The Euro/US dollar reached a new multi-month high of 1.2310 before being corrected. The Bears were able to move the pair below the 50% Fab retreatment level to move from 1.2129 to 1.2310. On the flip side, the first major support is near the 1.2180 level or 100 simple moving average (4 hours).The next major support is near the 1.2150, below which EUR/USD could continue to move down towards the 1.2120 level. Any more losses may possibly call for a test of 1.2080 or the 200 simple moving average (4-hours).
On the upside, the previous support at 1.2250 and 1.2265 could act as a resistance. A close above 1.2265 could open the doors for a test of 1.2310 or even higher in the near term.
Pound has risen well and could move up towards 1.38 on the upside if the current rising momentum remains intact. View is bullish towards immediate resistance at 1.38.
USD/JPY is trading below 103 and could be headed towards immediate support at 102 in the next few sessions as Dollar Index continues to fall towards 89. Immediate view is bearish on Dollar Yen.
At this point, AUD / USD will be upside . The current trend is likely to target the next forecast of 61.6% from 0.6991 to 0.5506 to 0.7413. On the other hand, the intraday bias will be neutral before the support drops below 0.7639 resistance. But the retreat should be above 0.7461 to bring in another rally.
With the current decline, the US Dollar / CAD is still below 1.2688. The intraday trend will initially remain neutral. On the downside, a key break at 1.2688 will trigger a major downtrend in the form of 1.4677. The next short term goal will be a 100% projection from 1.2957 to 1.2473 to 1.3172 to 1.2688. On the upside, a break of 1.2957 resistance will reverse the strong rally.
(WTI) currently trading at 48.75 per barrel represents an increase of 0.54% on the day. The four-hour chart shows that the WTI broke the price range that the railroad highs on December 18 and 28, and the highs on December 1 and 23.Breakout can be aided by reading the chart’s relative strength index (RSI) over 50 or 4 hours. The daily chart RSI is also biased. Thus the high of 49.43 may come in the high game in December. On the other hand, the train line, which has been growing since December 1st, is a failure for sellers.
The price of gold rose significantly against the 81,880 resistance against the US dollar. The price even broke the 1,900 broke resistance zone to enter the positive zone. Here the closing price was closer to the 1,910 level and above the 50 hour simple moving average. The FX Open is forming a high of 1,925 and the price is currently showing signs of further uptrend. If the deficit corrects, the initial support will be near the 1,915 level.
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