EURUSD
The euro has returned to its worst week against the US dollar as traders worried about rising Italian bond yields. EURUSD Bear now needs sustained technical weakness below the 1.2130 level to add selling pressure on the pair. Any move beyond the key 1.2175 level is likely to encounter strong resistance above the 1.2200 level. The EURUSD pair is only bearish if it trades below the 1.2175 level with the main support at the 1.2130 and 1.2060 levels.
The British pound has suffered a sharp reversal against the US dollar after the Bulls failed to break the annual high of 1.3700 set earlier this month. Technical analysis shows that if the 1.3580 support region’s sentence is violated, the bears could start hitting the 1.3460 level. On the upside, a break above the 1.3702 level opens the way for intra-day gains in the GBPUSD pair towards 1.3770. The GBPUSD pair is only bullish while trading above the level of 1.3580, the key resistance is found at the levels of 1.3702 and 1.3770. If the GBPUSD pair trades below 1.3580, sellers may test the 1.3460 and 1.3380 support levels.
USDJPY has bounced back sharply from 103.52 seen yesterday but we would keep a close watch near immediate resistance at 104.20 and higher at 104.40/50 levels to see if the pair manages to break higher or falls back from here in the near term.
AUDUSD
AUD/USD remains neutral and some more consolidation could be seen below 0.7819. 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 stays neutral at this point. On the downside, decisive break of 1.2629 support will resumption whole down trend form 1.4667. Next target is 61.8% projection of 1.4667 to 1.2994 from 1.3389 at 1.2355. On the upside, break of 1.2834 resistance will extend the consolidation from 1.2629 with another rise to 1.2957 resistance.
WTI
WTI has come off after an initial sharp rise seen yesterday. Immediate weekly resistance of $55 seems to have held well on WTI respectively and we may expect the dip to continue for a couple of sessions more before resumption of the uptrend. Immediate view could be ranged with downside limited to $49-50 just now.
XAUUSD
XAUUSD also lost a lot before testing upside in 1880. In the medium term, we can point out that gold is between 1760 and 1940. Before that, it was possible to stop between 1820 and 1800 on the upside; we do not look for a break above 1880 just now. Overall near term trade could be seen in the 1800-1880 region.
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.