the pair returned to the 1.2920-1.2940 area. A break and consistent close below 1.2881 would expose 1.2851 (the current intraday low) and then – 1.2797 (the low from July 5th and also a 31-year low).
USD/CAD came off an intraday high at 1.3096 to trade at 1.3066 at the start of the US session. A break and close above 1.3099 would expose 1.3120 (the high from June 27th) and then – 1.3145 (the high from June 2nd).
Having touched $1,376.40 per troy ounce earlier on Monday, gold futures for delivery in August edged down to trade at $1,354.45 during early US session. A break and close above $1,377.45 (the high from July 6th) would expose $1,391.40 (the high from March 17th 2014) and then – $1,397.50 (the high from September 5th 2013). Support may be received at $1,345.90 (the hourly 200-period EMA).
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