AUD/USD

The Australian Dollar traded lower and has reached its hourly support level located at 0.7330, which coincide with the 50% Fibonacci retracement of the recent recovery seen from 0.7140 low.

As of now, the outlook is flat in the near-term and traders should continue to focus on 0.7420 level in the upside and 0.7330 support in the downside to confirm the next directional move in this pair.

Support: 0.7330-0.7310-0.7200

Resistance: 0.7380-0.7410-0.7425

USD/CAD

USD/CAD continue to trade higher after breaking above 1.2770 hourly resistance.

However, the current upside move is likely to be short-lived as prices have reached the 61.8% retracement of the entire drop seen from 1.2980 peak. This level stands around 1.2860 and we may see a negative reaction around this resistance in the coming hours.

Therefore, we expect the recovery to continue for the time being, but traders should be aware that this correction is likely to end soon.

Resistance: 1.2860-1.2900-1.2950

Support: 1.2815-1.2750-1.2660

NZD/USD

The Kiwi fell below 0.7000 psychological support overnight into a short-term correction before to bounce back during the European trading session.

Actually, the daily trend still intact and the pair remain positive; however, prices should close above 0.7080 level on a daily basis to confirm that the current correction has ended.

 

Therefore, we maintain the bullish outlook in this pair and only a daily close below 0.6890 support will weaken this view.

Support: 0.7000-0.6960-0.6890

Resistance: 0.7040-0.7080-0.7120

GOLD

Gold rally stalled around 1288$ per ounce as this level represents the last station before 1294 critical barrier.

From a technical standpoint, the med-term trend has turned bullish and as far as 1200 psychological support continue to support prices, a break above 1300 handle remain possible over the few coming weeks.

Therefore, we expect gold to keep trading higher for the rest of the month, meanwhile, a correction lower is likely in the beginning of this week as mentioned earlier and by now, we expect a move towards 1276-1273 zone before a bounce to happen.

To conclude, the trend remains strongly bullish and we believe that the downside potential is likely to remain limited as far as 1268 low is intact.

Support: 1276-1273-1268

Resistance: 1288-1294-1305

EUR/USD

The Euro extended the losses below 1.1200 support yesterday before to find a low around 1.1185 level.

Actually, the trend remains bearish in the hourly chart and the upside potential is likely to be limited below 1.1305 peak. Hence, any rally today may find strong resistance around 1.1255-1.1270 zone.

From a wider angle, the trend remains positive in the daily above 1.1135 while in the hourly chart the pair turned bearish and may see further losses especially if we see a breakdown below 1.1185 level.

Support: 1.1185-1.1135-1.1115

Resistance: 1.1255-1.1270-1.1305

 

GBP/USD

The Sterling bounced near the monthly support level of 1.4085 as mentioned in our previous report.

The pair found a low at 1.4090 and managed to reach as high as 1.4213 level earlier this morning.

Meanwhile, the pound broke below the consolidation triangle and prices managed to overtake 1.4300 major support, reinforcing the bearish pressure in the near-term. However, oscillators indicators are clearly oversold which may lead to a correction higher in the coming hours. This scenario will remain valid as far as 1.4140 support is intact.

In the other hand, 1.4360 should continue to play as a strong barrier in this pair and the reversal signal may come only with a daily close above this level.

Resistance: 1.4213-1.4230-1.4325

Support: 1.4140-1.4115-1.4090

USD/JPY

The pair found strong support near the weekly support of 105.50 and prices jumped to reach the former support of 106.35, which is likely to play as a strong resistance ahead of the FED rate decision later today.

Technically, the pair remains bearish in the daily chart but looking at the near-term price action, the focus should on 107.30 resistance level as only a break above it, will confirm a potential bullish reversal in the coming hours.

Conversely, if this level holds, a re-test of 105.50 support is likely.

Support: 105.50-105.00-104.20

Resistance: 106.60-107.30-107.90

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