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EURUSD Daily Analysis

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EURUSD (1.11): EURUSD has declined for the second day following the brief test to 1.12 which saw prices being rejected strongly with a decline back to 1.10 being very likely. The Stochastics on the 4-hour chart is currently moving close to the oversold levels pointing to a short-term correction. If prices continue to hover near the 11105 – 1.113 levels of resistance, another possible leg to the upside could see prices attempt to test the previous highs. Below 1.10 handle, EURUSD could see a decline to as low as 1.095 – 1.093 support.

USDJPY Daily Analysis

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USDJPY (113.3): USDJPY is currently declining but the overall price action remains flat above the 112 support. Resistance near 114.7 – 114.35 is likely to see a test while prices continue consolidating above the 112.5 support. A breakout above 114.7 could open up a test to 117 while to the downside, below 112.50 the lower support at 111.31 will be in focus.

GBPUSD Daily Analysis

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GBPUSD (1.42): GBPUSD has been declining following the test to 1.443. Support at 1.4025 – 1.40 will be in focus in the near term if the declines continue. GBPUSD has also broken the trend line and a possible test back to the resistance levels near 1.435 – 1.43 could see resistance being established firmly at this level for a test down to 1.4025 – 1.40. Above 1.435 – 1.43 GBPUSD could see the bullish momentum push the Cable towards 1.46 where the next main resistance comes in.

Gold Daily Analysis

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