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The Euro started a fresh decline from the 1.0780 zone against the US Dollar. The EUR/USD pair traded below the 1.0700 level to move into a bearish zone.

The pair even traded below the 1.0680 level and the 50 hourly simple moving average. The bears pushed the pair below 1.0650 and low is formed near 1.0648. It is now consolidating, with an immediate resistance near 1.0665 on FXOpen.

The first major resistance is near the 1.0680 level and a key bearish trend line on the hourly chart. A break above the 1.0680 resistance level could start another increase. In the stated case, it could rise towards the 1.0720 resistance.

Conversely, the pair might continue to move down below 1.0650. The next key support is near 1.0615, below the pair could drop towards the 1.0600 level. Any more losses might send the pair towards the 1.0565 level in the near term.

USDCAD has been overperforming over the last three days and is currently hitting the medium-term descending trend line of the symmetrical triangle. The pair surpassed above the 20- and 50-day simple moving averages (SMAs) with the next obstacle coming from the 1.3520 resistance level. The RSI is heading north above the neutral threshold of 50, while the MACD is moving sideways above its trigger line and below the zero level.

To the upside, there is immediate resistance just above the downtrend line at 1.3520, while even higher, the next major resistance levels to watch are the 1.3700 and 1.3800 psychological marks.

Should prices reverse lower, immediate support could come from the 50- and the 20-day SMAs at 1.3470 and 1.3380 respectively. Below that, the 1.3260-1.3225 support region, which encapsulates the 200-day SMA, are major hurdles to have in mind. A drop below this area would take the pair closer to a bearish structure, meeting 1.2950.

All in all, USDCAD is still in a declining mode until the market breaks the 1.3250 resistance level and shows more positive signs.

The Nasdaq 100 struggles as worries about more rate hikes from the Fed linger. The consolidation has met bids over 12200, keeping this month’s breakout rally intact. A swing above 12670 eased some pressure and showed the bulls’ commitment in maintaining the upward bias. However, the RSI’s double top in the overbought area has so far limited demand as some might be wary of getting caught in a correction. 12200 is a key support as the RSI swings into the oversold area. 12650 has become a fresh resistance.

The New Zealand dollar falls due to subdued risk sentiment across the board. On the daily chart, the pair is still trying to hold on to this year’s gains above 0.6190, an important level to keep the momentum going. A drop below 0.6270 suggests that there is room on the downside as short-term sentiment stays cautious. Bargain hunting could be expected in the demand zone around 0.6190. The support-turned-resistance of 0.6310 is the first hurdle and only a close above 0.6390 would improve the mood.

The Australian dollar slipped on downbeat inflation expectations and unemployment rate. A break below the daily support of 0.6870 has put the aussie under pressure, with a sharp fall suggesting that a number of buyers have scrambled for the exit. Then a hesitant bounce has failed to secure a foothold above the psychological level of 0.7000, which indicates stiff selling pressure. The latest drop below 0.6860 shows that the bears have doubled down and the sell-off may resume towards 0.6800. 0.6930 is a fresh resistance.

Daily Pivots: (S1) 160.20; (P) 160.86; (R1) 161.24; More...

Intraday bias in GBP/JPY remains neutral with focus staying on 161.80 resistance. Decisive break there, and sustained trading above 55 day EMA (now at 160.99) will argue that whole decline from 172.11 has completed. Bias will be back on the upside for 169.26/172.11 resistance zone. On the downside, break of 155.33 low will resume the fall from 172.11 to 153.70 fibonacci level next.

In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 142.73; (P) 143.09; (R1) 143.31; More....

Intraday bias in EUR/JPY stays on the upside at this point. Correction from 148.38 should have completed at 137.37 already. Further rise should be seen to 146.71 resistance next. On the downside, though, below 142.33 minor support will dampen this bullish view, and turn intraday bias neutral again.

In the bigger picture, as long as 55 week EMA (now at 138.87) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

Daily Pivots: (S1) 0.8879; (P) 0.8894; (R1) 0.8918; More...

Intraday bias in EUR/GBP remains on the upside for retesting 0.8977 resistance. Firm break there will resume whole rally from 0.8545 and target 0.9267 high. However, break of 0.8802 will now be a sign of reversal and turn bias back to 0.8720 support instead.

In the bigger picture, the notable support from 55 day EMA (now at 0.8780) retains near term bullishness. Break of 0.8896 should target 0.9267 (2022 high) and possibly above, to resume whole up trend from 0.8201 (2022 low). However, break of 0.8270 support and sustained trading below 55 day EMA will set the stage for 0.8545 and below.

Daily Pivots: (S1) 1.5449; (P) 1.5513; (R1) 1.5579; More...

Intraday bias in EUR/AUD remains neutral at this point, and outlook is unchanged. On the upside, above 1.5650 will revive that case that correction from 1.5976 has completed at 1.5254. Intraday bias will be back on the upside for 1.5749 resistance first. On the downside, firm break of 1.5254/71 will carry larger bearish implication and resume the fall from 1.5976.

In the bigger picture, it's still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.

Daily Pivots: (S1) 0.9868; (P) 0.9878; (R1) 0.9889; More....

Intraday bias in EUR/CHF remains neutral for the moment. Strong support is still expected from 38.2% retracement of 0.9407 to 1.0095 at 0.9832 to complete the corrective pattern from 1.0095. On the upside, firm break of 0.9905 resistance will confirm short term bottoming, and turn bias back to the upside for 1.0067/95 resistance zone.

In the bigger picture, the rejection by 55 week EMA (now at 1.0025) mixed up the outlook. On the upside, sustained trading above 55 week EMA 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). However, firm break of 0.9832 support will revive medium term bearishness and bring retest of 0.9407 low instead.