The Euro rallied to as high as 1.1055 before to give back its gains by the end of yesterday’s U.S trading session as sellers managed to protect 1.1070resistance zone.
In the daily chart, the pair remains under pressure below 1.1140 level while in the hourly chart 1.1070 peak still intact.
As of today, we will focus on 1.0940 support followed by 1.0900 psychological support, as a break below this zone will confirm that the recent correction has ended and the pair is set for further decline in the next days.
To conclude, our outlook is neutral in the short-term, with a light preference to the downside as per the dominant trend.
The British pound fell from 1.4280resistance level as expected, and extended the decline below 1.4200 level. We believe that this drop was corrective only as momentum indicators keep calling for further strength in cable.
Currently, the Sterling remains bullish in the hourly chart and as far as prices keep trading above 1.4100 zone, the pair should continue to trade sideways to higher.
Finally, if the pair manage to overtake 1.4280resistance level, then we will look for 1.4350 as a next station. In the opposite, a break below 1.4130 will confirm a bearish reversal in the hourly chart.
USD/CAD has reached a major support, which stands around 1.3300 level, and from where investors may begin booking some profits on their short positions.
Technically, this level represents the 50% retracement of the entire rally seen from 1.1920 low.
Yesterday, the pair bounced strongly from this support zone and managed to end the day above the hourly resistance located at 1.3378 level. Moreover, prices formed a bullish engulfing candle in the daily chart, which reinforce the probability of a bullish reversal in the near-term ahead of Bank of Canada rate decision later today.
The next stations in the upside stands at 1.3470 followed by 1.3500 major resistance in extension.
In the other side, if the pair fall during the European session, then we will look for 1.3375-1.3355 to act as a strong support zone, while a daily close below 1.3310 level will cancel this positive view.
Our view remains unchanged in the Australian Dollar as momentum indicators keep calling for further strength in the coming hours.
In the daily chart, a bullish reversal is valid by now as prices managed to end the week above 0.7380 major resistance. As of now, the pair is trading inside a bullish triangle and we believe that the pair is likely to continue trading higher towards 0.7500 psychological barrier followed by 0.7530 level.
In the near-term, 0.7410 is the hourly support and only a break below this level will weaken the bullish outlook.
The pair managed to break below the hourly support located at 113.20 level, which has sent prices to as low as 112.40 level during Yesterday U.S trading session.
In the short-term, the trend remains bearish below 113.50 peak as prices keep forming lower highs structure and by now, we expect the pair to find support around 112.40-112.15 zone and a daily close below this zone will trigger a big sell-off in this pair in the direction of 111.00 lows
In the other side, a break above 113.50 will cancel this bearish outlook.
Gold failed to break above 1280 resistance level and begun showing some signs of weakness in the hourly chart.
Today we will focus on 1250 support level, as a break below it should confirm a deeper correction in the near-term. In the other side, 1264$ represents the bearish pivot and prices may remain under pressure below this peak.
Technically, Gold broke a major bearish trend line that comes from 1308 peak, and succeeded to overtake February high at 1264$ reinforcing the bullish outlook over the med-term but regarding a short-term perspective, a correction to the downside cannot be ruled out especially if 1250 support gives up.
Consequently, we prefer to wait for price action to develop before to confirm the next direction in gold.
The New Zealand Dollar managed to protect 0.6715 support and we saw a strong bounce around this level, which keeps the bullish outlook steady.
In addition, technical 0.6650 represent the bullish pivot in the hourly chart and the kiwi should remain a buy on dips by investors unless we see a daily close below this support.
In the near-term, we expect the pair to trade sideways to higher and only a break above 0.6820 peak will clear the way for the big resistance zone, which stands between 0.6880/0.6900 levels.
Finally, the short-term trend has switched from neutral to bullish again and another re-test of 0.6820 is likely as far as 0.6715 low is in place.
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