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.
Legal: CF Merchants is the trading name of Commodity and Forex Merchants registered and regulated in many Jurisdictions. CF Merchants Limited is regulated with license number 24535/2018, at Suite 305, Griffith Corporate Center, P. O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines as an International Broker Company under the company act of Saint Vincent & the Grenadines. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendments and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well to provide brokerage, training and managed account services in currencies, commodities, indexes and leveraged financial instruments.
Commodity and Forex Merchants Limited is authorized under license number 1092420 by the Companies House, Cardiff, United Kingdom on 21st August 2017.
High Risk Investment Warning: Margin FX are leveraged products that carry an extraordinary level of risk to your funds. Trading is not suitable for everyone and may result in you losing significantly more than your investments and therefore, you should not speculate with capital that you cannot afford to lose. You should consider whether you understand how this work and whether you can afford to take the high risk of losing your money. All the trading related information on this website is general in nature and does not take into account your or your client’s personal intentions, financial conditions and needs. We encourage you to seek independent advice if necessary. It is the responsibility of the client to ascertain whether he/she is allowed to use the services of the CF Merchants based on the legal requirements in his/her country of residence. Please read full Risk Disclaimer for more details.
Regional Restrictions: CF Merchants (SV) Ltd does not provide services and accept applications from the residents of certain countries, such as United States of America, Canada, Israel, North Korea and Saint Vincent & The Grenadines. The statistics on this website is not directed at residents in any country or jurisdiction where such distribution or use would be contradictory to local law or regulation.
© 2011-2020 CF Merchants Ltd.