EURUSD intra-day analysis
EURUSD (1.0673): EURUSD has posted steady declines for three consecutive days, and there is scope for a reversal in prices in the near term. The EURUSD will need to close back above 1.0700 in order to rally back to 1.0800 region where there is an unfilled gap at 1.0816, and this also forms a retest of the support level as resistance. Establishing resistance near 1.0800 – 1.0816 will signal further declines to the downside, back to 1.0700 followed by a move to 1.0600. The Eurozone flash CPI figures will most likely be the catalyst for the EURUSD today, followed up later by the U.S. economic data.
USDJPY intra-day analysis
USDJPY (112.03): USDJPY was very bullish in yesterday’s trading as prices rallied to close at a 7-day high at 111.92. We can anticipate a near-term pullback in prices as prices are currently trading near the 112.00 resistance level. Comparing the price action to the Stochastics, we also notice a strong hidden bearish divergence. This could see a near term decline to a potential support at 111.20 – 111.30 region. A decline to this level could potentially signal a renewed bullish momentum that could push USDJPY past the 112.00 resistance and towards 113.80.
XAUUSD intra-day analysis
XAUUSD (1241.71): Gold prices eventually turned weaker yesterday after the price was seen consolidating near 1250.00 handle and as expected on the 4-hour chart price broke down from the broadening wedge pattern. In the near term price action is likely to see a short-term bounce back as there is scope for the price to retest the 1250.00 level to form a resistance.
Establishing resistance near the 1250.00 handle in gold could signal a continuation to the downside as gold prices will be targeting 1220.00 support in the short term.
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