In this report, we take a look at the technical outlook of the major currencies along with Gold as we are approaching June 23.
Beginning with the EUR/USD ;
The Euro turned lower after bears managed to protect 1.1415peak.
The single currency retreated around 1.1380 level and broke below the hourly bullish pivot of 1.1300, which put the pair under pressure again in the near-term.
However, as far as 1.1135 low is in place, the outlook is likely to remain flat for the time being and swing traders should wait for either a daily close above 1.1415 level in the upside or 1.1135 support in the downside to confirm the next directional move in the pair.
The Sterling jumped to reach the weekly resistance of 1.4760 earlier this morning before to find strong sellers.
Actually, the trend is bullish in the near-term, however, we expect a corrective wave to the downside to begin in the next hours and prices may reach 1.4600-1.4565 support zone before the uptrend resume.
Therefore, we will focus on the reaction of bulls around this area and we will wait for clear signs of strength renewal before to define the next station for the Sterling, which is likely to be around 1.4875 level.
In the flipside, a daily close below 1.4430 support will cancel the positive outlook.
The pair bounced from 103.75 support (former broken resistance) mentioned in our previous report, and we have seen prices re-gaining the 104.00 handle today.
Moreover, the pair extended its gains to reach the hourly resistance zone, which stands at 104.85. Meanwhile, and looking at the recent price action, USD/JPY is trading inside a wide range between 103.50 in the downside and 104.85 resistance.
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.
While a 4hours candle close above 104.85 peak, should expose 105.05/105.45 resistance zone in the next hours.
Gold traded sharply lower today as prices failed to hold last week gains and retreated around $1315 per ounce.
In the near-term, our focus was on 1277 support level, which was broken during the U.S trading session, reinforcing the probability of a larger correction wave that can reach as low as $1255 before another rally begins.
Finally, the yellow metal is likely to remain positive in the short-term as far as 1235 low is in place.
The pair recovered managed to reach 0.750 psychological barrier as expected, however, bears succeeded to push prices lower erasing the whole daily gains.
As of now, the short-term trend is flat and we prefer to wait for a clear break above 0.7500 peak or below 0.7280 support to have more visibility about the next leg in this pair.
From a med-term view, AUD/USD is likely to remain under pressure below 0.7500 psychological barrier while a break above it should bring the bullishness back.
USD/CAD resumed the decline and has reached 1.2760 daily support before to bounce strongly off its lows.
However, as far as 1.2970 peak is in place, the upside momentum may remain limited in this pair.
In the near-term, 1.2760 level is the key support level while in the upside, 1.2825 is seen as the short-term resistance.
The Kiwi is following the same trading structure as the Aussie as we have seen the pair rallying earlier this morning to reach as high as 0.7168 level before giving back the majority of those gains later.
Technically, the pair showed a potential double bottom formation near the hourly support of 0.6960, which keeps the daily bullish trend intact.
To conclude, the pair remain positive above 0.7030 low in the short-term and another re-test of today’s high can be possible.
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