EURUSD Daily Analysis
EURUSD (1.1071): EURUSD closed on Friday just a few pips off 1.1143 resistance level. Price gapped lower in today’s session in what could be the start of a correction to the rally since late October. Support at 1.1000 – 1.0975 will be the initial price level that could be challenged followed by 10922 – 1.0900. The Stochastics Oscillator on the daily chart points to the hidden bearish divergence, while on the 4-hour chart, the Stochastics has printed a bearish divergence confirming the declines to 1.09220.
USDJPY Daily Analysis
USDJPY (104.39): USDJPY gapped higher following Friday’s inside bar formation with price seen testing 104.60 – 104.45 resistance level. Failure to breakout above this resistance level could signal a retest back to 103.25 to fill the gap. On the 4-hour chart, the Stochastics shows a hidden bearish divergence, signaling a near-term decline. Short term support is seen at 104.00, and only a breakdown below this support will trigger further selling which could send the dollar back towards 103.25 which is now a clear support level that has been formed.
XAUUSD Daily Analysis
XAUUSD (1290.91): Gold prices are currently bearish following last week’s rally to 1300.00. The bearish divergence on the 4-hour chart continues to show that price could correct down to 1275.15 – 1275.00 support level. Gold prices could remain range bound within 1300 and 1275 price levels with a breakout from either of these levels signaling further near term continuation of the trend. Above 1300, look for gold to challenge 1315 – 1320 resistance level while to the downside, a breakout down below 1275 could send gold prices back towards 1250 support.
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