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Daily Pivots: (S1) 0.8696; (P) 0.8734; (R1) 0.8758; More...

No change in EUR/GBP's outlook and further rise remains mildly in favor for 0.8827 resistance. Firm break there will argue that whole decline from 0.9267 has completed and turn near term outlook bullish. On the downside, break of 0.8675 minor support will bring retest of 0.8545 low, and retain near term bearishness.

In the bigger picture, fall from 0.9267 is seen as a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, firm break of 0.8827 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.

Daily Pivots: (S1) 1.5800; (P) 1.5890; (R1) 1.5999; More...

Intraday bias in EUR/AUD remains on the upside for the moment. Current rise from 1.4281 should target 61.8% projection of 1.4281 to 1.5704 from 1.5271 at 1.6150. On the downside, below 1.5773 minor support will turn intraday bias neutral and bring consolidations again, before staging another rise.

In the bigger picture, strong support from 55 day and 55 week EMA affirms underlying bullishness. As long as 1.5271 support holds, rise from 1.4281 medium term bottom is expected to continue to 1.6434 key resistance next. Decisive break there should confirm medium term bullish trend reversal.

Daily Pivots: (S1) 0.9824; (P) 0.9846; (R1) 0.9864; More....

Intraday bias in EUR/CHF remains neutral as consolidation from 0.9953 is still extending. 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 1.0053) taken out. That would be an initial sign of long term bullish reversal.

A retreating US dollar boosted the appeal of bullion. Despite the metal’s choppy price action, the bulls have been looking to consolidate their gains above August’s high of 1805. With sentiment shifting to a brighter side, more buyers may place follow-up bids as the RSI drops back to the neutral area on the daily chart. This could be confirmed by the price bouncing off the 20-day moving average (1775) then the psychological tag of 1800. A close above the recent high of 1823 could attract momentum buyers and trigger a rally to 1860.

The New Zealand dollar edges lower over a larger-than-expected trade deficit in November. The bears have faded last week’s bullish momentum and pushed the kiwi back below 0.6400. This level has since become a fresh resistance which suggests strong pressure ahead. Previous lows around 0.6300 coincide with the 20-day moving average and an attempt to break below puts the pair at the risk of a deeper correction, with 0.6200 as a possible target. A close back above 0.6400 would keep buyers in the game.

The Japanese yen soared after the BoJ unexpectedly relaxed its yield cap. The previous rebound quickly had turned into a bull trap at 137.80 under the 20-day moving average. The sharp fall below 134.50 is a sign of liquidation, invalidating the recovery attempt. The August low of 130.50 is a critical floor to test the bulls’ resolve and its breach may pave the way for a bearish reversal in the new year. As the RSI sank into oversold territory, the former demand zone next to 135.00 has turned into a supply one.

Germany Gfk Consumer Sentiment for January improved from -40.1 to -37.8. In December, economic expectations rose from 17.9 to -10.3. Income expectations rose from -54.3 to -43.4. Propensity to buy rose form -18.6 to -16.3.

"The third increase in a row indicates that consumer sentiment is slowly working its way out of the depression. The light at the end of the tunnel is getting a little brighter", explains GfK consumer expert Rolf Bürkl.

"The measures taken by the federal government to mitigate skyrocketing energy costs are apparently having an effect. However, it is still too soon to give the all-clear. The recovery of the consumer sentiment, as we are currently experiencing, is still on shaky ground. For example, if the geopolitical situation were to worsen again, leading to significantly higher energy prices, the light at the end of the tunnel would very quickly become dimmer again or even go out altogether."

Full release here.

Daily Pivots: (S1) 1.3560; (P) 1.3632; (R1) 1.3684; More....

Intraday bias in USD/CAD is turned neutral again but further rise is in favor as long as 1.3516 support holds. Break of 1.3704 will resume the rebound from 1.3224 to 1.3807 resistance. Break there will bring retest of 1.3976 high. On the downside, however, break of 1.3516 support will suggest that the rebound has completed, and turn bias back to the downside.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

Daily Pivots: (S1) 0.6625; (P) 0.6685; (R1) 0.6740; More...

Intraday bias in AUD/USD stays mildly on the downside at this point. Firm break of 38.2% retracement of 0.6169 to 0.6892 at 0.6616 will indicate rejection by 0.66871 fibonacci level. Deeper fall should then be seen to 61.8% retracement at 0.6445. On the upside, however, break of 0.6742 minor resistance will turn bias back to the upside for retesting 0.6892.

In the bigger picture, it's still unsure if price actions from 0.6169 medium term bottom are developing into a corrective pattern or trend reversal. Rejection by 38.2% retracement of 0.8006 to 0.6169 at 0.6871 will maintain medium term bearishness for another fall through 0.6169 at a later stage. However, firm break of 0.6871, and sustained trading above 55 week EMA (now at 0.6900) will raise the chance of the start of a bullish up trend.

Daily Pivots: (S1) 129.04; (P) 133.26; (R1) 135.95; More...

Intraday bias in USD/JPY remains on the downside, with immediate focus on on 55 week EMA (now at 131.76). Decisive break there will pave the way to next fibonacci level at 121.43. On the upside, above 133.61 support turned resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 138.16 resistance holds, in case of recovery.

In the bigger picture, price actions from 151.93 medium term could be just a corrective pattern to up trend from 102.58 (2021 low). Strong support from 38.2% retracement of 102.58 to 151.93 at 133.07 and 55 week EMA (now at 131.76) will set the range for such corrective pattern. However, sustained break of 55 week EMA will pave the way to 61.8% retracement at 121.43.