The EURUS has been entering a narrow range since European trading hours in early Wednesday. While the upside has been piled around 1.2150, the bears have failed to push the pair below 1.2110. Breakouts / breakdowns from the new found range will open the door to a bullish/bearish move at least 40 pips. It is possible that the limit breakout is visible as the MACD histogram has been accelerating since December. In addition, the 40-pp looks like a continuation pattern when viewed in the background of the break above the downward trend connecting Tuesday, January 6 and January 29.
The GBPUSD Support is seen in the range 1.3800 with breakout focus at the level 1.3750. Further down, support at 1.3700 level. . A cut through here will turn focus to the 1.3650 level and then the 1.3600 level. Conversely, resistance is seen at 1.3850 with a break from this level, giving a greater advantage over the 1.3900 level. Further, the resistance stands at 1.3950 level followed by 1.4000 level. Overall, GBPUSD faces further upside pressure in the short term
The USDJPY broke support at 105.00, but it is still above key support at 104.40. The pair also traded below the 50 Fab retracement level for the upward movement, falling from 103.55 to 105.6. However, the pair found strong support near the 104.40 level and 100 simple moving averages. If the pair remains stable above 104.00, a new uptrend may begin. A large resistance is formed near the level 105.10. There is also a fishing line near 105.10. A clear break above the 105.10 level could open the door for a steady rise in the short term.
The AUDUSD further rise is in favor with 0.7681 minor support intact. Firm break of 0.7819 resistance will resume larger up trend from 0.5506. Next near term target is 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. On the downside, break of 0.7681 minor support will delay the bullish case and extend the correction from 0.7819 with another fall.
The USDCAD dipped to 1.2659 but couldn’t stay below 1.2684 support and recovered. Intraday bias stays neutral first. On the downside, break of 1.2659 will argue that rebound from 1.2588 has completed at 1.2880. Intraday bias will be turned back to the downside for retesting 1.2588 low. On the upside, break of 1.2781 minor resistance will revive near term bullishness. Intraday bias will be turned back to the upside for 1.2880 and above, to resume the rebound from 1.2588.
The crude oil has dipped after seeing a rise yesterday boosted by the lower US crude inventory levels. The crude prices now could stabilize or see a corrective dip from immediate resistances of 60 respectively. A fall towards 57-56 looks likely in the near term.
The Precious metal has come down from levels near 1840/50 and while it manages to sustain below 1820, we may expect a dip towards 1800-1780 again in the near term.
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.