Technical analysis highlights that the EURUSD pair is currently trading inside a bullish falling price channel. Short-term traders should be aware that rally may be forthcoming towards the 1.2280 area over the coming days.
The EURUSD pair is only bearish while trading below the 1.2050 level, key support is found at the 1.1950 and 1.1890 levels. The EURUSD pair is only bullish while trading above the 1.2050 level, key resistance is found at the 1.2180 and 1.2280 levels.
Pound is trading in range below 1.3539 .On the downside, break of 1.3223 will target 55 day EMA (now at 1.3181) first. Sustained break there will confirm another rejection by 1.3514 key resistance. Deeper fall should be seen back to 1.2675 support next. However, firm break of 1.3539 will resume larger rally from 1.1409.
USD/JPY started a fresh increase above 104.00, but it is still facing many hurdles. There was also a break above the 50% Fib retracement level of the last key decline from the 104.75 high to 103.67 low. However, the pair struggled to clear the 104.65 resistance and the main 104.75 hurdle. A successful close above the 104.75 resistance could open the doors for a push above the 105.00 level.
There was a bearish reaction recently, and the pair traded below a key bullish trend line with support at 104.30 on the same chart. The next major support is near the 103.85 level, below which the pair could retest the 103.65 support zone. Any more losses might call for a test of 103.10.
AUD/USD has risen sharply boosted by the rise in Copper. While Copper has scope to rise towards 3.60/65, we may expect a rally in Aussie too in the medium term. Watch out for a possible break above 0.76 in the near term.
USD/CAD falls as low as 1.2706 so far and matched target of 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 already. Intraday bias stays on the downside for 161.8% projection at 1.2426 next. On the upside, break of 1.2833 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
WTI has broken above initial hurdles of 47 respectively and has scope for further upside towards 48-50 respectively for the near to medium term. View is bullish on prices just now.
Gold is almost stable just now. Gold can bounce back from initial support at 1840 failure of which will drag it lower towards 1820. On the upside 1880 could cap the movement A broad range of 1820-1840-1880 is likely to hold for the near term.
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