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Daily Pivots: (S1) 122.32; (P) 122.57; (R1) 122.73; More....

Intraday bias in EUR/JPY remains neutral and consolidation from 122.08 might extend further. . In case of another recovery, upside should be limited by 124.09 support turned resistance to bring fall resumption eventually. On the downside, firm break of 122.08 will resume the fall from 127.50 and target 118.62 low next. Nevertheless, firm break of 124.09 will at least bring stronger rebound back to 125.23 resistance and above.

In the bigger picture, current development argues that rebound from 118.62 is merely a correction and has completed at 127.50. EUR/JPY is staying in long term falling channel from 137.49 (2018 high). Decisive break of 118.62 will confirm resumption of this medium term fall and target 109.20 low. For now, this will be the favored case as long as 125.23 resistance holds.

The EUR/NZD has been supported above the important level. 1.7055 is the W l3 and historical support pivot.

EU Parliamentary elections had no effect on EUR crosses so the focus is on the NZD fundamentals. As the EU trade balance continued to expand positively last week, we did see flash manufacturing continued to contract in Germany, along with its slowing business confidence. New Zealand has on the other hand seen a contract in Global Dairy Trade Index for the first time this year, but more so, the prices of other main exports such as Lumber has been contacting significantly in the last year, whilst Live Cattle has continued to reduce since Late February. This is putting pressure on NZD.

Technically, the pair is having a correction in uptrend and 1.7085-1.7100 is the POC zone where we should look for a potential bounce. Targets are 1.7139 and 1.7160. If bulls want to proceed with uptrend momentum, then 1.7055 should hold.

On Friday, the EUR/USD currency pair raised to the upper boundary of the short-term descending channel at 1.1215. During today's morning, the pair reversed south.

From a theoretical point of view, it is expected, that the exchange rate could maintain its decline in the nearest future. However, it is likely, that the rate could be supported by the 55-, 100– and 200-hour SMAs, as well the weekly PP at 1.1175.

It is the unlikely case, that some upside potential could prevail in the market, and the European Common Currency could exceed the 1.1217 level due to the resistance of the monthly PP.

At the end of the previous week, the GBP/USD exchange rate extended gains and reached the 200-hour moving average at the 1.2739 mark. However, as apparent on the chart, the rate did not surpass the given resistance.

Note, that the currency pair also reversed south from the upper boundary of the short-term descending channel, thus, it is likely, that some downside potential could prevail in the market. However, note, that the pair has to surpass the 55– and 100-hour SMAs located circa 1.2680.

If the given support holds, it is expected, that the rate could reverse north and re-test the upper channel line. It is unlikely, that the rate could surpass the given 200-hour SMA.

During Friday, the USD/JPY currency pair surpassed the support level formed by the Fibonacci 50.00% retracement at 109.58.

Given that the pair is pressured by the 55-hour moving average, currently located at 109.65, it is expected, that bears could continue to prevail in the market. A possible downside target is the psychological level at 109.20.

On the other hand, the exchange rate could trade sideways, trying to surpass the given resistance. It is unlikely, that the rate could step higher due to the resistance level formed by the 100– and 200-hour SMAs, as well the monthly S2 at 109.97.

During the previous trading session, the XAU/USD exchange rate increased to the resistance formed by the monthly PP at the 1,287.27 mark. During Monday's morning, the rate was testing it.

If the given resistance level holds, it is expected, that the price for gold could reverse south. However, note, that the rate could be supported by the 55– and 200-hour SMAs, currently located circa 1,283.00.

If the given resistance does not hold, it is likely, that the price for gold could maintain its rise for the short term. A possible upside target the psychological level at 1,290.00.

The New Zealand Dollar appreciated about 42 base points against the US Dollar on Friday. The currency pair breached the 200-hour simple moving average during Friday's trading session.

The exchange rate tested the monthly resistance level at 0.6560 during the morning hours of Monday's trading session.

If the currency exchange rate reverses from the current price level at 0.6547 and takes out the monthly PP at mentioned above, a surge towards the 0.6617 regions could be expected.

However, if the resistance level at 0.6560 holds, a decline towards a support cluster at 0.6530 could follow.

The single European currency traded with low volatility against the Japanese Yen on Friday. The currency pair breached the 50-hour simple moving average at 122.82 during Friday's trading session.

Currently, the exchange rate is stranded between a resistance cluster formed by the combination of the 100– and 200-hour SMAs and the weekly pivot point at 122.88 and a support level set by the 50-hour simple moving average at 122.60.

Technical indicators demonstrate that the currency exchange rate will continue its downward swing during the following trading session. The potential downside target for bearish traders will be at the 122.20 area.

Daily Pivots: (S1) 0.8795; (P) 0.8823; (R1) 0.8844; More...

EUR/GBP continues to lose upside momentum with today's retreat. But there is no clear sign of topping yet. Further rally is still expected and sustained break of 0.8840 will target 0.9101 key resistance next. On the downside, break of 0.8681 resistance turned support is needed to indicate completion of rise from 0.8489. Otherwise, near term outlook will remain cautiously bullish in case of deep retreat.

In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8511). Decisive break of 0.9101 resistance will confirm this bullish case. Nevertheless, as EUR/GBP is still staying inside long term falling channel, correction from 0.9305 could still extend to 0.8400 fibonacci level before completion.

The Australian Dollar appreciated about 52 base points against the US Dollar on Friday. The exchange rate dashed through the 200-hour simple moving average during Friday's trading session.

The currency pair has revealed a new junior ascending channel pattern, which has guided the rate higher.

If the resistance level formed by the upper border of the pattern holds, a reversal south could occur within this session.

Although, if the rate passes the resistance level, the next target for bullish traders will be near the 0.7050 mark.