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Daily Pivots: (S1) 0.8817; (P) 0.8825; (R1) 0.8840; More...

Intraday bias in EUR/GBP remains neutral as range trading continues. On the upside, firm break of 0.8864 will extend the rebound from 0.8717 to 0.8924 resistance. Further break there should confirm completion of the choppy decline from 0.8977, and should resume larger rise from 0.8545 through 0.8977 high. However, decisive break of 0.8717 support will resume the decline from 0.8977 instead.

In the bigger picture, outlook remains rather mixed for now, except that price actions from 0.9267 (2022 high) are part of the long term range pattern from 0.9499 (2020 high). With 0.8720 support intact, rise from 0.8545 is in favor to continue through 0.8977. However, firm break of 0.8720 will argue that such rebound has completed, and open up deeper fall through this support level.

Daily Pivots: (S1) 1.6283; (P) 1.6315; (R1) 1.6350; More...

Intraday bias in EUR/AUD remains neutral as consolidation from 1.6444 is still extending. On the upside, decisive break of 1.6434 resistance will carry larger bullish implications. However, considering bearish divergence condition in 4H MACD, firm break of 1.6216 should confirm short term topping, after rejection by 1.6389/6434 cluster resistance zone. Intraday bias will be back on the downside in this case, to 1.6033 support and possibly below.

In the bigger picture, focus stays on 1.6389/6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). Sustained break there should confirm that whole down trend from 1.9799 (2020 high) has completed. Further rally should then be seen to 61.8% retracement at 1.7691. However, rejection by this cluster resistance will make medium term outlook neutral at best.

Daily Pivots: (S1) 0.9823; (P) 0.9835; (R1) 0.9846; More...

Intraday bias in EUR/CHF remains neutral as consolidation from 0.9797 is still extending. Deeper decline is in favor with 0.9889 minor resistance intact. Break of 0.9797 will target 0.9704 support and possibly below, as whole corrective pattern from 1.0095 extends. On the upside, though, break of 0.9889 minor resistance will turn intraday bias back to the upside for stronger rebound.

In the bigger picture, prior rejection by 55 W EMA (now at 0.9989) and 38.2% retracement of 1.1149 to 0.9407 at 1.0072 suggests that medium term outlook is staying bearish. That is, down trend from 1.2004 is not completed yet and is in favor to resume through 0.9407 at a later stage. However, decisive break of 1.0095 resistance will raise the chance of bullish trend reversal. Rise from 0.9407 should then target 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484).

GBPJPY gained extra positive momentum on Wednesday to peak at a five-month high of 167.96 and near the upper boundary of a bullish channel.

The price was trading slightly weaker during Thursday’s European trading hours, increasing speculation that a new bearish wave may soon start within the channel as the RSI and the Stochastic oscillator seem to be losing impetus near their overbought levels.

Sellers, however, may not dominate unless the price eases back below the former nearby resistance of 166.75, which coincides with the 61.8% Fibonacci retracement of the 172.10-155.34 downleg. A decisive close lower could find immediate support around the 20-day exponential moving average (EMA) at 165.00, while slightly lower, the 50-day EMA at 163.72 could be on guard to prevent further declines towards the 200-day EMA and the channel’s lower boundary seen at 161.75. If the latter gives way too, the next stop could be somewhere between the broken resistance trendline from October’s 2022 peak at 160.40 and the 23.6% Fibonacci level of 159.30.

In the positive scenario, where the pair pushes above the channel and beyond 169.00, the spotlight will turn to October’s 2022 high of 172.10. A continuation higher may last till the 2016 top of 175.00.

Summing up, GBPJPY is looking cautiously bullish in the short-term picture. While overbought signals hint at a downside reversal, the price could still power higher if the 166.75 area provides a strong footing under the price.

Daily Pivots: (S1) 1.0921; (P) 1.0952; (R1) 1.0988; More...

Intraday bias in EUR/USD remains neutral as consolidation from 1.1075 is extending. Outlook remains bullish with 1.0830 support intact. On the upside, break of 1.1075 will will resume larger up trend to 1.1273 fibonacci level. Break there will target 61.8% projection of 0.9534 to 1.1032 from 1.0515 at 1.1441. However, firm break of 1.0830 will confirm short term topping and bring deeper decline to 1.0711 support instead.

In the bigger picture, rise from 0.9534 (2022 low) is in progress for 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high). This will now remain the favored case as long as 1.0515 support holds, even in case of deeper pull back.

Daily Pivots: (S1) 1.2397; (P) 1.2436; (R1) 1.2478; More...

Range trading continues in GBP/USD and intraday bias stays neutral for the moment. Another rise is in favor with 1.2343 support intact. On the upside, above 1.2545 will target 1.2759 fibonacci level first. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. However, considering bearish divergence condition in 4H MACD, firm break of 1.2343 will confirm short term topping, and turn bias back to the downside for deeper pullback.

In the bigger picture, the rise from 1.0351 medium term term bottom (2022 low) is in progress for 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. Sustained break there will add to the case of long term bullish trend reversal. Further break of 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 could prompt upside acceleration to 100% projection at 1.3895. For now, this will remain the favored case as long as 1.1801 support holds, even in case of deep pull back.

Daily Pivots: (S1) 0.8955; (P) 0.8979; (R1) 0.9000; More...

Intraday bias in USD/CHF stays neutral as consolidation from 0.8858 is extending. Another decline cannot be ruled out with 0.9070 support turned resistance intact. On the downside, below 0.8858 will resume the down trend to 61.8% projection of 1.0146 to 0.9058 from 0.9439 at 0.8767, which is close to 0.8756 long term support. Strong support is expected there to bring rebound, at least on first attempt. On the upside, break of 0.9070 support turned resistance will confirm short term bottoming and turn bias back to the upside.

In the bigger picture, fall from 1.1046 (2022 high) is in progress for 0.8756 support (2021 low). But overall, this fall is still seen as a leg in the long term range pattern from 1.0342 (2016 high). So, downside should be contained by 0.8756 to bring reversal. Sustained break of 0.9058 support turned resistance will be the first sign of medium term bottoming. However, decisive break of 0.8756 will carry larger bearish implications.

Daily Pivots: (S1) 134.07; (P) 134.60; (R1) 135.24; More...

Intraday bias in USD/JPY remains on the upside for the moment. Rally from 129.62 is still in progress and further rise should be seen towards 137.90 resistance. On the downside, below 133.85 minor support will turn intraday bias neutral again. But further rally will remain in favor as long as 132.03 support holds.

In the bigger picture, corrective pattern from 127.20 might be extending. But after all, down trend from 151.93 is expected to resume at a later stage. Break of 127.20 will resume this down trend and target 61.8% projection of 151.93 to 127.20 from 137.90 at 122.61. This will now be the favored case as long as 137.90 resistance holds.

Daily Pivots: (S1) 1.3407; (P) 1.3437; (R1) 1.3489; More....

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Another decline cannot be ruled out with 1.3552 resistance intact. But still, fall from 1.3860 is seen as the third leg of the corrective pattern from 1.3976. In case of another decline, down side should be contained by 1.3224/61 support zone to bring rebound. Break of 1.3552 should turn bias back to the upside for stronger rally.

In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, sustained break of 55 W EMA (now at 1.3282) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Gold recently rebounded off the short-term uptrend line and near the 1,980 significant support. The price is currently testing the 20-period simple moving average (SMA) near the 2,000 round number with the technical oscillators confirming an advance. The RSI is pointing upwards around the neutral threshold of 50, while the MACD is holding above its trigger line below the zero level.

A move to the upside could see immediate resistance at the 50-period SMA at 2,007 but should the market increase positive momentum above the 2,015 barrier, it would open the way for the 13-month peak of 2,047.

In the wake of negative pressures, the market could meet support at the near-term ascending trend line and the 1,980 barrier. A successful close below this level could see a retest of the previous low of 1,950, which overlaps with the 200-period SMA.

Turning to the medium-term picture, the market seems to be in a bullish mode given that the commodity is trading above the 200-period SMA.