EURUSD Daily Analysis
EURUSD (1.1168): EURUSD closed Friday on a bearish note with price breaking out from the inclined head and shoulders neckline trend line. Support is seen at 1.1100 next, and any near term bounce is likely to be resisted near 1.1200. On the 4-hour chart, the Stochastics looks oversold which indicates a possible near-term bounce to the upside. Watch for a move back to 1.1200 with a reversal likely to lead EURUSD further to the downside provided prices can break down from the 1.1150 support.
USDJPY Daily Analysis
USDJPY (102.04): The price action in USDJPY remains somewhat muted in comparison to its peers. Price continued to consolidate near 102.00 support level while we await a test to 101.00 – 100.55 lower support that is pending retest. To the upside, any chance of a breakout above 103.00 could see further gains being established with the resistance at 104.00 likely to be challenged.
GBPUSD Daily Analysis
GBPUSD (1.3038): GBPUSD fell sharply reaching 1.3000 support. The failure to retrace to the resistance near 1.3290 – 1.3282 is worth bearing in mind as a potential snap back of prices could see strong momentum led gains. On the 4-hour chart, GBPUSD has breached the 1.3067 support. In the short term, 1.3000 round number could provide some relief alongside the evolving bullish divergence on the Stochastics. Any gains could be limited to 1.3170 – 1.3200.
Gold Daily Analysis
XAUUSD (1315.35): Gold prices extended the declines on Friday, but the price is still in the support zone of 1300 – 1310. Resistance is seen at 1327.50 after prices closed below the short term support at 1314 – 1312. Any bounces could be limited to 1327.50 level of resistance, with a firm test to 1300 very likely in the near term. On the 4-hour chart, mind the bullish divergence on the Stochastics which points to a short term correction to 1327.50 – 1331 level.
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