EURUSD is trading near the immediate support of the trend and needs to see a recovery today to avoid dropping from 1.20-1.19. But failing to find support by 1.2010 could mean a recovery and open the possibility of a drop from 1.19.
GBPUSD is still neutral with further gains still supporting 1.3608 On the upside, break of 1.3758 will extend the whole up trend from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, however, break of 1.3608 support will now suggest short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper pull back.
USDJPY tested 105.17 on the upside before falling from there. Failure to fall below 105 just now could open up chances of a further rise towards 105.75. But if there is immediate resistance near 105.20, the pair is expected to drop to 104.50 before attempting to move forward in the medium term.
The AUDUSD pair is only bearish while trading below the 0.7660 level, key support is found at the 0.7600 and 0.7550 levels. The AUDUSD pair is only bullish while trading above the 0.7660 level, key resistance is found at the 0.7700 and 0.7735 levels.
USD/CAD remains neutral for the moment. Rebound from 1.2588 is still expected to continue. On the upside, above 1.2880 will target 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.
The crude oil price gained bullish momentum above the $52.00 and $53.20 resistance levels. It is now trading above the 76.4% Fib retracement level of the downward move from the $65.65 high to $3.62 low. The price is showing positive signs above $52.00 and the 200-week simple moving average .It seems like the price is likely to continue higher above $55.00 and $56.50. The next major resistance is near the $58.00 level. On the downside, the previous major resistance near $51.00 is likely to act as a strong support.
This precious metal has fallen below yesterday’s levels and it remains to be seen whether it will rise above 1860-1880 in the short term or choose to trade in the 1880-1820 region for an extended period. On the weekly chart, gold looks set to rise sharply in the coming weeks towards 1900-1940.
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