The pair jumped overnight following the Australian jobs report to reach the 61.8% retracement of 0.7500 peak, located at 0.7435 level.
Few hours later, the Aussie fell sharply and managed to erase the entire daily gain reinforcing the bearish pressure in the near-term.
Actually, another wave to the downside is likely in the coming hours and can send prices to the hourly support level of 0.7330 for the second time this week.
Moreover, a 4-hour close below this level may clear the path for further losses in the direction of 0.7300 psychological support.
In the other side, only a daily close above 0.7445 level will cancel this negative outlook.
USD/CAD turned bullish after breaking above 1.2840 resistance level.
The pair rallied to reach a major resistance level, which stands at 1.2980 and from where we expect strong sellers to appear.
1.2980-1.3000 zone is considered as a critical zone for prices as it represents the 61.8% retracement of the entire drop seen from 1.3194 peak coupled with the psychological barrier of 1.30 in this pair.
Therefore, a correction to the downside can happen as oscillators indicators remain clearly overbought. However, the pair is likely remain positive as far as prices keep trading above 1.2870 low.
The Kiwi rallied overnight fueled by the quarterly GDP figures, which came out better than expected.
Prices rose to as high as 0.7094 before to retreat as 0.7080/0.7100 zone remain the daily resistance zone for this pair and only a close above it will confirm another extension higher in the Kiwi.
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, the bullish outlook in this pair still valid and only a daily close below 0.6890 support will weaken this view.
Gold rallied and managed to overtake 1300$ psychological barrier as expected.
From a technical standpoint, the med-term trend has turned bullish and as far as 1200 psychological support continue to support prices, the yellow metal is likely to extend gains towards 1320$ per ounce.
Therefore, we expect gold to keep trading higher and traders should focus on 1277 level in the downside as it represents the bullish pivot in the hourly chart, and only a daily close below it may call for a larger correction before the bullish trend resume.
The Euro jumped during the FED rate decision yesterday and did an attempt to break above 1.1300 handle but failed, as the bearish momentum remain strong in the short-term below 1.1420 peak.
Actually, the trend remains bearish in the hourly chart and the upside potential is likely to be limited below 1.1305 peak. Hence, bears may continue to sell the Euro on rallies and prices can resume the decline in the coming hours towards 1.1385/70 support zone.
From a wider angle, the trend remains positive in the daily chart above 1.1135 while in the hourly chart the pair turned bearish and may see further losses towards the mentioned above support levels.
The Sterling bounced near the monthly support level of 1.4085 as mentioned in our previous reports.
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.
The pair plunged as expected after bears succeeded to push prices below 105.50 weekly support. In addition, USD/JPY extended the decline below 105.00 psychological level, which triggered a big sell-off overnight.
Technically, the pair remains bearish regarding a med-term view as far as prices keep trading below 107.30 peak and only a weekly close above it, will confirm a potential bullish reversal in the coming weeks.
In the other side, the focus should be on 103.75 support (former broken resistance) and we may see a stabilization in prices around this level today.
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