Euro risks further upside pressure after supporting lower prices on Tuesday. Below, support falls to the 1.2100 level with violations opening the door to a run at the 1.2050 level. Further down, the support appears at the 1.2000 level. Decreasing this level opens the way to level 1.1950. Conversely, the resistance is at 1.2150 and this area breaks the risk towards 1.2200. Movement up here would hit the 1.2250 level. The resistance is also at 1.2300. After all, Euro is looking for more upside potential in the coming days.
GBPUSD may test immediate resistance near 1.37 and needs to break above that in order to move up further towards 1.38 on the upside. Watch price action near 1.37 in the next few sessions.
The USDJPY fell below the immediate resistance level near 104.10 / 20, yet the decline towards 103 will soon be visible. While the dollar index is low, the dollar-yen could move lower.
AUD/USD is staying in consolidation from 0.7819 and intraday bias remains neutral for the moment. As long as 0.7641 support holds, further rally is expected. On the upside, break of 0.7819 will resume larger up trend form 0.5506 to 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170. However, break of 0.7641 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper correction to 0.7461 support.
USD/CAD is in the area of 1.2623 / 2834 and intraday bias is currently neutral. As long as 1.2834 is resisted, the outlook remains close. On the downside, break of 1.2623 will resume the down trend from 1.4667 to 61.8% projection of 1.4667 to 1.2994 from 1.3389 at 1.2355. On the upside, however, break of 1.2834 should indicate short term bottoming and turn bias back to the upside for 1.2957 resistance.
WTI breached above a key chart resistance of US$ 52.03 (127.2% Fibonacci extension) and has since opened the door for further upside potential with an eye on US$ 55.23 (161.8% Fibonacci extension). Prices are trending higher within an “Ascending Channel” as highlighted on the chart below, reflecting strong upward momentum.
The price of gold rose sharply in the 1820-1860 range, and while the price remains lower than 1860, it is very likely that it will fall back to the 1820-1800. Only a sustained break above 1860, if seen would make the view bullish for the medium term. Watch price action near 1860 for now.
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