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EURUSD Daily Analysis

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EURUSD (1.12): Following a small bodied candlestick pattern the day before, EURUSD closed on a bullish note yesterday. Prices are back to the ECB highs of 1.120 resistance which could see another leg of consolidation come in within the 1.13 – 1.12 resistance zone. On the 4-hour chart, the price action still remains a bit doubtful as the Stochastics points to a bearish divergence to the modestly higher highs in price. Support at 1.113 – 1.1105 will be the initial level of interest if the upside is capped but a decline to 1.10 could confirm the much-needed correction.

USDJPY Daily Analysis

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USDJPY (112.02): USDJPY continues it decline with prices now testing the 112.0 support level. A break below this support could open strong declines lower towards 111.0. On the 4-hour chart, prices still remain flat with no bias in sight. Prices have attempted to breakout from the descending triangle pattern but will little success failing to clear the 114.7 – 114.35 resistance. With 112.5 support being cleared, USDJPY will see potential declines towards 111.310.

GBPUSD Daily Analysis

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GBPUSD (1.423): The British Pound managed to post a strong reversal yesterday following a decline to the 1.41 handle. With prices trading above 1.40 the bias remains to the upside for the resistance at 1.43. Currently, the GBPUSD’s rally has seen a retest back to the breakout of the trend line. If this is validated GBPUSD could resume its declines and test the 1.4025 – 1.40 support level.

Gold Daily Analysis

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XAUUSD (1257): Gold prices are back above the $1250 handle and closed yesterday with a strong bullish price action coming after the previous day’s doji pattern. We can expect Gold to continue consolidating within the 1275 – 1250 levels unless there is a break of the 1250 support in which case, a dip back to the previous support at 1230 – 1225 is likely.