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EURUSD Daily Analysis

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EURUSD (1.1091): EURUSD has managed to break out from the consolidated falling wedge pattern on the daily chart but struggles near the 1.110 resistance level. After rising to a high of 1.1119, the euro pulled back to close the day at 1.1078 yesterday. On the 4-hour chart, price remains supported above 1.1076 level with further upside likely only on a strong breakout above 1.110. To the downside, any pullback is likely to be limited to 1.10.

USDJPY Daily Analysis

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USDJPY (103.16): USDJPY has pushed lower following the failure to break out above the resistance of 106. Price action is seen currently testing the 103 – 102 support level. A breakdown below this support level could shift USDJPY into bearish territory with the next support seen at the psychological support of 100.

GBPUSD Daily Analysis

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GBPUSD (1.3184): GBPUSD was bearish yesterday with prices posting a steady decline from the 1.32 resistance. The consolidation is likely to continue into next week’s all important BoE meeting. On the 4-hour chart, the bias is inclined to the upside but comes with a risk of a breakdown below 1.312 – 1.311. Further declines towards 1.28 – 1.285 can be expected if GBPUSD breaks the minor support. To the upside, price action needs to clear the overhead resistance at 1.34 – 1.32.

Gold Daily Analysis

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XAUUSD (1337.60): Gold is looking bullish today with price posting a pullback to just above the support at 1327.50. Further gains can be expected with the resistance at 1350 in focus, but this bullish view comes at a risk of a more firm test of support near 1327.50. The gains are likely limited at this point unless gold manages to break out above the 1350 resistance level.