EUR/USD

The Euro continue to trade sideways to lower as bullish momentum has begun to decrease. Actually, the pair may fall towards the hourly support zone located between 1.1170 and 1.1125 before to find some support.

Actually, our view has turned bearish in the near-term, as we believe that this downside pressure should see another extension lower as far as prices keep trading below 1.1240 peak.

In the other side, as far as 1.1060 low is intact, the single currency may stay well supported in the next days, which keeps the med-term outlook mixed in this pair. Finally, and from a day trading standpoint, the pair remains under pressure and may see as low as 1.1125 level in the next hours.

Consequently, we will maintain the negative view in the short-term until we see a daily close above 1.1240 level.

Support: 1.1170-1.1125-1.1060

Resistance: 1.1200-1.1240-1.1260

GBP/USD

After failing to overtake 1.4500 psychological barrier, the British pound saw a big sell-off reinforcing the bearish view in the med-term. The pair remains bearish as far prices keep trading below 1.4670 peak seen during last month and the last correction from 1.3830 low has ended.

As for the near-term, the pair broke below the bullish canal in the hourly chart and consequently, we expect another leg lower in the direction of 1.4050 support (Pre-FOMC low) from where we should see some buyers.

In sum, downside risks are too strong in this pair and traders should be aware that only a break above 1.4200 level would cancel this negative outlook. Otherwise, 1.4000 psychological support may be tested in the coming days.

Support: 1.4050-1.4030-1.3915

Resistance: 1.4135-1.4200-1.4240

USD/CAD

The pair succeeded to validate a bullish reversal in the hourly chart after breaking above 1.3135 resistance level. The pair rallied above 1.3200 barrier and succeeded to close the day above this level, which confirmed an effective trend reversal in the near-term.

As of now, we expect the pair to rise further in the direction of 1.3290 level, in the meantime, we can see a resistance around 1.3250 level and we may see some selling pressure from there before to continue trading higher.

In the other side, 1.3180 represents the hourly support by now and only a break below it should weaken our bullish view.

Support: 1.3217-1.3180-1.3045

Resistance: 1.3250-1.3290-1.3400

AUD/USD

The Aussie ended a bullish cycle in the hourly chart, and began a larger correction to the downside.

In the near-term, the pair broke below 0.7550 support level, which cleared the way for a re-test of the hourly support zone located between 0.7410-0.7390 levels.

In the flipside, 0.7650/80 zone will continue to play as a strong resistance and the short-term outlook is bearish by now.

Looking at the weekly chart, the pair has already confirmed a bullish reversal after breaking above 0.7385 major resistance and consequently, the trend changed to bullish by the time being and only a slide below 0.7410 will weaken this outlook.

Support: 0.7450-0.7410-0.7390

Resistance: 0.7650-0.7680-0.7730

USD/JPY

The pair managed to bounce from the daily support located at 111.00 and succeeded to break above 112.00 hourly barrier. Consequently, the near-term has turned bullish and we expect the pair to rally further towards 113.00-113.10 resistance zone.

Technically, the trend remains bearish in the daily chart as far as 114.00/50 zone is intact, and prices are stuck inside a consolidation triangle, which keeps our outlook flat.

For today, we will watch 113.00resistance level as it represents a strong barrier in this pair. An hourly close above this level will expose 113.30 level. In the other hand, 112.30 level has become the new support level in the hourly chart and prices may remain well supported above this level.

Support: 112.30-112.15-111.40

Resistance: 113.00-113.30-113.80

GOLD

Gold faced strong resistance around 1260/1270 zone as bears succeeded to protect 1285 peak.

Technically, the yellow metal broke below 1225 support level, which represents a key Fibonacci retracement (61.8% of the rally from 1190). Consequently, another extension lower towards 1211 support is expected in the following hours as we saw a clear decrease in the bullish momentum recently.

By now, we expect gold to fall in the next days in the direction of the hourly support of 1211$ per ounce followed by 1200 psychological support, from where we expect bulls to appear again. If prices manage to close below this support, then 1190 weekly support will be on focus again.

In the other side, only a break above 1260/70 zone will confirm another leg higher towards 1285 peak. Otherwise, gold may continue to trade sideways to lower.

Support: 1214-1211-1200

Resistance: 1260-1270-1285

NZD/USD

The New Zealand Dollar traded in a choppy manner during this month and has shown many false breakout signals, which kept us skeptical about the future price action.

Looking at the biggest picture, we will focus on a weekly close above 0.6880/0.6890 levels in the upside or below 0.6550 support in the downside to confirm the next directional move in this pair. In the near-term, we prefer to stay away and wait for clear signs of breakout/down.

As of today, the kiwi broke below the near-term support of 0.6690 level, which can trigger another sell-off in the pair. In the flipside, 0.6740 peak is seen as the hourly resistance.

Support: 0.6650-0.6600-06550

Resistance: 0.6742-0.6770-0.6790

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