EURUSD

The EURO rallied above the 1.2200 and 1.2250 levels against the US dollar. EURO traded to a new multi-month high a 1.2349 before it started a downside correction. The pair gained pace below the 1.2250 support and it even broke the 76.4% Fib retracement level of the upward move from the 1.2209 swing low to 1.2349 high. There was also a spike below the 1.2209 low and the 100 simple moving average (4-hours).The next major support is near the 1.2170 zone or the 1.2360 Fib extension level of the upward move from the 1.2209 swing low to 1.2349 high. The main support could be 1.2150.

Any more losses could lead the pair towards the 1.2120 support and the 200 simple moving average (4-hours). On the upside, the 1.2260 level is an initial resistance. The first key resistance is near the 1.2300 level, above which the pair could rise towards 1.2350.

GBPUSD

GBP/USD’s pull back from 1.3702 extends today but stays above 1.3428 support. Further rise is expected as long as 1.3428 support holds. Break of 1.3702 will resume whole rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, break of 1.3428 support will indicate short term top, and turn bias to the downside for deeper pull back, to 1.3134 support next.

 USDJPY

The USDJPY is moving towards 104.50 on the upside from where a dip looks likely. Failure to stop at 104.50 could open up chances of 105 or higher in the longer run. Watch price action near 104.50 closely.

AUDUSD

AUD/USD falls further today but stays above the support of 0.7641. The intraday bias is neutral in the first place and the second increase is slightly in favor. Conversely, a break of 0.7819 will resume the uptrend trend from 0.5506 to 0.7413 from 0.6991 to 0.8170. However, a break of 0.7641 will indicate a short-term topping in the event of a 4-hour bearish turn in the MACD. Intraday bias will be reversed for in-depth correction.

USDCAD

USD / CAD remains neutral at this point. As long as 1.2797 resistance is held, the outlook remains stay bearish. On the other hand, a pause of 1.2629 starts with a 100% projection of 1.4667 to 1.3672, followed by a projection of 1.2957 to 100% of 1.2473. However, given the bullish convergence of 4 hours post MACD, the resistance interval of 1.2797 indicates a short-term bottleneck. Intraday bias for 1.3257 resistance, Rebound Ltd. It’s turned upside down.

WTI

Having initially jumped to the fresh high since February 2020, WTI drops to $52.25, down 0.47% intraday, during Monday’s Asian session. The oil benchmark seems to take clues from the overbought RSI conditions while stepping back from a multi-day high. As a result, an upward sloping trend line from last Tuesday, at $51.65 now, gains energy sellers’ attention. However, the quote’s downside past-$51.65 will be challenged by Thursday’s high near $51.30 and the $50.00 psychological magnet, not to forget the 100-HMA level of $50.25.Meanwhile, fresh buying will eye the February 2020 peak surrounding $54.70 wherein the latest top near $52.80 and the $53.00 round-figure can offer intermediate stops during the upside.

XAUUSD

XAUUSD has fallen sharply over the last couple of sessions indicating strong bears are in place that could drag the price lower towards 1780-1740 in the medium term. Watch for a possible pause or corrective bounce from 1820 (immediate support) to be followed by a deeper decline.