EURUSD faces further negative pressure after expanding its weakness on Monday. 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, a resistance at 1.2200 is accompanied by a break in this area, with the risk of moving towards the 1.2250 level. Further up, resistance stands at the 1.2350. All in all, EURUSD looks for more downside pressure in the days ahead.
With the current rebound, GBP / USD is now focused on the resistance at 1.3702. The decisive break will resume the climb from 1.1409. Intraday bias will be turned back to the upside for 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. For now, outlook will stay bullish as long as 1.3428 support holds, even in case of another retreat.
USD-Yen has fallen from 104.40 in line with our expectation. While the Dollar Index trades lower, we may expect a fall towards 103-102.50 again in the near term. View is bearish.
AUD/USD rebounds ahead of 0.7641 support, but stays below 0.7819 resistance. Intraday bias remains neutral first. On the upside, break of 0.7819 will resume larger up trend from 0.5506 to 61.8% projection of 0.7413 from 0.6991 at 0.8170. On the downside, break of 0.7641 support 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 first.
USD/CAD is turned neutral as it retreated after hitting 1.2834. On the upside, above 1.2834 will extend the corrective rise to 1.2957 resistance. Though, decisive break of 1.2629 will confirm resumption of whole down trend from 1.4667.
WTI crude rose sharply this week to 53.90. Breaking the resistance of the short term channel is a sign of reversed momentum. It is also supported by exercise in daily MACD. The decline in OPEC + production as well as the strong expectations for global economic growth in the second half of the year are giving solid support to oil prices. The near-term outlook remains bullish as long as the 49.42 resistance is supported. Next target is 100% projection of 40.32 to 49.42 from 47.31 at 56.41. We’ll see if WTI would have another round of upside acceleration there.
XAUUSD is above 1820 and could move towards immediate resistance around 1880 which, if held, could decline again in the medium term 1820-1800. In the long term, we are not ruling out a possible test of 1760601740 in possible intervals of less than 1800. It can now be removed in a few weeks. The immediate trading range can be seen between 1820 and 1880.
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