EUR/USD

The Euro retreated during the U.S trading session erasing the majority of yesterday’s gains, which keeps the single currency under pressure in the near-term.

Technically, the pair found strong resistance at the 61.8% Fibonacci retracement of the recent rally seen from 1.1360 low to 1.1480 peak and by now we expect a re-test of 1.1360 daily support in the next hours.

Therefore, the view turned bearish in the short-term and the pair is likely to remain under pressure below 1.1430 resistance.

Support: 1.1370-1.1350-1.1310

Resistance: 1.1450-1.1480-1.1530

 

GBP/USD

The British Pound rallied to as high as 1.4530 after breaking above 1.4480 hourly resistance.

However, the pair failed to preserve its gains and reversed lower as bears managed to protect 1.4542 peak.

In addition, and looking at the hourly chart, the bearish pivot of 1.4573 remains intact, which keeps the view bearish in cable.

Meanwhile, we prefer to wait for a 4hours close below 1.4400 psychological support to confirm that the pair is ready for another leg lower that can reach 1.4350 area.

Resistance: 1.4530-1.4542-1.4573

Support: 1.4430-1.4400-1.4380

USD/CAD

USD/CAD extended its decline and has reached 1.2780 support level before to bounce back above 1.2800 handle.

From a technical standpoint, the pair is likely to remain supported above this support level and only a break below it will clear the way for an acceleration to the downside.

In the other side, the current correction may continue as long as 1.2920 peak is in place.

Consequently, we prefer to stay away from this pair until we see either a break above 1.2875 in the upside or 1.2780 level in the downside to confirm the next directional move in the near-term.

Support 1.2780-1.2730-1.2670

Resistance: 1.2875-1.2920-1.2980

NZD/USD

The kiwi remains steady above 0.6800 mark but traders should be aware that the pair has reached a strong resistance level, which stands at 0.6840 and from where we expect strong sellers to appear.

As of now, we will focus on this level for the next couple of hours as a break above it may expose 0.6880 resistance. In the meantime, if this resistance holds, then the pair may resume in the decline in the direction of 0.6780 support.

Support: 0.6780-0.6715-0.6700

Resistance: 0.6840-0.6880-0.6940

USD/JPY

The pair fell for the second time near the 109.45 resistance zone mentioned in our previous technical reports, which represents the 61.8% retracement of the post-BOJ decline.

Moreover, prices resumed the decline towards 108.30 support zone before to find strong demand.

Technically, the pair is likely to remain well supported above this support for another extension higher in the direction of 109.50 area while a break above this resistance will clear the path for a fresh rally in the direction of 110.00 psychological barrier.

Support: 108.30-108.20-107.50

Resistance: 109.45-110.35-110.65

GOLD

Gold traded in a wide range today as volatility increased significantly during the U.S trading session.

 As of now, the trend is flat in the hourly chart while in the daily, the yellow metal remains bullish as far as 1227 low is in place.

In the near-term, 1279-1281 zone continue to play as strong resistance zone. In the other hand, a break below 1265 support will expose 1258 zone in the coming hours.

Support: 1257-1253-1248

Resistance: 1275-1278-1282

 

 

 

 

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