Trade ideas thread – European session 5 July 2023

<p>Things should start picking up now after the 4th of July holiday but keep in mind, that we do have a key data landmine to come later on Friday via the US non-farm payrolls. As such, markets could still be caught in a bit of a lull until then but at least there should be more volatility than the snoozefest we're seeing at the moment.</p><p>Among dollar pairs, AUD/USD is one to note as the pair runs up against its 100 and 200-day moving averages at 0.6690-94. That is a key spot limiting any upside for now. Meanwhile, USD/JPY continues to hover just below 145.00 and is likely to stay that way until we get to the main event on Friday it would seem.</p><p>Besides that, gold is seeing a decent bounce off the $1,900 mark from last week but there's still some doubts over a stronger rebound – not until we get a more settled mood in broader markets, especially in bonds. The 100-day moving average at $1,946 is a key level to watch in case buyers gather more momentum in the session ahead.</p><p>What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.</p>

This article was written by Justin Low at www.forexlive.com.