Sample Category Title

The US Dollar rose by 55 pips or 0.50% against the Japanese Yen on Friday. The surge was stopped by the 200– hour simple moving average at 110.20 during Friday's session.

Given that the USD/JPY exchange rate failed to surpass the 200– hour SMA, bears are likely to pressure the currency pair lower during the following trading session.

However, sellers would encounter the weekly support level at the 109.64 area within Monday's trading session.

The yellow metal's price fell by 215 points or 1.17% during Friday's trading session. The decline was stopped by the 200– hour simple moving average at 1811.00 on Friday.

The commodity is currently trading near the lower boundary of an ascending channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 1800.00 level could be expected within this session.

However, if the channel pattern holds, the XAU/USD exchange rate could make a brief retracement towards the 55– hour SMA at 1823.91 in this session

Daily Pivots: (S1) 1.3730; (P) 1.3796; (R1) 1.3831; More....

GBP/USD's break of 1.3730 suggests resumption of fall from 1.4248. Intraday bias is back on the downside. Such decline is seen as the third leg of the consolidation pattern from 1.4240. Further fall should be seen to 1.3668 support and possibly below. On the upside, break of 1.3908 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside even in case of recovery.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.

Daily Pivots: (S1) 0.9177; (P) 0.9190; (R1) 0.9209; More....

Intraday bias in USD/CHF remains neutral at this point. On the downside, sustained break of the 55 day EMA (now at 0.9131)will affirm the case that rebound from 0.8925 has completed at 0.9273. Deeper fall would then be seen back to retest 0.8925 low. On the upside, however, break of 0.9273 and sustained trading above 61.8% retracement of 0.9471 to 0.8925 at 0.9262 will target 0.9471 resistance next.

In the bigger picture, medium term outlook is currently neutral with focus on 0.9471 resistance. Sustained break there will indicate completion of whole decline from 1.0342 (2016 high). Medium term outlook will be turned bullish for a test on 1.0342 high. But, rejection by 0.9471 again will revive bearishness for another fall through 0.8756 low.

Daily Pivots: (S1) 109.77; (P) 110.05; (R1) 110.38; More...

Intraday bias in USD/JPY remains neutral as consolidation from 109.52 is extending. On the downside, sustained trading below 55 day EMA (now at 109.84) will suggest that it's at least correcting the rise from 102..58. Deeper fall would be seen to 38.2% retracement of 102.58 to 111.65 at 108.18. For now, risk will stay on the downside as long as 111.65 resistance holds, in case of recovery.

In the bigger picture, medium term outlook is staying neutral with 111.71 resistance intact. Though, as notable support was seen from 55 day EMA, rise from 102.58 is mildly in favor to extend higher. Decisive break of 111.71/112.22 resistance will suggest long term bullish reversal. Rise from 101.18 could then target 118.65 resistance (Dec 2016) and above. However, sustained break of 55 day EMA would revive some medium term bearishness, and open up deep fall back towards 102.58 support.

Daily Pivots: (S1) 0.7378; (P) 0.7410; (R1) 0.7429; More...

Intraday bias in AUD/USD remains on the downside at this point. Fall from 0.8006 could be correcting the whole up trend from 0.5506. Next target is 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120. On the upside, break of 0.7442 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, rise from 0.5506 medium term bottom could have completed at 0.8006, after failing 0.8135 key resistance. Correction from there could target 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051). We'd look for strong support from there to bring rebound. However, sustained break of this level would argue that the whole medium term has indeed reversed.

Daily Pivots: (S1) 1.1.2579; (P) 1.2600; (R1) 1.2638; More...

USD/CAD rises to as high as 1.2706 so far today, as rise from 1.2005 re-accelerates. The break of 1.2653 resistance now argues that whole fall from 1.4667 has completed. Intraday stays on the upside for 1.3022 medium term fibonacci level next. On the downside, break of 1.2589 support will turn intraday bias neutral first. But outlook will now stay bullish as long as 1.2423 support holds, in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

The euro rises as the eurozone’s CPI meets the market’s expectation in June. Sentiment remains bullish after the price broke above the major resistance (1.5940) from the daily chart.

The latest correction could be mere accumulation to lay the groundwork for the next round of rallies. The pair bounced back from the 50% (1.5790) Fibonacci retracement level. A bullish breakout above 1.5980 would trigger a runaway rally towards 1.6100.

On the downside, 1.5870 is the first support to let the RSI cool down.

The US dollar claws back losses as June’s retail sales beat the consensus. The pair has found support on the 30-day moving average (0.9120).

The bullish breakout above 0.9195 indicates that buyers may have turned the tide in their favor. The bullish MA cross also points to an acceleration to the upside.

0.9260 is a major resistance ahead. Its breach would resume the rally and open the path towards April’s peak at 0.9450. 0.9170 is the immediate support in case of a pullback.

The Japanese yen weakened after the BoJ slashed growth forecasts due to pandemic curbs.

The greenback has met buying interest at 109.70, a major demand zone on the daily timeframe. A successful rebound would safeguard the rally in the medium term.

An oversold RSI has prompted the bulls to stake in for a bargain as it recovers to the neutral area.

The support-turned-resistance at 110.50 is the first hurdle, its clearance could propel the price to the psychological level of 111.0.