EURUSD intra-day analysis
EURUSD (1.0750): EURUSD has been falling for the second consecutive day as the common currency fell to a 6-day low yesterday, closing at 1.0763. With the Stochastics now moving out from the overbought levels, EURUSD is expected to continue to push lower after breaking down below 1.0800. There was no retracement or a pullback as expected.
With the support level at 1.0800 being cleared, any gains could be limited to this level where resistance could now be established. A continuation to the downside will see the EURUSD push lower towards the support level at 1.0700.
USDJPY intra-day analysis
USDJPY (111.27): USDJPY closed bearish yesterday, but price action is looking bullish in the near term. On the 4-hour chart, however, the Stochastics are currently in the oversold levels but with prices supported above 110.76 – 110.70, the downside is limited.
A continuation to the upside in USDJPY will see prices testing 112.00 resistance level, following which expect further continuation towards 113.78 – 114.00. In the near term, USDJPY could be range bound within 112.00 and 110.76 with a breakout from this level likely to give further direction in the near term.
XAUUSD intra-day analysis
XAUUSD (1249.60): Gold prices remained flat with the precious metal seen consolidating near the 1250 level yet again. On the 4-hour chart, price action has formed a lower high below 1262.50 with prices moving within a broadening wedge pattern. In the near term, gold prices could see another modest rebound to the upside towards 1255.85 – 1256.00 following which we can expect to see further declines towards 1220.00 at the very least. A daily close above 1255.85 – 1256.00 could, however, invalidate the bearish bias.
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