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EUR/GBP is trading around its highest levels of the year despite ongoing consolidation. Hourly resistance lies at 0.9087 (08/08/2017 high) has been brokem. Hourly support is given at a distance at 0.8742 (16/06/2017 low). Downside risks are nonetheless important.

In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 psychological level.

AUD/USD's short-term technical structure has reversed. Hourly support can be found at 0.7786 (18/07/2017 low). Hourly resistance is given at 0.8066 (27/07/2017 high).

In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD's short-term bullish momentum is ending. Hourly support is given at a distance at 1.2414 (27/07/2017 low). Expected to show continued short-term bearish move.

In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low) before bouncing back. Strong resistance is given at 1.4690 (22/01/2016 high). The pair should head further lower.

USD/CHF is pushing higher. Resistance is given at 0.9771 (15/06/2017 high). Hourly support lies at at 0.9584 (08/11/2017 low). Expected to to bounce back lower.

In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015

USD/JPY's bearish pressures are back despite the rebound at 108.83 (17/04/2017 low). Expected to show another leg lower.

We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

GBP/USD is edging higher. Hourly resistance is given at 1.3267 (03/08/2017 high). Hourly support can be found at 1.2812 (12/07/2017 low). Expected to show continued bearish pressures.

The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.

EUR/USD bearish pressures are on. Hourly resistance is given at 1.1910 (02/08/2017 high) while hourly support can be found at 1.1689 (09/08/2017 high). Stronger support lies at 1.1613 (26/07/2017 low). Expected to show further short-term selling pressures.

In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance holding at 1.1871 (24/08/2015 high) has been broken while strong support lies at 1.0341 (03/01/2017 low).

Spot Gold extended recovery from $1267 (Fibo 61.8% of $1251/$1292 upleg) to $1290 on Thursday, signaling retest of $1292 resistance (11 Aug high).

Strong rally on Wednesday, sparked by fresh dollar’s weakness on dovish Fed, formed bullish Outside Day pattern and generated reversal signal.

Signals that Fed may delay its expected rate hike boosted interest rate change sensitive gold, keeping bullish daily studies unaffected by recent $1292/$1267 correction and biased higher, eyeing targets at $1292 and $1296 (16 Apr /06 June highs) and psychological $1300 barrier.

Final break above key $1292/96 resistance zone is needed to signal resumption of broader uptrend $1122 (15 Dec 2016 low).

Meanwhile, corrective easing faces initial support at $1282 (session low / broken Fibo 61.8% of $1292/$1267 pullback) with rising 10SMA ($1275) expected to contain extended dips.

Res: 1290, 1292, 1296, 1300
Sup: 1282, 1275, 1279, 1276

EUR/GBP         –  0.9089

As the single currency has risen again brief pullback, suggesting recent erratic rise from 0.8304 (Dec 2016) is still in progress and bullishness remains for this move to extend gain to 0.9190-00, then towards 0.9250-60, however, overbought condition should prevent sharp move beyond 0.9300 and reckon 0.9380-85 (100% projection of 0.8312-0.8950 measuring from 0.8743) would hold from here, risk from there is seen for a retreat due to near term overbought condition.

Our latest preferred count is that the wave V of a 5-wave series from 0.5682 ended at 0.9805 earlier and major from there has possibly ended at 0.8067 as A-B-C-X-A-B-C. We are keeping our view that the entire correction from 0.9805 has possibly ended at 0.7756 and as labeled as the attached daily chart and impulsive move from 0.9084 has ended at 0.7756 as a 5-waver which marked either the (C) wave or the A leg of (C), a daily close above resistance at 0.8831 would suggest (C) leg has ended and headway towards 0.9084.

On the downside, whilst initial pullback to 0.9050, then 0.9005-10 cannot be rule out, reckon downside would be limited to 0.8945-50 and bring another rise later. Below 0.8920-25 would suggest a temporary top is possibly formed, bring test of support at 0.8891 but a daily close below this level is needed to add credence to this view, bring retracement of recent upmove to 08850 and then 0.8800-10 later. 
 
Recommendation: Buy at 0.8925 for 0.9125 with stop below 0.8825

Euro's long term uptrend started in Feb 1981 at 0.5039 and is unfolding as a (A)-(B)-(C) move with (A): 0.8433 (Feb 1993), (B): 0.5682 (May 2000) and impulsive wave (C) should have ended at 0.9805 with wave III ended at 0.7254 (May 2003), triangle wave IV at 0.6536 (23 Jan 2007) and wave V as well as wave (C) has ended at 0.9805.

We are keeping an alternate count that only wave III ended at 0.9805 and the correction from there is the wave IV and may extend weakness to 0.7700, however, it is necessary to see a daily close above resistance at 0.9143 would change this to be the preferred count.

USD/CAD – 1.2643

Although the greenback has retreated after meeting resistance at 1.2778, as long as 1.2535-40 holds, further consolidation would be seen and prospect of another corrective bound remains, above said resistance would extend the recovery from 1.2414 low to 1.2800, however, reckon upside would be limited to 1.2850-60 and bring another decline, below 1.2535-40 would suggest the rebound from 1.2414 has ended, bring weakness to 1.2490-00, then test of 1.2451, break of latter level would signal recent decline has resumed for retest of 1.2414. Having said that, break there is needed to confirm recent wave c decline is under way for weakness to 1.2350, then 1.2300 but loss of momentum should prevent sharp fall below 1.2200-10 and price should stay well above 1.2000 level, bring rebound later. We are keeping our bearish count that wave b ended at 1.3794 and wave c has commenced for further fall to aforesaid downside targets. 

We are keeping our view that the wave b from 1.0657 (a leg top) has possibly ended at 0.9633 with (a): 0.9800, wave (b): 1.0447 and wave c at 0.9633, the subsequent rise from there is now treated as wave c exceeded indicated upside target at 1.3770-80 and 1.4000 and wave (3) has possibly ended at 1.4690 and wave (4) correction has commenced for retracement back to 1.2410-20, then towards 1.2200.

On the daily chart, our latest preferred count remains that the A of (B) rally from 0.9059 low (7 Nov 2007) unfolded into an impulsive wave with i: 0.9059-1.0380, ii ended at 0.9819, iii at 1.3019 followed by triangle wave iv at 1.2026 , then wave v formed a top at 1.3066 and also ended the wave A. The wave B is unfolding as an double three a-b-c-x-a-b-c and is sub-divided as a: 1.2192, b: 1.2716 and wave c at 1.0784, followed by wave x at 1.1725, another set of a-b-c unfolded with 2nd a at 0.9931, 2nd b at 1.0674. the 2nd c has possibly ended at 0.9407, therefore, consolidation with upside bias is seen for major correction, indicated target at 1.3900 had been met and gain to 1.4700 would follow.

On the upside, whilst initial recovery to 1.2800 cannot be ruled out, reckon upside would be limited to 1.2850–60 and renewed selling interest should emerge there, bring another decline to aforesaid downside targets. Above previous support at 1.2859 would defer and risk a stronger rebound to resistance at 1.2944 but upside should be limited to psychological resistance at 1.3000 and price should falter well below another previous support at 1.3165 (now resistance), bring another decline later.

Recommendation: Sell at 1.2850 for 1.2550 with stop above 1.2950.

Longer term - The selloff from 1.6194 (21 Jan 2002) to 0.9059 (07 Nov 2007) is viewed as (A) wave which is a 5-waver as labeled on the monthly chart as below, the subsequently rally is labeled as (B) with impulsive A leg of (B) ended at 1.3066, wave B of (B) is unfolding which has either ended at 0.9407 or would extend one more fall but downside should be limited to 0.9200 and 0.9000 should hold.