The EURUSD is expected to rise from 1.2000 to 1.2050 in the positive zone. And again, this is the latest news from 1.2080 years ago. If the EUR/USD does not support the 1.2050 support, it is possible that the volatility will increase in the next quarter A close above 1.2150 and the 200 simple moving average will most likely open the doors for steady increase. The next major resistance sits at 1.2200.
The GBPUSD trend is moving at 1.3864 and is currently at 1.3909. Intraday bias is back on the upside. Current uptrend from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Break there will target 1.4376 long term resistance next. On the downside, break of 1.3774 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
The USDJPY remains neutral at this point and more range trading could be seen. Another rise is in favor with 104.39 support intact. On the upside, break of 105.76 will resume the rebound from 102.58 and target 38.2% retracement of 111.71 to 102.58 at 106.06. However, firm break of 104.39 will indicate that rebound from 102.58 has completed at 105.76. Intraday bias will be turned to the downside for 103.31 support first.
The AUD/USD’s rise from 0.7563 continues today and intraday bias stays on the upside. Firm break of 0.7819 will resume larger up trend from 0.5506, for 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. On the downside, break of 0.7717 minor support will delay the bullish case and extend the correction from 0.7819 with another fall.
The USD/CAD remains neutral at this point. On the downside, break of 1.2659 will argue that rebound from 1.2588 has completed at 1.2880. Intraday bias will be turned back to the downside for retesting 1.2588 low. On the upside, break of 1.2781 minor resistance will revive near term bullishness. Intraday bias will be turned back to the upside for 1.2880 and above, to resume the rebound from 1.2588.
The crude oil has broken above our expected resistance at 60 and could rise towards 65 too in the near term. Any rejection at 65 on at 63-63.50 levels in the near term. Overall immediate view is bullish but we may soon see near term resistances to hold.
The Precious metal has risen slightly today but we do not negate a fall towards 1780 to be seen in the medium term before a rally starts towards 1900 or higher in the longer run.
Legal: CF Merchants is the trading name of Commodity and Forex Merchants registered and regulated in many Jurisdictions. CF Merchants Limited is regulated with license number 24535/2018, at Suite 305, Griffith Corporate Center, P. O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines as an International Broker Company under the company act of Saint Vincent & the Grenadines. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendments and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well to provide brokerage, training and managed account services in currencies, commodities, indexes and leveraged financial instruments.
Commodity and Forex Merchants Limited is authorized under license number 1092420 by the Companies House, Cardiff, United Kingdom on 21st August 2017.
High Risk Investment Warning: Margin FX are leveraged products that carry an extraordinary level of risk to your funds. Trading is not suitable for everyone and may result in you losing significantly more than your investments and therefore, you should not speculate with capital that you cannot afford to lose. You should consider whether you understand how this work and whether you can afford to take the high risk of losing your money. All the trading related information on this website is general in nature and does not take into account your or your client’s personal intentions, financial conditions and needs. We encourage you to seek independent advice if necessary. It is the responsibility of the client to ascertain whether he/she is allowed to use the services of the CF Merchants based on the legal requirements in his/her country of residence. Please read full Risk Disclaimer for more details.
Regional Restrictions: CF Merchants (SV) Ltd does not provide services and accept applications from the residents of certain countries, such as United States of America, Canada, Israel, North Korea and Saint Vincent & The Grenadines. The statistics on this website is not directed at residents in any country or jurisdiction where such distribution or use would be contradictory to local law or regulation.