EURUSD

EUR/USD failed to stay above the important resistance at 1.1920 and it is expected for it to test this level again. If the EUR/USD manages to breach the resistance at 1.1920, it should head towards the local high at 1.2010. Conversely, if the test proves to be unsuccessful, the pair could enter a corrective phase, which should be limited by the support levels at 1.1892 and at 1.1827.

GBPUSD

From a technical point of view, on a daily chart, GBP/USD is challenging the upper boundary of a bullish channel and remains supported by its rising 50-day moving average . Readers may therefore consider the potential for further advance above horizontal support at 1.3000. The nearest resistance would be set at September top at 1.3480 and a second one would be set at previous overlap at 1.3710 in extension.

USDJPY

During yesterday’s trading session, the USD/JPY managed to breach and stay below the important support at 104.18. This is a bearish signal for a downward movement towards the next important support at 103.72, possibly followed by an attack of the local bottom at 103.20. In the positive direction, the former support at 104.18 is now acting as resistance.

AUDUSD

AUD/USD is currently trading near 0.7370, representing a 0.20% gain on the day, having found bids near 0.7350 early today. The pair is gaining altitude in the wake of an ascending triangle breakout (bullish continuation pattern) confirmed on Tuesday. Backing the breakout are rising 5- and 10-day Simple Moving Averages and an above-50 or bullish reading on the 14-day Relative Strength Index. As such, the pair could soon test resistance at 0.7413 . A close under the 10-day SMA, currently at 0.7324, would invalidate bullish bias.

USDCAD

USD/CAD stays on the downside for retesting 1.2928 low. Break there will resume larger down trend from 1.4667. Next near term targets will be 61.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2887, and then 100% projection at 1.2711. On the upside, break of 1.3112 minor resistance will turn bias back to the upside to resume the rebound from 1.2928 instead.

WTI

Crude Oil prices are giving back some of the gains made earlier this week. This comes as prices struggle near the resistance level of 45.00.After a brief attempt to move higher, oil prices gave back their gains near this resistance level. This could potentially signal a downside correction in the near term. A continuation to the downside will see oil prices falling to short term support of 43.50. As long as this level holds, oil prices could be trading flat in the near term. A close below the 43.50 level could signal further declines down to the 41.00 level of support next.

XAUUSD

The precious metal is consolidating into a sideways range after falling below the 1817.80 level of support. On the daily chart, we have the long term support coming from the 200-day moving average. With price action closing flat, there is a risk of prices making a pullback. This could mean that a close above 1817.80 could signal further gains to the upside. It will then open up the way for gold prices to retest the 1850 level next. Given that this level previously served as support, a retest of resistance will confirm the downside bias.