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EURUSD Daily Analysis

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EURUSD (1.110): EURUSD closed on a bullish note yesterday with prices stalling just close to 1.110 resistance level as noted the day before. A bearish follow through from here could signal further downside, with 1.10 coming into question. On the 4-hour chart, the recent retracement seen marks a retest of the breakout from the bearish flag pattern indicating further weakness. While 1.10 remains the initial support level of interest, a breakdown below could extend the declines to 1.09. To the upside, should there be a bullish close above 1.11; further gains could be seen, towards 1.120 and 1.124 invalidating the bearish flag pattern.

USDJPY Daily Analysis

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USDJPY (101.01): USDJPY extended its declines down to 100.20 yesterday falling short of the 100.00Yen psychological level. Price action is likely to remain range bound within 102 and 100. A lower close at or below 100 could potentially keep the bullish divergence in play signaling a correction in the near term. Any upside gains are likely to come only on a close above the 102 level following which further upside could be extended to 105.

GBPUSD Daily Analysis

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GBPUSD (1.297): GBPUSD closed below 1.30 yesterday after a brief touch of support near 1.28 level. Price action is likely to move into a sideways pattern for the moment with 1.30 acting as the initial minor resistance. Any gains are likely to be capped near 1.312 – 1.320 region where resistance could be established before GBPUSD falls lower. To the upside, a breakout above the resistance could signal GBPUSD moving back into the previous range that was established.

Gold Daily Analysis

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XAUUSD (1367.82): Gold prices posted new highs yesterday at 1375.29 before pulling back modestly.   As noted yesterday, price action could turn flat the current levels of 1375 – 1371 while the broadening wedge/funnel pattern could see a near-term pullback. 1350 followed by 1327.50 remain the key levels of support to the downside, with further declines likely to extend down to 1300. The longer-term view remains biased to the upside, and could only change on a convincing close below 1300.