The EURUSD pair is currently trading above the 1.2082 support. If it gets breached, buyers may enjoy better entries in the zone between 1.1988 and 1.2040. If the lower border of that zone is reached, strong buying pressure is expected from the market, while the retracement will be headed towards its conclusion. The first zone of resistance is found between 1.2137 and 1.2174 and, if that zone gets cleared, this should pave the way towards the 1.2270 level.
Pound again trading in its previous range between 1.3290 and 1.3390. From a technical standpoint, the failed rally around 1.3500, followed by the fake top at 1.3460, suggest an upcoming trend turnover, with sell-offs accelerating towards the 1.3290 level and even towards 1.3190. On the other hand, if a major progress is reached in the negotiations between the UK and the EU, fundamentals could prevail over technical patterns and the resistance at 1.3500 could be cleared.
USD/JPY rose sharply in line with the Dollar strength seen yesterday. A break above 104.50, if seen could take it higher to 105 before again seeing a dip back to 104. Broad range of 103.50-105 is likely to hold for the medium term.
AUD/USD even broke the main 0.7400 resistance to move further into a positive zone. It traded to a new 2-year high above 0.7450 and it is likely to continue higher. The next major resistance is near the 0.7515 level. It is close to the 1.236 Fib extension level of the key drop from the 0.7415 swing high to 0.6991 swing low.Any more gains could increase the chances of a push towards the 0.7600 level. Conversely, there might be a downside correction below the 0.7440 level. An initial support is near the 0.7415 level (the recent breakout zone).There is also a key bullish trend line forming with support at 0.7415 on the same chart. The next major support is near the 0.7400 level, below which the pair could test 0.7320.
USD/CAD is in consolidation position from 1.2768 temporary low and remains neutral. In case of another recovery, upside should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, break of 1.2768 will target 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 next. Break will target 161.8% projection at 1.2426.
WTI has risen despite the US weekly inventory build. On the charts there is scope for a rise to 48-50 on WTI for the medium term. Overall while above 44 respectively, crude prices are bullish.
At this point we can see that GOLD is showing Bearish SHS formation at the top so we might see another rejection. This time the rejection might come at 1848-58 zone and the price could drop towards 1827. Below 1827 we should see 1815 and eventually 1794. It has become clear that 1870 zone is resistance so any push into it could make bulls try again to reverse the trend.
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.