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Daily Pivots: (S1) 162.66; (P) 162.93; (R1) 163.18; More...

Intraday bias in EUR/JPY remains neutral for the moment, and some more consolidations could be seen below 163.45. Downside of retreat should be contained by 55 4H EMA (now at 162.06) to bring another rally. On the upside, break of 163.45 will target 164.29 high.

In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 only. As long as 148.38 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage. Next target would be 169.96 (2008 high).

Daily Pivots: (S1) 0.8528; (P) 0.8540; (R1) 0.8552; More...

Intraday bias in EUR/GBP remains mildly on the downside at this point. Recovery from 0.8497 could have completed at 0.8577. Further rally would be seen to retest 0.8491/7 support zone. Decisive break there will resume larger down trend. For now, risk will stay on the downside as long as 0.8577 resistance holds, in case of recovery.

In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8713 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.

Daily Pivots: (S1) 1.6459; (P) 1.6486; (R1) 1.6513; More...

Intraday bias in EUR/AUD remains neutral for the moment. On the upside, decisive break of 1.6671 will revive the case that whole correction from 1.7062 has completed with three waves down to 1.6127. Further rally should then be seen to 1.6844 resistance for confirmation. Nevertheless, below 1.6455 minor support will turn bias to the downside for 1.6348 and possibly below.

In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low). Break of 1.6844 resistance will argue that this up trend is ready to resume through 1.7062 high. In case of another fall, strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.

Daily Pivots: (S1) 0.9519; (P) 0.9532; (R1) 0.9547; More...

Further rally is still expected in EUR/CHF with 0.9466 support intact. However, considering bearish divergence condition in 4H MACD, strong resistance could be seen from 0.9574 fibonacci resistance to limit upside. On the downside, break of 0.9466 support will indicate short term topping, and turn bias back to the downside.

In the bigger picture, price actions from 0.9252 are tentatively seen as a correction to the five-wave down trend from 1.0095 (2023 high). Further rise would be seen to 38.2% retracement of 1.0095 to 0.9252 at 0.9574 and possibly above. But overall medium term outlook will remain bearish as long as 0.9683 resistance holds.

Daily Pivots: (S1) 1.0809; (P) 1.0824; (R1) 1.0836; More...

Intraday bias in EUR/USD remains neutral at this point. On the upside, break of 1.0887 and sustained trading above 55 D EMA (now at 1.0831) will affirm the case that fall from 1.1138 has completed. Stronger rally would then be seen back to 1.1138. . However, break of 1.0761 will turn bias back to the downside for retesting 1.0694 support.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0694 support will argue that the third leg has already started for 1.0447 and possibly below.

Daily Pivots: (S1) 1.2647; (P) 1.2674; (R1) 1.2699; More...

Intraday bias in GBP/USD stays neutral for the moment. On the upside, break of 1.2708 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside for retesting 1.2826. Nevertheless, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed and turn near term outlook bearish.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg, which could be still in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2499 support will argue that the third leg has already started for 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 again.

Daily Pivots: (S1) 0.8788; (P) 0.8804; (R1) 0.8827; More....

USD/CHF is staying in consolidation below 0.8884 and intraday bias stays neutral. With 0.8727 resistance turned support intact, further rally is expected. On the upside, above 0.8884 will resume the rally from 0.8332 to 100% projection of 0.8332 to 0.8727 from 0.8550 at 0.8954. However, sustained break of 0.8727 will dampen this bullish view, and turn bias back to the downside for 0.8550 support instead.

In the bigger picture, a medium term bottom should be formed at 0.8332, on bullish convergence condition in W MACD, just ahead of 0.8317 long term fibonacci support. It's still early to decide if the larger down trend from 1.0146 (2022 high) is reversing. But further rise should be seen to 0.9243 resistance even as a correction.

Daily Pivots: (S1) 150.28; (P) 150.52; (R1) 150.76; More...

Intraday bias in USD/JPY remains neutral as consolidation from 150.87 is extending. In case of another retreat, downside should be contained by 148.79 resistance turned support to bring rebound. On the upside, break of 150.87 will resume 140.25 to 151.89/93 key resistance zone. Decisive break there will confirm larger up trend resumption of 155.50 projection level next.

In the bigger picture, rise from 140.25 is seen as resuming the trend from 127.20 (2023 low). Decisive break of 151.89/.93 resistance zone will confirm this bullish case and target 61.8% projection of 127.20 to 151.89 from 140.25 at 155.50. However, break of 148.79 resistance turned support will delay this bullish case, and extend the corrective pattern from 151.89 with another falling leg.

Daily Pivots: (S1) 1.3475; (P) 1.3497; (R1) 1.3531; More...

Intraday bias in USD/CAD remains neutral and outlook is unchanged. With 1.3357 support intact, further rally is expected. On the upside, break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance. However, break of 1.3357 will argue that the rebound from 1.3176 has completed and bring retest of this low.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

Key Highlights

• EUR/USD is attempting a fresh increase toward the 1.0930 resistance.
• It broke a major bearish trend line with resistance at 1.0815 on the 4-hour chart.
• GBP/USD is consolidating above the 1.2620 support.
• Gold price is facing resistance near the $2,040 level.

EUR/USD Technical Analysis

The Euro started a decent increase from the 1.0700 zone against the US Dollar. EUR/USD gained pace for a move above the 1.0780 and 1.0800 resistance levels.

Looking at the 4-hour chart, the pair traded above a major bearish trend line with resistance at 1.0815. There was a move above the 1.0850 level, but the bears faced resistance near the 1.0885 level. A high was formed near 1.0888 and the pair is now well above the 100 simple moving average (red, 4-hour).

However, the pair failed to settle above the 200 simple moving average (green, 4-hour). On the upside, the pair is facing resistance near the 1.0840 level.

A close above the 1.0840 zone could open the doors for more upsides. The next stop for the bulls might be 1.0885. Any more gains might send EUR/USD toward 1.0930.

Immediate support is near the 1.0800 level. The first major support sits near the 1.0780 level and the 100 simple moving average (red, 4-hour). The next major support sits at 1.0765, below which the pair might gain bearish momentum. In the stated case, the pair could even visit the 1.0720 support level.

Looking at Gold, the bulls are attempting a fresh increase but they are facing hurdles near the $2,040 level.

Economic Releases

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