The pair recovered strongly after reaching the 61.8% retracement of the recovery that began from 0.7145 low, which stands at 0.7280 level.
As of now, the short-term trend is flat and we prefer to wait for a clear break above 0.7445 peak or below 0.7280 support to confirm the next directional move in this pair.
From a med-term view, AUD/USD is likely to remain under pressure below 0.7500 psychological barrier and therefore, bears may keep the control of the pair unless we see a weekly close above this resistance level.
USD/CAD rallied to as high as 1.3080 level before to retreat sharply as this level represents the intersection with the daily bearish trend line drawn from 1.3194 peak. We have seen a strong reaction to the downside and prices ended the day by showing a bearish shooting star candle.
However, as far as 1.2815 low is in place another extension to the upside remain possible and only a daily close below this level will bring the bearishness back.
In the near-term, 1.2870 low is the key support level while in the upside, 1.2970 is seen as a strong barrier in this pair.
The Kiwi did a re-test of 0.6960 hourly support and managed to bounce from it as bulls keep pushing prices higher. The pair showed a potential double bottom formation near this hourly support, which keeps the daily bullish trend intact.
Actually, 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 failed to preserve its daily gains and prices were rejected from 1315$ weekly resistance to end the day in the red territory.
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 in the next weeks.
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. Finally, only a daily close below it may call for a larger correction before the bullish trend resume.
The Euro fell toward its hourly support of 1.1135, which coincide with the pre-NFP low before to find strong demand from this level.
Actually, the trend remains turned from bearish to neutral in the hourly chart and we will focus on 1.1300 psychological barrier in the next days, as a close above it will confirm that the bullish cycle from 1.0820 low has resumed.
From a wider angle, the view remains positive in the daily chart above 1.1135 and as far as prices keep trading above this level, another re-test of 1.1420 peak is likely.
The Sterling rallied to reach as high as 1.4310 level earlier this morning as we saw strong demand around 1.4000 psychological support. The pair found a low at 1.4012 and edged higher fueled by the oversold conditions seen in the oscillators indicators.
Meanwhile, trader should keep in mind that the British pound has already broke below the consolidation triangle in the daily chart and prices managed to slide below 1.4300 major support, reinforcing the bearish pressure in the near-term.
In addition, 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. In the short-term, the focus should be on 1.4310 peak, while in the downside a break below 1.4190/70 zone will weaken this recovery attempt.
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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