EURUSD rallied well from a low of 1.2053 to climb above 1.2100. It even rose above 1.2150 and experienced resistance to confluence near 1.2180 and 200 simple moving averages (4 hours). Big resistance is also formed near 1.2200 and 100 simple moving averages (4 hours). From the high of 1.2349 to the 1.2053 level, the 50% Fib retracement level is also at 1.2201. Hence, a significant interruption and above 1.2200 may open the door for a steady rise towards 1.2250 or 1.2300. In contrast, EUR / USD may not break the 1.2200 resistance and begin another decline. On the other hand, 1.2120 is reasonable support. If there are further ups and downs, the pair may return to the 1.2050 support zone.
GBPUSD is still recovering due to the weak dollar. It is trading at 1.3702 compared to last week’s low of 1.3500. On the four-hour chart, the price is slightly above the 25-day moving average and the rising blue trend. The relevant strength index also moved upwards therefore, the pair will likely rise as bulls target the year-to-date high at 1.3745.
USDJPY is currently neutral. Overall, USD / JPY is still within the falling channel that started at 111.71. A deep decline can therefore be observed. Below 103.31, we will check the 102.58 low first. However, the uptrend, a break of 104.39 and continued trading above the resistance of the channel will prove that the trend below 111.71 is over for good. A sharp rise to confirm it will be seen at resistance at 105.67.
AUD/USD remains neutral as consolidation from 0.7819 might extend further. But further rally is still expected with 0.7641 support intact. On the upside, break of 0.7819 will resume larger up trend to 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170. However, decisive break of 0.7641 will turn bias to the downside, for deeper correction to 0.7461 support and possibly below.
USDCAD remains neutral as 1.2588 could stabilize further. As long as 1.2798 resistance is held, further decline is expected. The break from 1.2588 will continue the downward trend from the forecast from 1.4677 to 1.4667 to 1.2994 to 1.44677 to 1.793 to 1.2367 to 61.8%. However, in the event of a large change in the 4-hour MACD from the critical break of 1.2798, the short-term bottle should be confirmed. The intraday distortion is reversed at 1.2957 resistance and possibly above.
WTI has dipped slightly but overall look stable. While above immediate support of 51, we may expect the price remain ranged. 51-55 remains an immediate range to look for.
XAUUSD is stable near levels seen yesterday. We may expect a rise towards interim resistance at 1880 from where a dip towards 1860-1840 can be possible. Only a break above 1880 if seen and sustains will make the view bullish for a possible rise towards 1920 or higher in the medium term.
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