EURUSD remains neutral for the moment. As long as 1.1732 minor support holds, another rise is still mildly in favor. Break of 1.1830 will extend the rebound from 1.1612 to retest 1.2011 high. However, break of 1.1732 will suggest that correction from 1.2011 is extending with another leg. Intraday bias will be turned back to the downside for 1.1612 and below.
GBPUSD remains neutral for the moment. As long as 1.2845 minor support holds, further rally is in favor. Above 1.3082 will resume the rebound from 1.2675 for 1.3482 resistance. Nevertheless, break of 1.2845 will indicate that fall from 1.3482 is not over. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690.
USDJPY remains neutral for the moment. With 104.94 support intact, further rise remains in favor. On the upside, break of 106.10 will target 106.94 resistance. Sustained break there should confirm completion of the whole decline from 111.71. On the downside, break of 104.94 support will revive near term bearishness and target a test on 104.00 low instead.
EURJPY fell sharply after testing 125.09 yesterday. Resistance above 125 could hold well for now and produce a rejection towards 123-122 soon. View is bearish while below 125.
Further rise is in favor as long as 0.7095 support holds. On the upside, above 0.7243 will extend the rebound from 0.7005 to retest 0.7413 high. Decisive break there will resume larger rise from 0.5506 to 0.7635 fibonacci level. However, firm break of 0.7095 will argue that corrective fall from 0.7413 is resuming through 0.7005.
USD/CAD is turned neutral with 4 hour MACD staying above signal line. Further fall is still expected as long as 1.3242 support turned resistance holds. Below 1.3099 will target a test on 1.2994 low first. Firm break of 1.2994 will confirm and target 61.8% projection of 1.4667 to 1.2994 from 1.3418 at 1.2384. On the upside, though, break of 1.3242 support turned resistance will dampen this bearish case and turn bias to the upside for 1.3418 resistance instead.
From a technical point of view, spot gold may have shown a false breakout on the daily chart. It has retreated sharply after breaking above a declining trend line drawn from August, and has formed a bearish evening star pattern. The level at $1,935 may be considered as the nearest resistance, while the 1st and 2nd support are expected to be located at $1,848 and $1,825 respectively.
Earlier this month, crude oil price climbed higher above the $40.50 resistance against the US Dollar. The price retested the $41.40 resistance, where it faced a strong selling interest. However, it found support near the $39.00 level (a multi-touch zone). The price recovered above the $40.00 level, but it seems to be facing a strong resistance above $40.50. More importantly, it seems like there is a potential double top pattern forming near $41.40 on the same chart. If there is a downside break below the $39.00 support, there are high chances of a sharp decline towards the $37.25 and $37.00 support levels. Conversely, a clear break above the $41.40 and $41.50 resistance levels could will invalidate the double top pattern, and the price might continue to rise.
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