USD/CAD

USD/CAD succeeded to overtake 1.2585 peak, which reinforce the probability of a bullish reversal in the near-term.

Actually, the pair is trading near the psychological barrier of 1.2700 and an hourly close above this level will trigger another rally in the direction of 1.2750 peak before to find new sellers again.

While in the daily chart, the pair will remain under pressure as far as 1.2995 peak is in place.

Finally, our outlook turned positive for the coming hours and 1.2750 area will be under our radar.

Support 1.2450-1.2330-1.2175

Resistance: 1.2700-1.2750-1.2820

 

AUD/USD

The Australian Dollar resumed the decline as RBA decided to cut its official cash rate further by 25bps from 2.00% to 1.75%.

In the hourly chart, the trend turned bearish after the pair broke below 0.7585 support level and showed a strong bearish engulfing candle which may led to more decline in the direction of 0.7500 psychological support.

In the flipside, the Aussie is likely to remain under pressure in the short-term below 0.7720 peak.

Support: 0.7492-0.7450-0.7400

Resistance: 0.7630-0.7720-0.7775

 

 

EUR/USD

The Euro jumped to as high as 1.1615 level, reinforcing our bullish outlook. Actually, the pair reached a crucial resistance zone located around 1.1600/1.1630 levels and it is important to note that this is the last barrier before to re-test black Monday peak around 1.1713.

Looking at momentum indicators, we believe that another rally is likely in the single currency but in the meantime, a short-term retracement has begun today as the pair was clearly overbought in the hourly chart.

Meanwhile, we maintain our positive outlook in the Euro as far as 1.1430 low is intact.

In the other side, a daily close above 1.1600 area will clear the way for further gains in the direction of 1.1700 psychological barrier.

Support: 1.1430-1.1380-1.1340

Resistance: 1.1600-1.1630-1.1710

 

GBP/USD

The British pound rallied earlier this morning after breaking above 1.4700 mark and reached 1.4770 level before to reverse sharply lower as bears overtook the control of this pair in the near-term.

Technically, another extension higher in the direction of 1.4830/50 remain possible as far as the pair keep trading above 1.4300 support. However, we believe that the pair will face strong selling pressure, which may lead to a deeper correction below 1.4500 zone before the upside to resume.

Therefore, the view turned bearish in the near-term and only a break above 1.4640 will confirm the end of the current correction.

Resistance: 1.4770-1.4830-1.4850

Support: 1.4530-1.4470-1.4400

 

 

USD/JPY

The pair bounced during the U.S trading session as we saw some profit taking around 105.50 area.

In the meantime, the weekly support stands at 105.00 psychological support and should be tested in the coming days as the upside potential remain limited in this pair as far as 107.40 peak is in place.

While in the near-term, 106.85 level represents the bearish pivot in the hourly chart, and only a break above it will confirm a potential recovery in the pair.

Support: 105.50-105.20-104.20

Resistance: 106.80-107.40-108.75

 

 

GOLD

GOLD managed to break above 1283 peak, clearing the path for further gains in the direction of 1307 weekly resistance.

Moreover, the theoretical target over the med-term for the yellow metal stands at 1320$ per ounce followed by 1340$ in extension. Therefore, we expect prices to resume the upside as far as it keeps trading above 1273 per ounce.

Meanwhile, a short-term correction cannot be ruled out before the upside to resume, especially if prices break below 1280 low.

Finally, the outlook remains positive in the yellow metal as prices continue to preserve the higher lows structure that began from 1208 low.

Support: 1280-1273-1271

Resistance: 1300-1307-1320

 

 

NZD/USD

The New Zealand failed to break above 0.7055 daily resistance for the second time in a row, which may signal a potential double top reversal formation in this pair.

Conversely, the trend remains bullish in the daily time frame, however, we still need a daily close above 0.7050 zone to confirm another leg in the direction of 0.7100 barrier.

Looking down, 0.6930 should play as short-term support in the next hours.

Finally, and despite the positive view in the daily chart, the hourly structure still flat and we will wait for a clear pattern formation before to confirm the next directional move in the kiwi.

Support: 0.6930-0.6900-0.6810

Resistance: 0.7055-0.7100-0.7130

 

 

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