Using a top-down approach this morning, traders will likely acknowledge weekly movement struggled to generate much follow-through action to the upside after tunnelling above the 2018 yearly opening level at 1302.5. The yellow metal is seen hovering just north of this level which could act as potential support going forward.
The story on the daily timeframe,...
USDJPY is approaching its resistance at 111.34 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 109.63 (50% Fibonacci retracement, 100% fibonacci extension, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal may occur.
XAUUSD is approaching its resistance at 1314.84 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it may reverse down to its support at 1308.76 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
EURAUD is approaching its support at 1.5888 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1.5972 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 2.4% where a corresponding bounce could occur.
USDCAD is approaching its support at 1.3203 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.3247 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 1.44% where a corresponding bounce could occur.
EURJPY is approaching its resistance at 124.85 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing high resistance) where it may reverse down to its support at 124.43 (61.8% Fibonacci retracement , horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 93% where a corresponding reversal may occur.
USDCAD is approaching its resistance at 1.3366 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it may reverse down to its support at 1.3234 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
EURNZD bounced nicely off its support at 1.6721 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing low support) where it could potentially bounce to its resistance at 1.6818 (76.4% Fibonacci retracement , horizontal swing high resistance).
RSI (34) bounced off its support where a corresponding rise could occur.
XAUUSD is approaching its support at 1298.44 (61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1312.27 (50% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.
AUDNZD is approaching its resistance at 1.0535 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it may reverse down to its support at 1.0470 (100% Fibonacci extension, 50% Fibonacci retracement, Horizontal swing low support)
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal may occur.
EURAUD is approaching its support at 1.5897 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1.5977 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 3.2% where a corresponding bounce could occur.
USDCAD is approaching its support at 1.3203 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.3295 (76.4% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 1.6% where a corresponding bounce could occur.
AUDCAD is approaching its resistance at 0.9453 (100% Fibonacci extension, 50%, 32.8% Fibonacci retracement, Horizontal swing high resistance) where it may reverse down to its support at 0.9412 (38.2% Fibonacci retracement, 61.8% Fibonacci extension).
RSI (34) is approaching its resistance where a corresponding reversal may occur.
EUR/USD:
Weekly gain/loss: -1.17%
Weekly close: 1.1320
Weekly perspective:
Boasting historical significance as far back as early February 2015 and capping upside action since late October 2018, long standing support/resistance at 1.1465, once again, contained upside last week. In the shape of a near-full-bodied bearish candle, the EUR/USD erased two weeks’...
EURCHF is approaching our first support at 1.1344 (horizontal pullback support, 38.2% & 50% Fibonacci retracement, 100% Fibonacci extension) and a strong bounce might occur below this level pushing price up to our major resistance at 1.1401(61.8% Fibonacci extension, horizontal pullback resistance).
Stochastic (34, 5, 3) is approaching its support where a...
NZDJPY is approaching our first support at 73.46 (horizontal swing low support, 38.2% Fibonacci retracement, 100% Fibonacci extension, Elliot wave structure) and a strong bounce might occur below this level pushing price up to our major resistance at 74.02(23.6% Fibonacci extension, horizontal pullback resistance).
Stochastic (34, 5, 3) is approaching its...
NZDUSD is approaching our first support at 0.6707 (horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension, Elliot wave structure) and a strong bounce might occur below this level pushing price up to our major resistance at 0.6822 (50% Fibonacci extension, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its...
USD/CAD:
Partly on a recoil in oil prices (down 2.39% on the day) and the US dollar index recording its sixth consecutive daily gain, the USD/CAD catapulted itself northbound Thursday and registered its fourth consecutive daily session in the green.
Reclaiming two weeks’ worth of losses and recapturing weekly resistance at 1.3223, this has potentially set the...
