EURO’s break 1.2272 resistance level suggests up trend resumption. Daily bias is back on the upside. Rise from 1.0635 should now target 61.8% projection of 1.0635 to 1.2011 from 1.1602 at 1.2452 next. On the downside, break of 1.2129 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
GBP/USD is still bounded in range below 1.3624 and intraday bias remains neutral first. Outlook is unchanged too. On the upside, firm break of 1.3624 will resume whole rise from 1.1409. Next target is 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. This will remain the favored case as long as 1.3134 support holds.
USD/JPY remains neutral as consolidation from 102.87 might extend. Outlook stays bearish as it’s staying well inside falling channel from 111.71. Break of 102.87 will bring deeper fall to retest 101.18 low. On the upside, break of 104.57 resistance is needed to be the first sign of bullish reversal. Otherwise, outlook will stay bearish in case of strong recovery.
AUD/USD broke many hurdles near 0.7500 and 0.7520 to move further into a positive zone. Recently, there was a downside correction below the 0.7550 support level. However, dips were limited and the pair bounced back from 0.7500. The pair is now trading nicely above 0.7550. There is also a crucial bullish trend line forming with support near 0.7550 on the same chart. On the upside, the pair is facing hurdles near 0.7640 and 0.7650. A clear close above 0.7650 could open the doors for more gains towards 0.7700 and 0.7720.
If there is a downside correction, AUD/USD is likely to find bids near the 0.7550 support. The next key support is near the 0.7520 level and the 100 SMA. Any more losses could lead the pair towards the 0.7440 support and the 200 SMA.
USD/CAD remains neutral for the moment. On the upside, break of 1.2957 will resume the rebound from 1.2688 short term bottom, for 1.3172 resistance. On the downside, decisive break of 1.2688 will resume larger down trend instead.
WTI also remains in the near-term uptrend, climbing since the bottom in October. Recently, prices have been oscillating between the 46.23 and 49.42 inflection points on the daily chart below. A push above the latter could open the door to uptrend resumption, exposing the February peak at 54.45. Otherwise, a turn lower could place the focus on the 50-day SMA.
XAU/USD prices remain biased higher, supported by a rising trend line from late November. However, just above is ‘potential resistance’ on the daily chart below. This could maintain the focus to the downside, one that has been prevailing since August. The push above the 20-day and 50-day Simple Moving Averages (SMAs) is noteworthy for a bullish bias.
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