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The Aussie Dollar started a fresh increase above the 0.6780 resistance against the US Dollar. The AUD/USD pair gained pace above 0.6840 to move into a positive zone.

There was a move above a major bearish trend line with resistance near 0.6785 on the hourly chart. The pair is now consolidating above the 0.6900 support and the 50 hourly simple moving average. An immediate resistance on the upside is near the 0.6940 level.

If there is an upside break above the 0.6940 zone, the pair could rise steadily towards the 0.6980 level in the near term. The main resistance now sits near 0.7000 on FXOpen.

An immediate support is near the 0.6910 level. The next key support is near the 0.6850 level. A downside break below the 0.6850 support could lead the pair towards the 0.6800 support.

The Dow Jones 30 bounces as mixed US job data may temper the Fed’s hawkishness. The swings between 32500 and 33500 along the 30-day moving average showed a temporary equilibrium between supply and demand. A bullish breakout means that the recovery bias is still intact and 32900 is now the immediate support. 34350 at the origin of the mid-December trough is an important resistance. The bulls would have the last laugh if they succeed in pushing past it, resuming the rally from last October.

The Canadian dollar surged after its labour market’s strong performance in December. Renewed selling pressure has driven the pair below the swing low at 1.3470 from the start of the year, which suggests a lack of support. The daily level and December’s low of 1.3390 is a critical floor and its breach could lead to a bearish reversal below 1.3300. As the RSI inches to the oversold area, the demand zone may trigger a ‘buy-the-dips’ behaviour. 1.3560 would be the first hurdle should the greenback manage to bounce back.

The US dollar tanked after wage growth was slower than expected in December. The pair previously came under pressure near last June’s highs around 1.0750. A double top at 1.0710 capped the euro’s advance and led to a correction. A three-leg sell-off below 1.0520 prompted some buyers to bail out but strong support has been observed in the demand zone 1.0450-1.0480. A bounce above 1.0630 may help the bulls regain confidence, making 1.0600 a fresh support. A close above 1.0710 would extend the rally towards 1.0800.

Daily Pivots: (S1) 159.03; (P) 159.52; (R1) 160.33; More...

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 155.33 will resume the fall from 172.11 to 153.70 fibonacci level. Nevertheless, considering bullish convergence condition in 4 hour MACD, firm break of 162.32 will argue that such decline has completed, and turn bias back to the upside for 55 day EMA (now at 163.45) and above.

In the bigger picture, as long as 153.02 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 153.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.

Daily Pivots: (S1) 140.11; (P) 140.78; (R1) 141.32; More....

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, break of 137.37 will resume the decline from 148.38 to 135.40 fibonacci level. However, considering bullish convergence condition in 4 hour MACD, break of 142.92 will argue that the correction from 148.38 might have completed. Intraday bias will be turned back to the upside for 146.71 resistance.

In the bigger picture, as long as 55 week EMA (now at 138.64) 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) 0.8774; (P) 0.8822; (R1) 0.8847; More...

Intraday bias in EUR/GBP stays neutral for the moment. Further rally is expected as long as 55 day EMA (now at 0.8724) holds. Break of 0.8876 will resume the rise from 0.8545 to 61.8% retracement of 0.9276 to 0.8545 at 0.8997 and possibly above. However, sustained trading below 55 day EMA will bring retest of 0.8545 low instead.

In the bigger picture, outlook is mixed for now as rise from 0.8545 would either be part of the up trend from 0.8201 (2022 low), or just a correction to 0.9267 (2022 high). As long as 55 week EMA (now at 0.8616) holds, the former case is in favor, and break of 0.9267 should be seen next as up trend resumes at a later stage. However, sustained break of 55 week EMA will shift favor to the latter case, for another decline back towards 0.8201.

Daily Pivots: (S1) 1.5420; (P) 1.5516; (R1) 1.5573; More...

EUR/AUD's fall from 1.5976 resumed by breaking through 1.5414. Intraday bias is back on the downside for 38.2% retracement of 1.4281 to 1.5976 at 1.5329. Strong support could be seen there to bring rebound. Break of 1.5614 resistance will indicate that the correction has completed, and bring retest of 1.5976 high. However, sustained trading below 1.5329 will carry larger bearish implication and target 61.8% retracement at 1.4928.

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) 0.9855; (P) 0.9869; (R1) 0.9892; More....

No change in EUR/CHF's outlook as consolidation form 0.9953 is extending. Intraday bias stays neutral. On the upside, firm break of 0.9953 resistance will resume larger rally from 0.9407 to 1.0072 fibonacci level. However, break of 0.9720 will extend the decline from 0.9953 to 61.8% retracement of 0.8407 to 0.9953 at 0.9616.

In the bigger picture, as long as 38.2% retracement of 1.1149 to 0.9407 at 1.0072 holds, price actions from 0.9407 medium term bottom will be treated as a corrective pattern. That is, long term down trend would resume through this low at a later stage. Nevertheless, firm break of 1.0072 will also have 55 week EMA (now at 1.0041) taken out. That would be an initial sign of long term bullish reversal.

Daily Pivots: (S1) 1.0537; (P) 1.0592; (R1) 1.0702; More...

Intraday bias in EUR/USD remains neutral and outlook stays bullish with 1.0481 resistance turned support intact. On the upside, firm break of 1.0733 will resume whole rally from 0.9534. Nevertheless, sustained break of 1.0481 will extend the correction to 1.0289 support and below.

In the bigger picture, focus stays on 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Rejection by 1.0609 will suggest that price actions from 0.9534 medium term bottom are developing into a corrective pattern. Thus, medium bearishness is retained for another fall through 0.9534 at a later stage. However, sustained break of 1.0609 will raise the chance of trend reversal and target 61.8% retracement at 1.1273.