The Euro succeeded to break above the symmetrical triangle that comes from 1.1497 peak, which is a strong bullish signal that affects the med-term trend.
However, it is preferable to wait for a weekly close above 1.1400 level to confirm this bullish reversal.
Technically, if the Euro ends the week above 1.1400 mark, then a big rally is likely to follow and the next station should be 1.1500 psychological barrier. Regarding the short-term, 1.1260 is considered as the hourly support, while 1.1365 is the nearest support in the 30minutes chart.
The British pound traded in a choppy manner yesterday and continue to fight for a clear direction in the near-term as 1.4450-1.4470 zone remains key resistance.
Looking at the near-term technical picture, the pair failed around 1.4425 level, which is below this week high, and consequently we believe that a re-test of 1.4300 area may happen. In the meantime, as far as 1.4194 low is in place another push higher can take place.
To conclude, the hourly trend remains bullish by now and the pair may continue to trade higher as far as 1.4194 low is in place but looking at the short-term periods, we are seeing some selling pressure in the coming hours.
To conclude, we prefer to wait for this week close to confirm the next direction in this pair and traders should be careful ahead of the U.S jobs figures later today.
The pair bounced strongly near the weekly support of 1.2820 and printed a low around 1.2850.
Moreover, prices rallied and succeeded to break above 1.3010 hourly resistance confirming a bullish reversal in the short-term. Meanwhile, a big resistance stands at 1.3080 level and the pair should trade sideways to slightly higher in the next hours until we see a clear break above 1.3080.
Looking at the daily chart, 1.3295 continue to act as a bearish pivot and only a break above it will confirm a strong bullish reversal. Otherwise, the upside potential will remain limited. In the other side, 1.2967-1.2955 represents the support zone for today.
The Aussie did another attempt to close above 0.77 psychological barrier but failed as profit taking has increased due to the month end.
From a wider angle and 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.
In the near-term, we believe that the downside potential is limited in this pair and actually, prices may continue to trade sideways as far as 0.7614-0.7637 support zone is in place.
In addition, a worse than expected Non-Farm payrolls figures can be the catalyst for another leg higher in this pair.
Technically, the trend remains bearish in the daily chart as far as 114.00/50 zone is intact, and prices remain stuck inside a consolidation triangle, which keeps our outlook flat with a light preference to the downside as per the daily trend.
In addition, we saw a strong rejection from 113.80resistance as it represents the pre-FOMC high. As of now, the upper side of the bearish triangle remains intact and the psychological resistance of 114.00 continue to act as a strong barrier. For today, we continue to watch 112.30 support level carefully, as it represents a strong level in the hourly chart and a break below it, should trigger a new sell-off towards 111.60/40 zone.
Gold continue to fight between 1240-1244 resistance zone in the upside and 1223 support level in the downside.
From an intraday standpoint, 1229 level is the nearest support and a break below it should expose 1223$ per ounce. From a swing trading perspective, 1211 level is key for bulls and as far as this level holds, gold can do another leg higher towards 1260 peak.
To conclude, we believe that the downside correction seen last week has ended and we believe that gold prices are ready for another wave higher that can target 1260 level in the first degree. In the other side, a break below 1215-1211 support zone will cancel this outlook.
Finally, and looking at the wave structure in the daily chart, as far 1190 level is in place , the bullish trend will remain unchanged.
The New Zealand Dollar managed to end the month above 0.6900 major resistance, confirming a break higher from a 7-month range trading.
Looking at the biggest picture, the focus was on the weekly resistance zone of 0.6880/0.6900 levels in order to confirm the next directional move in this pair.
Yesterday, the pair did an attempt to break above this week high around 0.6965 but failed again. In the same time, the pair continue to trade above 0.6880 support level, consequently, the outlook remains bullish in this pair and a rally towards 0.7000-0.7100 is likely to happen.
In the flipside, 0.6880-0.6840 levels are considered as the hourly support zone, and should give a strong boost to the pair in the near-term.
The U.S jobs report will be crucial today and will confirm if the kiwi will rally directly from the current levels or do a short-term retracement lower before another wave to the upside to happen.
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