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GOLD Strengthening.

Gold 's medium-term momentum is positive. Hourly support is located at 1236 (26/06/2017 low). Stronger support is given at 1214 (09/05/2017 low). Expected to show continued upside pressures.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

SILVER Bullish consolidation with medium-term bearish move.

Silver's selling pressures are strong despite ongoing bullish consolidation. Closest support is given at 16.29 (26/06/2017 low). Strong support is given at 16.06 (09/05/2017 low). Key resistance is given at a distance at 17.75 (06/06/2017 high). The road seems wide open for further decline.

In the long-term, the death cross indicates that further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009)

CRUDE OIL Continued bullish consolidation.

Crude Oil is now consolidating higher since the commodity hit 11-month low. Support is given at 42.05 (21/06/2017 low). Expected to show renewed weakness.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).

EUR/JPY Bullish breakout.

EUR/JPY has surged and broke hourly resistance at 125.82 (16/05/2017 high). Hourly support is given at 122.56 (18/05/2017 low). Major support is given at 114.90 (18/04/2017 low).

In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support at 94.12 (24/07/2012 low) looks nonetheless far away.

EUR/GBP Bullish.

EUR/GBP has finally broken resistance given at 0.8866 (12/06/2017 high). Other support can be found at 0.8652 (08/06/2017 low). Expected to show further consolidation.

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.

EUR/CHF Breaking downtrend channel.

EUR/CHF's short-term bullish pressures are definitely on. The pair is riding higher within downtrend channel. Hourly support is located at a distance at 1.0792 (03/05/2017 low).

In the longer term, the technical structure is mixed. Resistance can be found at 1.1200 (04/02/2015 high). Yet,the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

USD/CHF Strong bearish breakout.

USD/CHF is pushing lower. Hourly resistance can be found at 0.9771 (09/06/2017 high). Strong resistance is given at 1.0107 (10/04/2017 high). Hourly support given at 0.9614 (06/06/2017 low) has been broken. Expected to show continued bearish pressures.

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/CAD Continued weakness.

USD/CAD is back into bearish mode. Hourly support given at 1.3165 (14/06/2017 high) has been broken. Expected to show continued weakness towards strong support given at 1.3010 (16/02/2017 low).

In the longer term, the pair lies in a bullish channel since a year. Strong resistance is given at 1.4690 (22/01/2016 high). Long-term support can be found at 1.2461 (16/03/2015 low).

AUD/USD Sideways price action around 0.7600,

AUD/USD 's technical structure is positive since early May. Yet, in the short-term there will likely be renewed bearish pressures towards support given at 0.7520 (09/06/2017 low)

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.

EUR/USD Bullish breakout

EUR/USD is trading higher. The pair is trading has broken strong resistance given at 1.1300 (09/11/2017 high). Hourly support can be found at 1.1076 (18/05/2017 low). Stronger support lies at 1.0842 (11/05/2017 low). Expected to consolidate below 1.1400.

In the longer term, the momentum is clearly negative. We favour a continued bearish bias towards parity. Key resistance holds at 1.1714 (24/08/2015 high) while strong support lies at 1.0341 (03/01/2017 low).

GBP/USD Ready for a decline.

GBP/USD has stopped its rebound. Hourly support is given at 1.2589 (21/06/2017 low). Hourly resistance at 1.2818 (14/06/2017 high) has been broken. Expected to show further renewed selling 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.

USD/JPY Breaking resistance at 112.13.

USD/JPY has failed to monitor resistance given at 112.13 (24/05/2017 high). Hourly support can be found at 110.65 (16/06/2017 low). Stronger support is located at 108.13 (17/04/2017 low). Expected to show continued pressures.

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).

The EUR/USD has behaved exactly as I analysed 8 days ago making it’s swing from the POC zone towards 1.1400. Additionally, the EU surged to its highest in the last year after Mario Draghi, who spoke at the ECB forum, surprised markets by signaling that stimulus tapering may be closer than the market anticipated. Draghi highlighted a recovering euro zone economy that “the threat of deflation is gone and reflationary forces are at play”.

At this point we can see that EUR/USD is rejecting the POC countertrend zone (ATR high, D H3, psychological 1.1400 resistance) and it’s coupled with ECS MACD divergence. It tells us that the zone 1.1390-1.1405 could reject the price on subsequent retests. The rejection should target the POC (trend) zone 1.1280-1.1300 (D L3, W H5, 50.0 fib, bullish order block), but also pay attention to 1.1336 that stands as 23.6 fib which is important is strong trends. A 4h close above 1.1430 will possibly open the way towards 1.1475-1.1500.

EUR/USD

Current level - 1.1351

Yesterday's break through 1.1295 peak signals a renewal of the uptrend, towards 1.1430 dynamic projection. Key support lies at 1.1300.

USD/JPY

Current level - 112.16

The intraday bias is positive above 112.00 minor support, for a test of 113.00 area. Crucial on the downside is 111.30.

GBP/USD

Current level - 1.2814

The recent test of 1.2830 area should provoke an intraday slide towards 1.2760 minor support area.

EUR/USD

The EUR/USD pair began rallying early European session, and continues to do so ahead of Wall Street's opening, as the market finally got the excuses needed to move. The common currency got a considerable boost from ECB's head, Mario Draghi, in the European morning, resulting in the EUR/USD pair reaching a fresh 2017 high of 1.1304, accelerating further in the US afternoon and flirting with 1.1350 after Fed's officers hit the wires, its highest since August 2017.

In a speech at an ECB forum on Central Banking, Draghi offered a confident stance on the economic progress of the region, saying that "all the signs now point to a strengthening and broadening recovery in the euro area," but also reaffirmed the need of maintaining QE in place, although hinted the possibility of a sooner-than-expected tapering, noting that the threat of deflation is gone.

In the US, Fed's Harker supported the decision to raise interest rates again this year, even though he predicts prices will take longer to rebound to the Fed's goal revising his prediction on when inflation will reach the 2% target to early 2018 from late this year. Chair´s Yellen has also been on the wires, but her comments were focused on the strength of the banking system, hitting the greenback by reckoning that real income has been stagnant, hurting mostly the middle class.

Technically, the pair is up for over 150 pips daily basis, leaving intraday indicators in extreme overbought territory, but there no signs of upward exhaustion just yet, and given that the pair broke above 1.1300, further gains are likely for the upcoming sessions as long as pullbacks towards the level attract buying interest. In the 4 hours chart, technical indicators have decelerated, but maintain their bullish slopes within overbought territory, with the RSI indicator currently at 80, while far beyond the current level, the 20 SMA accelerated north, crossing above the 100 SMA, another sign of the dominant bullish momentum.

Support levels: 1.1300 1.1260 1.1220

Resistance levels: 1.1370 1.1420 1.1460

USD/JPY

The USD/JPY pair rallied up to 112.46, its highest in over a month, as bonds came under pressure worldwide following Draghi's hawkish comments early London, indicating that things are improving in the region and hinting somehow that QE may come to an end sooner than expected. US Treasury yields jumped to their highest in nearly two weeks, with the US 10-year note benchmark up to 2.20% from previous 2.14%. Japan won't release any macroeconomic reading during the upcoming session, with the pair therefore set to keep following yields, and sentiment. The pair retreated from the mentioned high, but settled above the 112.00 mark, presenting a moderate upward tone by the end of the US session, given that the 4 hours chart shows that the price continues developing above its 100 and 200 SMAs, but also that technical indicators are beginning to retreat after nearing overbought levels. The immediate support comes at 112.00, the 38.2% retracement of its April/May bullish run, and the positive tone will persists as long as the level contains intraday declines. Below it, however, the risk will turn clearly towards the downside.

Support levels: 112.00 111.60 111.20

Resistance levels: 112.45 112.80 113.20

GBP/USD

The GBP/USD pair jumped up to 1.2860 by the end of the US session, triggering stops past 1.2820 and backed by comments from BOE's Carney earlier on the day and broad dollar's weakness. Following the release of the UK Financial Stability report, Carney offered a press conference, announcing that the Central Bank will raise banks' required capital buffer from 0.5% to 1.0% in November, but the report was overall positive about local conditions, assessing the overall risks from the domestic environment to be at a "standard level." The strong rally in the EUR/GBP cross limited Pound gains, alongside with Brexit jitters, always pending in the background. Anyway, the pair is technically bullish according to the 4 hours chart, with the price having bounced again earlier on the day from a bullish 20 SMA, now crossing above its 200 EMA for the first time since the election on June 8th. In the same chart, technical indicators head higher within positive territory, with the RSI indicator nearing overbought levels, in line with further gains ahead. The pair has multiple intraday highs in the 1.2810/20 region, now the immediate support, with scope now to test 1.2900, should the level contain declines.

Support levels: 1.2820 1.2770 1.2720

Resistance levels: 1.2860 1.2890 1.2930

GOLD

Gold recovered some ground this Tuesday with spot setting at $1,250.00 a troy ounce, nearly trimming all of its Monday's losses. The bright metal found support in dollar's weakness, fueled by comments from Fed's officers, sounding far less confident over inflation developments, rising doubts over the Central Bank's ability to maintain its tightening path. After plummeting to a fresh one-month low on a what many suspect a "fat finger" on Monday, the recovery is not yet enough to confirm additional strength ahead, given that in the daily chart, the price was unable to advance beyond its 100 DMA, while a bearish 20 DMA keeps heading south above the largest. Technical indicators in the mentioned chart have managed to recover, heading higher but still hold within bearish territory. Shorter term, the 4 hours chart shows that the price struggles right below a flat 20 SMA, with the 100 and 200 SMAs far above the current level, and technical indicators lacking directional strength, and holding right below their mid-lines, leaning the scale towards the downside, particularly on a break below 1,245.50, the immediate support.

Support levels: 1,236.45 1,229.35 1,218.70

Resistance levels: 1,245.50 1,258.00 1,265.10

WTI CRUDE OIL

West Texas Intermediate crude futures closed the day at $44.30 a barrel, with oil prices up on the back of dollar's broad weakness. The absence of oil market's news helped prices recover, although the movement seems still corrective, and the commodity at risk of falling further amid fears of a global glut. Ahead of US stockpiles reports, the daily chart for WTI shows that the price remains below a sharply bearish 20 DMA, offering a dynamic resistance at 44.90, while the Momentum indicator consolidates below its 100 level and the RSI indicator heads north around 40, indicating limited buying interest. In the 4 hours chart, the price managed to advance beyond a now modestly bullish 20 SMA, but a sharply bearish 100 SMA stands also around 44.90, reinforcing the resistance level, while technical indicators have lost upward strength, now consolidating within positive territory.

Support levels: 43.80 43.20 42.50

Resistance levels: 44.90 45.60 46.10

DJIA

Wall Street closed in the red, undermined by a sell-off in the tech sector, and news that the US Senate decided to delay the new health care bill vote until after the July 4th holiday. Further affecting equities was a cyber attack to multiple international firms. The Dow Jones Industrial Average shed 99 points, to end at 21,310.66, while the Nasdaq Composite plunged 100 points, to 6,146.62. Losses in the S&P were moderated, as the index settled at 2,41.38, down by 19 points. Within the Dow, only 4 members closed higher, led by JPMorgan Chase, up 1.02%, and followed by Wall Mart which gained .81%, Verizon Communications was the worst performer, down 1.91%, followed by Microsoft that shed 1.67%. The daily chart for the DJIA shows that the index stands right above its 20 DMA, pressuring it for the first time this month, whilst technical indicators turned lower, but remain within positive territory. In the 4 hours chart, the index is below a bearish 20 SMA, but held above a bullish 100 SMA, whilst technical indicators entered bearish territory, but present a limited bearish strength.

Support levels: 21,389 21,351 21,303

Resistance levels: 21,449 21,495 21,542

FTSE100

The FTSE 100 closed the day down 12 points, at 7,434.36, with retailers leading the decline, after a profit warning from Debenhams, a local department store that said its full-year profit could come at the lower end of expectations. A sharp advance in the mining sector, however, limited the decline. The Pound jumped higher after London's close, leading the index further lower in electronic trading, now around 7,403. Glencore led advancers, up 3.73%, followed by Rio Tinto, Anglo American and Antofagasta, all up by over 3.0% GKN was the worst performer, down 4.31%, followed by Admiral Group that shed 2.25%. From a technical point of view, the daily chart shows that the index remained well below a bearish 20 DMA, whilst technical indicators turned south within negative territory, favoring a downward extension for this Wednesday. Shorter term, the 4 hours chart shows that a bearish 20 SMA contained advances, whilst technical indicators also turned lower within bearish territory, with the RSI currently at 38, in line with the longer term perspective.

Support levels: 7,376 7,347 7,298

Resistance levels: 7,442 7,497 7,541

DAX

The German DAX closed the day at 12,671.02, down 99 points or 0.78%, as European equities edged lower following Draghi's hawkish speech that sent the EUR higher against all of its major rivals. Adding to the negative tone of regional equities were concerns over profits, with the automotive sector undermined by General Motors, as the company lowered its outlook for new sales in 2017. Within the DAX, only three members closed with gains, with Commerzbank that advanced 4.02% and Deutsche Bank, which gained 2.55% topping winners list amid Italian's banks rescue earlier in the week bringing confidence to the sector. Continental was the worst performer, down 3.70%, followed by E.ON that shed 3.68%. The German index fell further in after-hours trading, following the lead of Wall Street, heading into Wednesday opening right below 12,600, its lowest for this month. The daily chart shows that the index fell and stands well below its 20 DMA, whilst technical indicators are gaining bearish traction, the Momentum around its mid-line but the RSI around 44, this last favoring additional slides ahead. In the 4 hours chart, the index is now below its 200 SMA, having broken below the 20 and 100 SMA earlier on the week and with technical indicators heading sharply lower within bearish territory, maintaining their bearish slopes near oversold territory.

Support levels: 12,587 12,529 12,461

Resistance levels: 12,646 12,707 12,763

Oil outlook remains clouded

Crude oil prices struggled to recover from the sharp sell-off that has sent a barrel of West Texas Intermediate to $42.05, down almost 20% from its peak of May 25th. However, since June 21, the WTI was able to recover marginally thanks to a weaker US dollar and reassessment of the fundamentals by investors. From a technical standpoint, the WTI's sell-off has been stopped by the key support at around $42 (multi lows).

Overall, it seems that investors are negatively skewed about the oil outlook as even the recent political turmoil in the Middle East - several countries cut their diplomatic ties with Qatar, a major oil and gas producer in the region - was unable to stop the debasement in crude oil prices. In addition, the sustained contraction in US crude inventories seems to have no effect either.

Market participants have lost faith in OPEC's ability to drive prices as several of its members (mostly Iraq) failed to comply with the deal and did not cut production sufficiently. In addition, Iran declared it had increased the capacity of its main oil terminal, which tends to indicate that the world's fifth largest oil producer is all set to inch up production. Finally, according to the EIA, the US had more than doubled its exports of crude oil and petroleum products over the last six years as exports restrictions were lifted. Furthermore, the US shale industry continues to optimise production and cut costs.

On the medium to long-term we remain cautious on the oil outlook as the fundamentals do not support upside gains. However, in the short-term, crude oil prices have room to recover somewhat, thanks to a weak dollar and the end of the panic selling.

Draghi's comments boost single currency

Mario Draghi sent the euro much higher yesterday after his speech at the European Central Bank Forum. Markets felt relieved especially after his dovish comments a few weeks ago when he declared that the Eurozone still needed ECB stimulus.

Draghi made also some comments about inflation, which is below target, and that should remain soft for some more time despite ongoing improvement.Recently pressures were adding up on the ECB's shoulders to tighten its monetary policy, especially since the Fed has twice raised rates this year already. Major drawbacks preventing the European institution to do so were mostly the modest economic growth and political uncertainties. Those elements are now not centre stage any more, particularly since the election of Emmanuel Macron in France.

Yesterday, the euro went over 1.1300 for the first time in nine months. The ECB President showed its optimism by stating that the Eurozone recovery is progressing and that the current monetary policy stance must accompany this recovery. That sounded hawkish but we consider it was not. Mario Draghi did not explicitly talk about tightening but about “parameters adjustment”. Markets interpreted that comment as a hint about further tightening. We rather believe this actually leaves the door open for a continued ultra-loose monetary policy.

On Wednesday morning the yellow metal continued to trade in the range between the support provided by the weekly S1 at 1,246 and the combined resistance of the weekly PP at 1,252.57 and the monthly PP, which is located at the 1,253 mark. Meanwhile, all of the hourly SMAs are located in the middle of the range between the two mentioned levels of significance. The 55 and 100-hour SMAs seem not able to influence the metal's price. However, the 200-hour SMA has proven its strength even in reversing the short term direction of the metal's price. Market participants are set to watch the situation develop, as a break above the 1,250 mark might mean a jump to the 1,260 level. Meanwhile, a fall below the weekly S1, would mark the beginning of a long term decline of the metal.

Contrary to expectations, USD/JPY was driven by moderate upside momentum that lead to the US Dollar for an appreciation up to 112.40 against the Yen on Tuesday. Subsequently, the pair returned near the 20-hour SMA circa 112.10. By and large, technical indicators suggest further upside potential until the 113.00 mark where an intermediate down-trend on the daily chart is located. In case of strong upside momentum, the rate may likewise test the monthly R1 at 113.36. On the contrary, political uncertainty in the US may weight heavily on the Greenback, thus pushing it down to a support cluster formed by the monthly PP and the 55-hour SMA near 111.80. In terms of fundamentals, BOJ's Governor Kuroda is due to participate in a panel discussion at the ECB Forum at 1330 GMT.