Euro is working against US Dollar index. Just as US Dollar index has broken out of a descending wedge and is trying to move higher, EUR/USD has broken down from an ascending wedge and is trying to move lower. A close move below horizontal support 1.2063/1.2050 level and the 38.2% Fibonacci retracement level would open the door for a move down to 1.2011, which are previous highs September 1st, 2020. However, bulls are guarding the 1.2050 level, just as they did not January 18th. Below 1.2011, 1.1975 is the 50% retracement from the previously mentioned timeframe which will offer the next support level.
GBPUSD is stabilizing over a wide range, with key support at 1.3630. The pair saw strong selling interest near the 1.3750 and 1.3760 levels. A high is formed at 1.3758 and the pair is correct at the bottom. There was a break below 1.3700, but the pair stayed well below 1.3630 and 1.3620. It appears to be a major support near 1.3630 and a simple 100 (4 hours) moving average. Any further losses could open the door for a push towards the 1.3575 level or the 200 simple moving average (4 hours). Conversely, the pair is clearly facing a major hurdle at 1.3750. A successful close above the 1.3750 resistance level could open the door for a steady rise to 1.3840 or even 1.3880.
The USDJPY tested 105.035 yesterday before coming off from there. It may re-attempt to test 105.00-105.20 on the upside in the next couple of sessions before falling off from there back towards 104.50 or lower.
The AUDUSD has bounced from 0.76. Unless a break below 0.76 is seen, we may expect the trend to remain bullish for the near term, again attempting a rise towards 0.77000 & above in the near term.
USDCAD fell to 1.2850 during the early Asian session on Tuesday. Even so, bullish MACD, an ascending trend line from January 21 and sustained break of the key EMA favor the buyers. However, fresh buying is likely to be above the January high of 1.2881, while 1.2030-25 may be targeting the horizontal area, which has been multi-tiered since early November 2020.
WTI moved up in the evening session yesterday after seeing positive global cues as open interest data shows an increase in long positions. Overall WTI look bullish towards $58-60 and $55-57 respectively. The prices now look bullish and we may expect a rise towards $55-57 in the near term.
XAUUSD has risen well targeting 1880 on the upside Our first mention of the 1880-1820 range remains intact and we can expect medium term outages from both sides. Now, as the gold price rises, look at the price around 1880 and see if it breaks backwards to reach the 1900$ above level.
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.