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Technical analysis

The price trades above EMA(50) and EMA(100)

The EMA(50) and EMA (100) cross, which is favourable for opening an order

The EMA(50) is above EMA(100), which is advantageous for bulls

The MACD indicator is above 0, with the signal line staying neutral

The RSI is above 50.

What the possible outcomes are

Yesterday EURUSD hit the lowest level since April at 1.17740. However, the last speech of the Fed’s Chairman Powell put the pair on the uprise. He calmed down the hopes of potential monetary policy normalization, and the price now trades at 1.18350.

Technical indicators show a possible bullish move. If the price rises, it may reach 1.18535 as the first resistance level, with 1.18805 lying ahead.

Alternatively, if the price reverses, it could slide to the first support level of 1.18000. A further decline may open the way toward the second support of 1.17735.

Key levels

Support 1.18000 1.17735

Resistance 1.18535 1.18805

The US dollar is under pressure against the Japanese yen currency as the greenback continues to slide after FED Chair Powell’s recent speech. The four-hour time frame shows that the USDJPY pair is trading inside a rising price channel between the 109.70 and 111.50 level. If sellers fail to breach the 109.70 level then a strong rebound towards the top of the channel could take place.

The USDJPY pair is only bullish while trading above the 110.20 level, key resistance is found at the 110.80 and 111.50 levels.

The USDJPY pair is only bearish while trading below the 110.20 level, key support is found at the 109.70 and 109.00 levels.

The Australian Dollar has declined by 3.23% against the Japanese Yen since the beginning of July. The currency pair tested the 81.50 level during last week's trading sessions.

Technical indicators suggest selling signals on the 4H and daily time-frame charts. Most likely, short-sellers could continue to drive the exchange rate lower during the following trading sessions.

However, bearish traders could encounter a support level at 81.13 within the following trading sessions.

The Canadian Dollar has edged lower by 3.30% against the Japanese Yen since July 5. The currency pair breached the lower boundary of a descending channel pattern at 87.15 during last week's trading sessions.

All things being equal, the exchange rate is likely to continue to decline during the following trading sessions. A breakout through the lower line of the channel pattern could occur.

However, if the descending channel holds, bullish traders might pressure the CAD/JPY currency exchange rate higher during next week's trading sessions.

On Thursday morning, the EUR/USD pierced the resistance of the 100 and 200-hour simple moving averages near the 1.1840 level.

In the case that the rate surges, the pair would reach the resistance of the weekly simple pivot point at 1.1852. A failure of the pivot point could result in a test of the resistance zone just below the 1.1880 marks.

On the other hand, a potential decline could look for support first in the 55-hour SMA near 1.1820. Afterward, the weekly S1 simple pivot point at 1.1810 might provide support.

During early Thursday's trading hours, the GBP/USD currency exchange rate traded in the 1.3820/1.3870 range. Meanwhile, the pair ignored the 55, 100, and 200-hour simple moving averages and the weekly simple pivot point at 1.3853.

In the case of a decline, the currency pair would most likely look for support in the 1.3800 marks. If the 1.3800 level's support fails, the weekly S1 simple pivot point at 1.3796 could immediately attempt to stop the rate's decline.

Meanwhile, a surge above the 1.3870 level would most likely encounter resistance in the zone that surrounds the 1.3900 marks.

At GMT midnight to Thursday, the USD/JPY ended trading sideways at the 110.00 level and started a decline. During the early European trading hours, the rate had reached below the 109.80 level. Meanwhile, no support was close by as far as the July low level at 109.54.

In the case of a decline, the rate would highly likely reach the July low level at 109.54. In addition, the 109.50 marks could provide support. If these levels would be passed, the pair would have no support as low as the weekly S1 simple pivot point at 109.38.

On the other hand, a recovery of the US Dollar against the Japanese Yen would most likely face resistance first at the 110.00 marks. Afterward, the 55, 100, and 200-hour simple moving averages together with the weekly simple pivot point could provide resistance in the 110.24/110.39 zone.

On Thursday, the yellow metal's price passed the resistance of the 1,830.00 level. The price managed to do so after finding support in the 1,820.00 level.

In the near term future, the metal could continue to gradually surge from one round price level to another. Stronger resistance would be expected from the 1,850.00 marks.

In the meantime, take into account that the metal has left below it the 55, 100, and 200-hour simple moving averages. In theory, the price could fluctuated sideways and that way consolidate until the SMAs catch up.

The USD/CAD currency pair bounced off a support level formed by the 200– hour simple moving average at 1.2450 on Wednesday. As a result, the US Dollar surged by 98 pips or 0.78% against the Canadian Dollar. A breakout occurred through the upper boundary of a descending channel pattern during yesterday's trading session.

Given that a breakout has occurred, buyers could continue to push the exchange rate higher within this session.

However, bullish traders might encounter resistance at 1.2585 during the following trading session.

The British Pound plunged by 92 pips or 0.60% against the Japanese Yen on Wednesday. The currency pair breached the 50– and 200– hour SMAs during Wednesday's trading session.

Everything being equal, the exchange rate could continue to trend lower during the following trading session. The potential target for the GBP/JPY pair will be near the 150.50 area.

However, the weekly support level at 151.10 might provide support for the currency exchange rate within this session.