EURUSD intra-day analysis
EURUSD (1.0593): EURUSD’s ranging price action continues after the recent declines from 1.0800 since late January and the sideways range established between 1.0800 and 1.0500. On the 4-hour chart, the single currency is looking to regain control to the upside, but this bullish bias can be confirmed only on a close above 1.0600. We could, however, expect EURUSD to remain range bound within 1.0600 and 1.0500 in the near term with a breakout from these levels likely to establish further direction in the near term.
GBPUSD intra-day analysis
GBPUSD (1.2441): The British pound managed to recover some of the losses yesterday after the currency came under pressure on speculation that Scotland would hold a second independence referendum. GBPUSD fell to the familiar support at 1.2400 but managed to close modestly higher from day’s lows. Still, the currency looks vulnerable especially with the 1.2400 support being tested numerous times already. A break down below 1.2400 could signal a decline to 1.2200 support.
XAUUSD intra-day analysis
XAUUSD (1254.04): Gold prices gave up the intraday gains yesterday and closed bearish following a test to the 3-month of 1263.83. On the 4-hour chart, the reversal came with a sharp doji which could signal the downside in prices. But watch for the psychological support at 1250.00 which could keep gold prices well supported in the near term. A break down below 1250 support could, however, signal further declines down towards 1220.00 – 1217.20 support level. Today’s speech by the U.S. President and the revised GDP report will likely be the catalyst for gold prices in the short term.
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