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Daily Pivots: (S1) 1.5416; (P) 1.5469; (R1) 1.5541; More...

EUR/AUD is extending the corrective pattern from 1.5074. Intraday bias stays neutral at this point. Deeper fall could be seen but downside should contained by 55 day EMA (now at 1.5227) to bring rebound. On the upside, break of 1.5704 will resume the rally from 1.4281.

In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.

Daily Pivots: (S1) 0.9896; (P) 0.9916; (R1) 0.9951; More....

Intraday bias in EUR/CHF stays neutral as consolidation from 0.9953 is extending. Another fall cannot be ruled out, but downside should be contained by 0.9798 resistance turned support to bring rebound. On the upside, break of 0.9953 will resume the rise from 0.9407 to 1.0072 fibonacci level.

In the bigger picture, a medium term bottom should be in place at 0.9407. Further rally is expected as long as 0.9641 support holds, even as a corrective rebound. Next target 38.2% retracement of 1.1149 to 0.9407 at 1.0072. Reaction from there, as well as 55 week EMA (now at 1.0121) will reveal whether the trend is reversing.

NZDUSD has been trending lower since March, generating a profound structure of lower highs and lower lows. Nevertheless, the pair has posted a moderate recovery and has jumped above its 50-day simple moving average (SMA) after finding its feet at the 30-month low of 0.5510.

The momentum indicators are endorsing a positive near-term tone. Specifically, the MACD histogram is strengthening above both zero and its red signal line, while the RSI has crossed above its 50-neutral mark.

To the upside, bullish actions could send the price to test the 0.6000 psychological mark, which temporarily curbed the pair’s recent rebound. Conquering this barricade, the price might ascend towards the July low of 0.6060 or higher to test the 0.6160 barrier. A break above the latter may turn the spotlight to the August peak of 0.6467.

Alternatively, any declines could meet initial support at the inside swing high of 0.5815, which overlaps with the 50-day SMA. Sliding beneath that floor, the bears could target the November low of 0.5740 before the 0.5598 hurdle appears on the radar. Violating this zone, the price might retreat towards the 30-month low of 0.5510.

Overall, NZDUSD has managed to erase a  substantial part of its steep decline as positive momentum appears to be strengthening. However, a break above the 0.6160 ceiling is needed to shift the medium-term outlook back to neutral.

Gold prices gained significant buying traction on Tuesday – the largest 4-hour increase of the year –, with the price peaking at a fresh one-month high near 1,717. The positive slope in the RSI and the growing MACD are endorsing the current bullish momentum in the price, though with the former above its 70 overbought level, the bears could be around the corner.

A decisive close above the aforementioned new high could reduce negative risks, producing another bullish extension towards the key area of 1,725-1,730. Beyond that, traders will target the high from August at 1,745.

Otherwise, if sellers take the lead, the pair may pull back to test the nearby support of 1,700. Falling lower, the 1,683 inside swing high may attempt to add some footing ahead of the 1,675 barrier. Slightly lower, the 20-period simple moving average (SMA) at 1,669 and the 200-period SMA at 1,660 could block the way lower.

In brief, the yellow metal is strengthening its bullish trend in the short-term picture, but some caution is warranted as the technical oscillators are holding in the overbought territories.

Daily Pivots: (S1) 0.9999; (P) 0.9987; (R1) 1.0122; More...

Immediate focus is now on 1.0092 resistance in EUR/USD. Firm break there will resume the whole rise from 0.9534. Further rally should then be seen to 38.2% retracement of 1.1494 to 0.9534 at 1.0283, even as a corrective rise. On the downside, break of 0.9729 support will turn bias back to the downside for retesting 0.9534 low instead.

In the bigger picture, medium term outlook stays bearish with trading inside the falling channel. That is larger down trend from 1.2348 (2021 high) is still in progress. Firm break of 0.9534 low will confirm this bearish case. However, break of 1.0092 will add to the case of medium term bottoming, on bullish convergence condition in daily MACD, and bring further rally towards 55 week EMA (now at 1.0583).

Daily Pivots: (S1) 1.1452; (P) 1.1525; (R1) 1.1621; More...

GBP/USD is still bounded in range of 1.1145/1.1644 and intraday bias remains neutral first. On the upside, break of 1.1644 will resume the whole rise from 1.0351 and target 1.1759/2292 resistance zone. On the downside, break of 1.1145 will reaffirm the case that corrective rise from 1.0351 has completed at 1.1644. Deeper fall would then be seen back to 1.0922 support and below.

In the bigger picture, fall from 1.4248 (2018 high) is part of the long term down trend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, firm break of 1.1759 will confirm medium term bottoming, and open up stronger rise back to 55 week EMA (now at 1.2357).

Daily Pivots: (S1) 0.9822; (P) 0.9874; (R1) 0.9912; More...

USD/CHF's break of 0.9840 support suggests that a double top pattern was completed. (1.0146, 1.0146). The break of 55 day EMA is also a near term bearish sign. Intraday bias is back on the downside for 61.8% retracement of 0.9369 to 1.0146 at 0.9666. On the upside, above 0.9925 minor resistance will turn intraday bias neutral first.

In the bigger picture, upside momentum is diminishing as seen in daily MACD. But up trend from 0.8756 (2021 low) is still in favor to resume as long as 0.9799 support holds. Break of 1.0146 will target 1.0342 (2016 high). However, sustained break of 0.9779 will suggest that a large scale correction, at least, is underway.

Daily Pivots: (S1) 145.01; (P) 145.97; (R1) 146.64; More...

USD/JPY's consolidation from 151.93 is extending and deeper decline could be seen. But downside downside should be contained by 38.2% retracement of 130.38 to 151.93 at 143.69 to bring rebound. On the upside, above 148.84 minor resistance will bring stronger rebound back towards 151.93 high. But upside should be limited there to continue the corrective pattern.

In the bigger picture, up trend from 101.18 is still in progress, as part of the whole up trend from 75.56 (2011 low). 147.68 (1998 high) was already met and there is no clearly sign of topping yet. In any case, break of 140.33 support is needed to be the first sign of medium term topping. Otherwise, further rise is in favor to next target at 160.16 (1990 high).

Daily Pivots: (S1) 0.6450; (P) 0.6501; (R1) 0.6557; More...

AUD/USD breached 0.6521 resistance but failed to sustain above there. Intraday remains neutral first. On the upside, decisive break of 0.6521 resistance will now complete a head and shoulder bottom pattern (ls: 0.6362; h: 0.6169; rs: 0.6271). Further rally should be seen to 100% projection of 0.6169 to 0.6521 from 0.6271 at 0.6623, and then 161.8% projection at 0.6841. Nevertheless, break of 0.6271 will bring retest of 0.6169 low instead.

In the bigger picture, down trend from 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium term momentum remains strong and retest of 0.5506 (2020 low) cannot be ruled out. But firm break of 0.6680 will be the first sign of reversal, and bring stronger rebound back to 0.7135 resistance.

USDJPY stretched its November’s losses towards the 50-day simple moving average (SMA) and close to the 145.00 round-level on Tuesday as the US midterm election results started to roll in.

The momentum indicators point to more declines ahead as the RSI is weakening below its 50 neutral mark and the MACD is decelerating below its red signal line. The stochastics are in downward move too, though within a short distance from their 20 oversold level, suggesting that the bearish wave in the price could soon take a breather.

Should the 145.00 mark give way, the bearish correction could immediately pause near the 38.2% Fibonacci retracement of the 130.38-151.93 upleg at 143.70. Note that the lower boundary of a short-term descending channel and the tentative ascending trendline from August’s low of 130.38 are currently intersecting each other around the same region. Hence, a decisive close lower may trigger an extension straight to the 142.10 constraining zone and then towards the 140.00 psychological mark. A step below July’s high of 139.37 would confirm a neutral outlook in the medium-term picture.

On the upside, the 145.89 barrier has resumed its resistance role and is currently keeping the bulls under control. A step higher could face a more challenging session between the 23.6% Fibonacci of 146.85 and the channel’s upper band at 148.00, where the 20-day SMA is currently lying. If that wall collapses, the focus will fall on the 150.00 key number, while beyond that, the door will open for the 32-year high of 151.93.

In brief,  the latest downturn in USDJPY is expected to continue in the short-term, with traders likely looking for immediate support around 143.70.