EUR/USD is turned neutral with 4 hour MACD crossed above signal line. We’d still expect strong support from 1.2058 cluster support (38.2% retracement of 1.1602 to 1.2348 at 1.2063) to bring rebound. On the upside, break of 1.2131 minor resistance will turn bias back to the upside for retesting 1.2348 high. However, sustained break of 1.2058 will target 61.8% retracement at 1.1887.
GBP/USD has broken the 1.3650 and 1.3600 support levels to initiate the recent decline. It is trading below the 50% fib retracement level of the move from 1.3450 low to 1.3710 high. There was a spike below the 1.3550 support, a connecting bullish trend line, and 100 simple moving average (4-hours). If a reasonable close is below the 1.3550 level, the pair could move further towards the 200 moving average. Is (4 hours) or even 1.3450. Further losses could potentially push GBP / USD to the 1.3280 level. Conversely, the pair could break the 1.3550 zone and start a fresh rebound. To break the double top pattern, the pair will need to break the 1.3700 barrier.
USDJPY has risen yet again despite weakness in the Dollar index. While below 104.20, there is scope for the pair to fall again towards 103.60 or lower in the near term.
AUD/USD remains neutral as stability extends from 0.7819. Further support is expected as long as 0.7641 is supported. Conversely, an interruption of 0.7819 continues the projection from 05096 to 0.8131 to 0.8170 to 0.5506 to 0.7413 from 0.5506 to 61.8%. However, a break of 0.7641 means a short-term topping-out ceremony in the event of a 4-hour declining MACD turnaround. The intraday bias is shifted to the negative side to correct the depth in the 0.7461 support.
USD/CAD remains neutral for the moment. Also, near term outlook stays bearish as long as 1.2834 resistance holds. 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 is trading well above support level of 51 respectively and while it hold, a rise from current level look possible. WTI may rise towards 55. Immediate view is to see some range-bound movement..
XAUUSD is holding below immediate resistance at 1860 and while that holds the price may remain stable within 1860-1820 region for some time before eventually falling lower towards 1800 or even 1760 on the downside. While below 1860, view is bearish for the medium term.
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