Dollar Majors, Gold, and Aussie Under Pressure Ahead of Key Economic Releases
US Dollar majors and major assets are in focus ahead of key economic releases this week. The Euro (EUR/USD) is currently testing confluent uptrend support after rebounding off resistance at 1.1534/78, a region defined by the 38.2% retracement of the June advance and the May/January swing lows.
A break below this threshold would suggest a more significant near-term high is in place and a larger trend reversal underway. Initial resistance for EUR/USD is eyed at the 38.2% retracement of the recent decline, which converges with the 200-day & 52-week moving averages and the 25% parallel of the upslope near 1.1630/31.
Gold (XAU/USD) has broken below the August uptrend after Fed Chair Warsh's hawkish remarks at Jackson Hole, extending losses more than 6.3% off the monthly high. Key support now rests with the objective yearly open and the 50% retracement at 4319/20.
The Australian Dollar (AUD/USD) marked an outside daily-reversal off confluent resistance on Friday at 7208/14, a region defined by the 61.8% retracement of the 2021 decline and the 100% extension of the 2025 advance. AUD/USD is trading just above support into the monthly close, with the late-July uptrend median converging on Friday's low near 7155.