The EURUSD has rallied from 1.1951 and the intraday bias reverses towards the resistance at 1.2188.The corrective decline from 1.2348 should be reduced to 1.1951 with three waves. Breaking resistance at 1.2188 will again bring up a high of 1.2348. On the downside, slight support below 1.2018 will deepen this rally’s momentum and instead look to a bias to extend the correction from 1.2348.
The GBPUSD has broken above crucial resistance at 1.38 on the weekly charts and while the rise sustains, we may not negate a rise to 1.40 in the near term. Immediate view is bullish while above 1.38.
The USDJPY has dipped sharply along with the fall in Dollar Index. The pair may face support at 104.50 or lower at 104 which if holds may produce a bounce back towards 105+ levels in the medium term. Watch price action near 104.50 in the near term.
The AUDUSD is rising well boosted by a rise in Copper prices. AS copper may extend its rise towards 3.80/90, we may expect a bullish Aussie towards 0.78 in the near term.
USDCAD remains neutral with an emphasis on 1.2684 minor support. Break there 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. Nevertheless, rebound from current level, follow by break of 1.2880 resistance, will resume the rise from 1.2588 instead.
The crude oil price even traded to a new multi-month high at $58.59 before correcting lower. However, the price found support near the $57.50 level. The next key support is near the $57.00 level. It is close to the 50% Fib retracement level of the upward move from the $55.27 swing low to $58.59 high. On the upside, the price is likely to struggle near $58.50 and the broken trend line. A clear break above the $58.50 level may possibly clear the path for a push towards the $60.00 level.
The Precious metal is stable too and could be headed towards 1880 in the near term. We expect the broad 1880-1820 range to hold for now. Unless a break above 1880 is seen, we would not look for bullish possibilities on Gold towards 1920 or higher.
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