The Euro made a marginal low yesterday around 1.1105 level before to find some support by the end of the U.S trading session.
Technically, prices remains under pressure in the near-term as far as it keeps trading below 1.1180 peak in the hourly chart.
Looking at the daily trend, the outlook remains bullish above 1.1050 level, but looking at momentum indicators, we can see some weakness in the next hours especially if the pair breaks below 1.1105 support.
Moreover, a daily close below 1.1160 support should bring a bearish signal in the hourly chart and can send prices to as low as 1.1060 area, before the bullish trend to resume.
Meanwhile, traders should focus on 1.1160 support today. In the upside, an hourly close above 1.1230 will clear the way for another leg higher.
To conclude, the outlook is negative in the near-term and flat over the med-term. Traders should focus on 1.1050 in the downside and 1.1180 in the upside as it represents the key levels for short-term price action.
The British pound was very choppy yesterday and managed to reach a major support at 1.4250 level.
Prices showed a double bottom pattern around this level coupled with a bullish divergence in the RSI indicator, which may signal a potential bullish reversal in the coming hours.
We will focus on 1.4340 level today to validate a bullish signal. If prices break above 1.4340, then the next level of interest stands at 1.4375 followed by 1.4410.
To conclude, our view is neutral by this moment and the upside potential is likely to be limited below 1.4515 peak.
The pair fell sharply yesterday and managed to end the day below 1.3700 psychological support, which confirm another leg lower in the near future.
Yesterday’s close was very significant and we expect the pair to weaken further towards 1.3640 level.
Moreover, if we close today below 1.3650 mark, then another sell-off is likely to occur towards the weekly support of 1.3540.
In sum, the pair is bearish in the short-term, and we believe that prices may extend losses in the next days.
The Aussie continue to trade sideways between 0.7060 support level and 0.7180 resistance.
Looking at the med-term picture, AUD/USD still negative as far as prices keep trading below 0.7325/80 zone.
In the opposite, the scenario of a bullish reversal remains valid as far as 0.7060 low is in place.
In the near-term, the view is flat to slightly bullish and we prefer to wait for a clear break of 0.7180 or 0.7060 before to confirm the next direction in this pair.
USD/JPY lacked volume and is trading below 115.00 mark, which keeps the pair under pressure in the near-term.
From an intraday standpoint, if the pair succeed to protect 113.30 low, then we expect another leg higher in the direction of 115.25/50 zone before to see sellers.
The outlook is neutral in this pair, as the daily trend remains bearish below 117.50 peak while the hourly chart is bullish.
Regarding the weekly chart, the pair is likely to stay negative below 117.50 peak and only a break above this level will confirm a bullish reversal.
The yellow metal keep fighting to protect 1190 support, in term of price action, gold stabilized around 1205$ per ounce today.
The trend remains bullish as far as 1045 level is intact, while the outlook is flat in the near-term. Prices are stuck between 1217 level in the upside and 1200 level in the downside.
Consequently, waiting for a break outside of this zone is considered as a wise choice.
The nearest support zone stands between 1180/1190$ per ounce and only a break below it, will warn about a deeper correction to the downside.
To conclude, we prefer to stay away from the yellow metal until we get a clear view in the next hours.
Nothing has changed in our view related to the New Zealand Dollar and we are waiting for price action to develop in order to forecast the next direction in this pair.
Technically, the trend remains bearish regarding a med-term basis, which keeps the kiwi under pressure.
From a technical standpoint, we need a clear break above 0.6750 to confirm a bullish reversal in this pair. Otherwise, the technical picture will remain negative.
For today, traders should watch 0.6580/60 support zone, as a break below it will bring a new bearish signal in the near-term and can trigger a selloff in the pair towards 0.6525 level.
To conclude, we prefer to stay away by this moment until we see a clear confirmation in the next days.
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