EUR/USD has reversed from 1.2345 which was in line with our resistance mentioned 1.2350 yesterday. While we are below 1.2350, we can expect a corrective decline towards 1.2150-1.2100 or a maximum of 1.20 in the direction of the decline, followed by a rapid rise towards 1.23 or higher in the long run . The immediate outlook is below 1.2350
GBP/USD is still staying in consolidation from 1.3702 and intraday bias remains neutral first. Near term outlook stays bullish with 1.3428 support intact, and further rise is expected. On the upside, break of 1.3702 will resume whole rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Nevertheless, break of 1.3428 support will indicate short term top, and turn bias to the downside for deeper pull back.
USD / JPY started a strong rally above the resistance levels of 102.80 and 103.20. The pair even broke the 50% fib retracement level, which fell from 103.89 swings to 102.59 lows. There was a follow-up move above the 103.60 level and 100 simple moving averages (4 hours).However, the pair is still facing a strong resistance near the 103.95 and 104.00 levels. A close above 103.95 and 104.00 could open the doors for a steady increase. In the stated case, the pair could jump towards the 104.50 and 104.80 levels.
On the downside, the 200 simple moving average (4-hours) might act as a support near 103.75. The first key support is near the 103.40 zone (the recent breakout zone). Any more losses could lead towards the 103.00 support level.
A temporary spike is formed at 0.7819 and the intraday bias is neutralized first. Further support is expected as long as 0.7641 is supported. Above 0.7819, the projection increases from 0.5506 to 61.8%, from 050996 to 0.7413, from 0.6991 to 0.8170. However, a break of 0.7641 means a short-term topping-out ceremony in the event of a 4-hour declining turnaround in the MACD. Intra-day bias for deep reform will be downward.
USD/CAD with 1.2797 minor resistance intact, further decline is still expected. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. Nevertheless, considering bullish convergence condition in 4 hour MACD, break of 1.2797 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for rebound, to 1.2957 resistance.
WTI crude oil has risen and could be headed towards $52 respectively. A further break above this level would be bullish for the crude prices in the medium term. Watch for a possible break above $52 in the near term.
XAU/USD trades lower today but while below 1940, we may expect a test of support at 1900 before again bouncing back to higher levels. Also a stronger Dollar keeps Gold low and could continue so for some more time.