EUR/USD

The pair has reached 1.0800 support level as expected, and we saw heavy buyers around this level, which pushed prices back higher during the U.S trading session.

From a technical view, the bullish pivot for this pair is located at 1.0770 level and we can see that prices bounced strongly before to reach this level, which reinforced the bullish outlook in the near-term.

Actually, the pair managed to overtake 1.0900 hourly resistance line, and consequently the Euro should trade higher by now, aiming for 1.0965 level in the next hours.

In the near-term, the trend has switched from neutral to bullish and we expect the single currency to strengthen by now, looking for 1.0965/90 as the next station.

In addition, a daily close above 1.0975 today will clear the way for another wave higher towards 1.1100 mark.

Support: 1.0850-1.0800-1.0770

Resistance: 1.0965-1.0990-1.1010

 

GBP/USD

The British pound remains bearish in the med-term, and our view is likely to stay unchanged as far as 1.4650 peak is in place.

Looking at the short-term price action, cable found a temporary bottom around 1.4350 level and succeeded to recover to reach as high as 1.4475 level from where bearish pressure has resumed.

Technically, the pair broke below 2015 lows, which opened another extension lower towards 1.4300-1.4200 zone. In the meantime, the hourly chart is oversold and a corrective move to the upside cannot be ruled out during the next hours.

Traders should watch 1.4475 level as it represent the hourly resistance line in the near-term. A daily close above this level will expose 1.4530, while a breakdown below 1.4350 level should confirm a trend continuation in the direction of 1.4300 followed by 1.4200 level in extension.

Support: 1.4350-1.4320-1.4200

Resistance: 1.4475 1.4530-1.4650

 

 

USD/CAD

The pair continue to rise to new highs as Oil fell to lowest level since December 2003.

The bullish structure still intact, and since 1.3815 lows, we have seen a series of higher lows /higher highs, reinforcing the bullish outlook.

Actually, prices has reached a major resistance level near 1.4400 psychological barrier and we may see a correction lower in the next hours as profit taking is likely to begin.

The pair is clearly overbought, but remains bullish in the near-term as far as 1.4180 low is in place.

In the daily chart, 1.4050 level is considered as the bullish pivot and only a daily close below this level, will send the pair into a larger correction to the downside.

Support: 1.4210-1.4180-1.4050

Resistance: 1.4350-1.4400-1.4550

 

 

 

AUD/USD

The Australian Dollar headed south during yesterday as expected and did an attempt to break below 2015 lows but failed to so, as 0.6900/30 zone remain strong.

Regarding the near-term price action, the view is clearly bearish as far as 0.7075 peak is intact.

Moreover, the Aussie keep forming lower/lows, lower/highs, which keeps the downside trend steady.

Technically, we believe that is just a matter of time only and we believe that  the pair is set to break lower in the next days, unless we see a daily close above 0.7075 level.

In the meantime, 0.6870 represent the nearest support level and as far as 0.7030-0.7075 zone holds, downside risks will persist.

Support: 0.6930-0.6900-0.6760

Resistance: 0.7035-0.7075-0.7097

 

 

USD/JPY

USD/JPY keep trading sideways as the pair entered into a critical zone.

The pair is stuck inside a 100 pips range, located between 118.30 in the upside and 117.20 in the downside. Looking at the hourly chart, prices should keep trading in a choppy manner until we see a clear break outside of this band.

Consequently, traders should stay in a –wait and see- mode for the next hours, to have more clues about the next move in this pair.

To summarize, the trend has turned bearish in the near-term and as far as 119.70 peak is holding, downside risks are likely to persist and any recovery is likely to be short-lived.

Support: 117.20-116.20-115.30

Resistance: 118.00-118.80-119.25

 

GOLD

The yellow metal bounced as expected from 1179$ per ounce shown in our technical chart of yesterday and we saw a strong rally, which keeps the current bullish trend alive in the short-term.

Currently, we believe that the near-term is flat and a break above 1113 resistance line will clear the way for a big reversal in the daily chart that can reach as high as 1120 followed by 1135$ in extension.

Conversely, the hourly chart shows that gold may find strong resistance around 1096.50-1100.50 zone, from where we expect heavy sellers to appear.

Finally, our view is flat in the near-term, and we prefer to wait for price action to develop before forecasting the next move in gold.

Meanwhile, gold remain bearish over the med-term as far as 1191 peak is intact.

Support: 1079-1075-1068

Resistance: 1092-1096.50-1100.50

NZD/USD

The New Zealand Dollar gave up overnight as bears managed to push prices below 0.6500 psychological support.

As of now, the trend remains bearish in the hourly chart, and we expect the pair to remain under pressure as far as 0.6680 peak still intact.

Consequently, any rebound below this peak is likely to be considered as a -dead cat bounce- and we may see new sellers for another leg lower towards 0.6400 level in the next hours.

In addition, 0.6590 represent the hourly bearish pivot, which is likely to cap any potential rally, and only a break above this level will warn about a bullish reversal in the near-term.

Support: 0.6430-0.6400-0.6385

Resistance: 0.6480-0.6510-0.6590

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