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Daily Pivots: (S1) 163.76; (P) 165.09; (R1) 165.98; More...

GBP/JPY only breached 165.99 retreat briefly and retreated. Intraday bias remains neutral first. On the upside, sustained break of 165.99 resume the whole rebound from 155.33 to 169.26 resistance next. On the downside, however, break of 162.95 minor support will mix up the outlook and turn intraday bias to the downside for 158.24 support instead.

In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.

Daily Pivots: (S1) 143.71; (P) 144.57; (R1) 145.18; More....

Intraday bias in EUR/JPY remains neutral for consolidation below 145.66 temporary top. Rebound from 137.37 could be extending. On the upside, break of 145.66 will target 148.38 high. However, break of 143.12 minor support will mix up the outlook again and turn bias to the downside for 138.81 support instead.

In the bigger picture, as long as 55 week EMA (now at 139.78) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, sustained break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Decisive break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

Daily Pivots: (S1) 0.8734; (P) 0.8760; (R1) 0.8791; More...

EUR/GBP is holding inside near term range of 0.7171/8864 despite yesterday's dip. Intraday bias remains neutral for the moment. On the upside, break of 0.8864 will target 0.8924 resistance first. Firm break there 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) 1.6092; (P) 1.6183; (R1) 1.6319; More...

EUR/AUD's break of 1.6321 indicates that up trend from 1.4281 is resuming. Intraday bias is back on the upside. But focus remains on 0.6389/6434 cluster resistance zone. Decisive break there will carry larger bullish implications. However, firm break of 1.6033 support will confirm short term topping, after rejection by the mentioned resistance. Intraday bias will be turned back to the downside for 1.5848 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) 0.9905; (P) 0.9938; (R1) 0.9962; More...

Intraday bias in EUR/CHF stays neutral as sideway trading continues. Near term outlook remains cautiously bullish with 0.9837 minor support intact. Correction from 1.0095 could have completed at 0.9704 already. Break of 0.9995 will affirm this bullish case and target a retest on 1.0095 high. However, break of 0.9837 will dampen this bullish view and turn bias back to the downside for 0.9704 support instead.

In the bigger picture, prior rejection by 55 week EMA (now at 1.1002) 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).

Gold surged above the 2,000 round number and reached a new 13-month peak of 2,025 earlier today, confirming the long-term bullish outlook. The commodity is standing well above the short-term simple moving averages (SMAs) as well as above the ascending trend line.

Technically, the RSI indicator is flattening near the overbought territory but is weakening the current bullish momentum, while the MACD is strengthening above its trigger and zero lines.

Should the price manage to strengthen its upside move, the next resistance to have in mind is the previous high of 2,074.90, taken from the highs in August 2020. A break higher test the psychological mark of 2,100, driving the market into uncharted levels.

However, if prices are unable to break higher, the risk would shift to the downside, with the 2,000-2,010 support zone coming into focus. A drop lower could send the precious metal towards the 20-period SMA, which stands near the 1,985 support level ahead of the 50-period SMA at 1,976.

In brief, gold is showing more positive actions after the recent surge, creating an upward sloping channel in the short-term timeframe.

Silver has turned lower at start of the year but drop from the high can be counted as a w-x-y correction that found support at 19.88. Ideally, that was wave II on a daily chart where price is currently breaking the trendline resistance so ita appears that uptrend resumption is here. In fact price action on 4h chart looks very bullish with higher highs and higher swing low formations. It's a strong recovery that looks impulsive, and it's already breaking 24.65 swings high so more upside can be seen after next retracement. Ideally, it will be wave four back to trendline support.

GBP/USD breaks major resistance

The pound soars as BoE Chief Economist hints at more rate hikes. A climb over the double top at 1.2430 from December and January’s highs on the daily chart forced sellers to cover, further driving up volatility. This break of a 4-month long consolidation along with a short squeeze of medium-term bears could open the door for a sustained recovery. The pair is heading to its 11-month high at 1.2660 though the RSI’s overbought condition may warrant a limited pullback. 1.2400 at the base of the surge is the first support.

AUD/USD bounces higher

The Australian dollar rallies as the RBA’s rate hike pause bolsters confidence of a global pivot soon. A surge above the daily resistance of 0.6770 may have put the aussie back on track against its US counterpart. As the RSI falls into the neutral area, support could be expected in the fresh demand zone 0.6700-0.6720. A rally back above 0.6790 may attract momentum buyers and propel the pair towards 0.6900. On the flip side, a bearish breakout would dent the optimism and lead to a test of the important floor at 0.6650.

GER 40 consolidates gains

Global equities retrace as the US labour market shows signs of cooling. The Dax 40’s break above this year’s peak at 15700 suggests that the bulls have regained control of the price action. The psychological tag of 16000 is next and then the all-time high at 16300 would be within reach where a breakout would signal a bullish continuation. In the meantime, the RSI’s repeatedly overbought situation may temper the bullish fever, 15550 would be the first level to expect buying interest in case of a retracement.

Daily Pivots: (S1) 1.3412; (P) 1.3439; (R1) 1.3472; More....

With 4 hour MACD crossed above signal line, a temporary low is in place at 1.3405 and intraday bias in USD/CAD is turned neutral first. Upside of recovery should be limited by 1.3563 resistance to bring another fall. Break of 1.3405 will resume the decline from 1.3860, as the third leg of the corrective pattern from 1.3976, to 1.3224/61 support zone. Strong support should be seen around there to bring rebound.

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 week EMA (now at 1.3282) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 0.6717; (P) 0.6755; (R1) 0.6789; More...

Intraday bias in AUD/USD is turned neutral with current retreat. On the upside, sustained break of 38.2% retracement of 0.7156 to 0.6563 at 0.6790 will pave the way to 61.8% retracement at 0.6929. However, break of 0.6650 support will turn bias back to the downside for 0.6563 low again.

In the bigger picture, as long as 61.8% retracement of 0.6169 to 0.7156 at 0.6546 holds, the decline from 0.7156 is seen as a correction to rally from 0.6169 (2022 low) only. Another rise should still be seen through 0.7156 at a later stage. However, sustained break of 0.6546 will raise the chance of long term down trend resumption through 0.6169 low.