The EURGBP has been in a wide range for almost two trading weeks and has found great difficulty closing above the stubborn 0.7400 resistance. Although prices managed to spike to the highs of 0.7423 during trading on Monday, this was followed by a hefty decline that has pulled the pair closer towards 0.7300. This pair remains technically bullish on the daily timeframe as there have been consistently higher highs and higher lows. Prices are trading above the daily 20 SMA while the MACD has already crossed to the upside. If bulls can keep above the 0.7300 support, then there may be a further incline back towards 0.7400. A bearish move and daily close below 0.7300 may encourage sellers to send prices lower towards 0.7200.
The AUDJPY is heavily bearish on the daily timeframe. Prices are trading below the daily 20 SMA and the MACD has also crossed to the downside. Previous support at 85.00 may become a dynamic resistance which should encourage sellers to send prices towards 82.00.
The GBPCHF is technically bearish on the daily timeframe but in a temporary phase of consolidation. There have been consistently lower lows and lower highs but prices are in a critical position currently trading marginally below both the daily 20 and 200 SMA. A breakdown below 1.4600 should invite an opportunity for a further decline towards 1.4500.
Silver still heavily bearish has suffered for an extended period from the appreciation of the USD. This commodity is depressed and a breakdown below 13.75 should encourage sellers to send prices towards 12.50. Prices are trading below the daily 20 SMA and the MACD has also crossed to the downside and this has reinforced the bearish view on Silver.
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