USD/JPY

The pair extended its losses as prices succeeded to break below the hourly support of 102.15. In addition, we have a seen a failure around 103.25 resistance followed by a downside reaction during last week, which confirms that the bearish pressure still intact. Moreover, a break below 100 level should expose 98.00-96.00 zone. While in the short-term, the pair is heading towards the lower band of the range, which stands at 101.40.

 

GOLD

Gold rallied to reach the daily resistance level of $1360 for the second consecutive time before to find strong sellers again.

Therefore, we will focus on this level for the week ahead, as a break above it will expose $1390 area. Looking at the short-term price action, prices are likely to stabilize in the coming hours, as oscillators indicators remain clearly overbought. In term of technical levels, the focus should be on 1337.50 in the downside followed by 1335 level in extension, as a daily close below this zone will call for a larger correction to the downside before the bullish trend resume.

AUD/USD

The pair continue to edge higher as the near-term trend turned positive after breaking above 0.7470 resistance. As of now, we will focus on 0.7540/50 resistance zone in the coming sessions, as it represents a strong barrier in the near-term.

In the other side, only a breakdown below 0.7375/40 support zone will put the pair under pressure again.

USD/CAD

USD/CAD retreated from 1.3100 weekly resistance, which keeps the pair under pressure in the near-term. Technically, the focus should be on 1.2850 support zone for the week ahead and we may see a reaction to the upside in the coming days as this level represents the 61.8% Fibonacci retracement of the recent recovery seen from 1.2675 low.

Meanwhile, a daily close below this zone should confirm another extension to the downside in the direction of 1.2785 area.

In the other hand, only a daily close above 1.3015/40 zone should confirm a bullish reversal in the pair.

NZD/USD

The Kiwi jumped above 0.7160 hourly resistance level, which reinforces the bullish outlook, however the pair is likely to face strong resistance around 0.7225 area and therefore, traders should wait for a daily close above this level, to confirm another wave higher towards 0.7300 psychological barrier. Otherwise, we may see a correction to the downside before the bullish trend resume.

Dollar index

The U.S Dollar failed to overtake 96.00/96.40 daily resistance zone and has showed a double top formation around 96.70 high in the hourly chart, which may lead to a downside correction in the coming hours.

Technically, and looking at the weekly chart, the U.S Dollar is likely to remain under pressure below 98.50 peak, but looking at the recent price action traders should wait for a daily close below 95.00 psychological support to confirm another extension to the downside. As of now, the index is neutral in the hourly chart and it is preferable to wait for either a clear break above 96.40 resistance or 95.00 support to confirm the next directional move.

EUR/USD

The Euro remain steady in the near-term as far as prices continue to trade above 1.1070 support and by now, prices may extend gains in the direction of 1.1190 daily resistance followed by 1.1230 zone.

However, the weekly trend remain negative below 1.1430 peak and therefore, the upside potential is likely to be limited in this pair. In the other side, a daily close below 1.1070 low will put the pair under pressure.

Finally, the focus should be on 1.1190 as it represents the short-term barrier for the Euro and if prices manage to overtake this level in the coming hours, then strong sellers are likely to be waiting around 1.1230 resistance.

GBP/USD

The Sterling turned lower after breaking below 1.3200 near-term support, and for the time being another acceleration to the downside towards 1.3120 area may happen.

In extension, another dip is likely in the coming days that can reach to as low as 1.3000 psychological level and traders should be aware that this scenario remain valid as far as prices continue to trade below 1.3530 barrier.

Otherwise, a larger correction may begin in the pair. To conclude, the pair remain bearish over a med-term basis as far as 1.3780 peak is in place, consequently, the recent rally is considered as corrective only and prices should continue heading south in the next days.

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