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Gold price started a decent increase from the $1,620 zone against the US Dollar. The price gained strength and was able to clear the $1,640 resistance zone.

The pair even climbed above the $1,650 level and the 50 hourly simple moving average. A high was formed near $1,670 and the price is now correcting lower. On the downside, the price is holding the $1,650 support zone.

The next major support is near the $1,640 level, below which the price might decline towards the $1,625 support level in the near term. Any more losses might call for a test of $1,612 on FXOpen.

On the upside, the first major resistance is near the $1,665 level. The next main resistance could be near the $1,670 level, above which the price could start another steady increase towards the $1,700 level.

Daily Pivots: (S1) 164.65; (P) 167.12; (R1) 169.25; More...

Intraday bias in GBP/JPY remains neutral for the moment. Some consolidations could be seen but downside should be contained above 159.71 support to bring another rally. On the upside, sustained trading above 169.10 resistance will confirm larger up trend resumption.

In the bigger picture, current development suggests that up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will pave the way to retest 195.86 high. This will now remain the favored case as long as 148.93 support holds.

Daily Pivots: (S1) 143.73; (P) 146.06; (R1) 148.00; More....

Intraday bias in EUR/JPY remains neutral for consolidation below 148.38 short term top. Downside of retreat should be contained by 140.88/144.06 support zone to bring another rally. Break of 148.38 will resume larger up trend to 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long term resistance.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). Decisive break there will pave the way to 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

Daily Pivots: (S1) 0.8699; (P) 0.8740; (R1) 0.8775; More...

Intraday bias in EUR/GBP stays neutral and further decline is expected as long as 0.8869 resistance holds. Break of 0.8577 will resume the fall from 0.9267, towards 0.8201/8388 support zone. However, firm break of 0.8869 will indicate that such decline has completed after defending 55 day EMA. Intraday bias will be back on the upside for retesting 0.9267 instead.

In the bigger picture, current development suggests that fall from 0.9267 is 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.

Daily Pivots: (S1) 1.5377; (P) 1.5512; (R1) 1.5595; More...

Intraday bias in EUR/AUD remains neutral for consolidation below 1.5685. In case of another retreat, downside should be contained by 1.5165 support to bring another rally. Break of 1.5685 will resume the rise from 1.4281 and target 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823 next.

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) 0.9809; (P) 0.9847; (R1) 0.9880; More....

EUR/CHF continues to lose upside momentum. But further rally is expected with 0.8720 support intact. On the upside, firm break of 61.8% projection of 0.9407 to 0.9798 from 0.9641 at 0.9883 will solidify the case of medium term bottoming and target 100% projection at 1.0032.

In the bigger picture, considering bullish condition in daily MACD, firm break of 0.9864 resistance will confirm medium term bottoming at 0.9407. Stronger rally should then be seen to 55 week EMA (now at 1.0128), even as a corrective rebound. Nevertheless, rejection by 0.9864 will bring down trend resumption through 0.9407 next.

Daily Pivots: (S1) 1.3564; (P) 1.3710; (R1) 1.3789; More...

Intraday bias in USD/CAD remains neutral as consolidation from 1.3976 extends. Downside of retreat should be contained by 1.3501 support to bring another rally. On the upside, firm break of 1.3976 will target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn't, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.

Daily Pivots: (S1) 0.6259; (P) 0.6326; (R1) 0.6441; More...

Intraday bias in AUD/USD stays mildly on the upside for the moment. Recovery from 0.6169 short term bottoming would target 0.6539 resistance first. Firm break there will target 55 day EMA (now at 0.6602). For now, near term risk is mildly on the upside as long as 0.6169 support holds, in case of another dip.

In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Next target is 0.5506 low. Medium term momentum will now be closely monitored to gauge the chance of break of 0.5506.

Daily Pivots: (S1) 0.9911; (P) 1.0030; (R1) 1.0097; More...

Intraday bias in USD/CHF stays neutral for consolidation below 1.0146. Downside of retreat should be contained above 0.9799 support. On the upside, break of 1.0146 will resume larger up trend to 1.0283 projection level.

In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9779 support holds, even in case of deep pull back.

Daily Pivots: (S1) 0.9755; (P) 0.9812; (R1) 0.9919; More...

Intraday bias in EUR/USD stays neutral for the moment. On the downside, break of 0.9630 bring retest of 0.9534 first. Firm break there will resume larger down trend. However, break of 0.9998 resistance will resume the rise from 0.9534, and carry larger bullish implications.

In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, break of 0.9998 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound. However, considering bullish convergence condition in daily MACD, firm break of 0.9998 will confirm medium term bottoming, and bring further rise back to 1.0368 resistance first.