AUD/USD:
In the early hours of Monday, the commodity-linked currency derived fresh impetus from better-than-expected Caixin PMI data out of China. Further buying materialised in US trade as unearthed speculations of a Fed rate cut on the back of comments from Chicago Fed President Bullard.
Although market participants are looking to the RBA today, the technical...
AUDJPY is approaching its resistance at 75.42 (100% & 61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it is could reverse down to its support at 74.98 (horizontal swing low support).
NZDUSD is approaching its resistance at 0.6558 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 0.6527 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
XAGUSD is approaching its resistance at 14.64 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) where it is could reverse down to its support at 14.45 (61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 90% where a corresponding reversal is expected.
AUDUSD is approaching its resistance at 0.6965 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) where it is could reverse down to its support at 0.6937 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 94% where a corresponding reversal is expected.
GBP/USD:
Largely emulating EUR/USD movement, the GBP/USD engulfed a H4 support area at 1.2606-1.2646 and confronted 1.26 as price headed into Thursday’s close.
In Thursday’s morning brief, the piece highlighted the following (potential) scenario:
Although some traders are likely looking to buy within the H4 support area at 1.2606-1.2646, given it has a...
NZDJPY is approaching its support at 70.99 (61.8% Fibonacci extension, 78.6% Fibonacci retracement) where it could potentially bounce to its resistance at 73.14 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 1.8% where a corresponding bounce could occur.
XAUUSD is approaching its support at 1267.64 (61.8% Fibonacci extension, horizontal swing low support) where it could potentially bounce to its resistance at 1285.80 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 3.6% where a corresponding bounce could occur.
CADJPY is approaching its resistance at 81.59 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 81.15 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
USD/CAD:
The USD/CAD preserved a strong bid Wednesday, surging through 1.35 to fresh multi-month tops at 1.3546. The Canadian Dollar remained on the defensive after the Bank of Canada (BoC) decided to leave benchmark interest rates unchanged at 1.75%.
Since the latter part of April, the H4 candles have been busy carving out a 100-point+ range between May’s...
AUDNZD is approaching its resistance at 1.0597 (100% & 61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 1.0575 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 93% where a corresponding reversal is expected.
AXY is approaching its resistance at 7.0081 (100% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal pullback resistance) where it is could reverse down to its support at 6.9768 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 93% where a corresponding reversal is expected.
AUDCAD is approaching its resistance at 0.9370 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal pullback resistance) where it is could reverse down to its support at 0.9321 (61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
USDCAD is approaching its resistance at 1.3522 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 1.3452 (76.4% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 93% where a corresponding reversal is expected.
AUDCAD is approaching its resistance at 0.9327 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) where it is could reverse down to its support at 0.9274 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 94% where a corresponding reversal is expected.
EURCAD is approaching its support at 1.4989 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.5078 (50% Fibonacci retracement, horizontal swing high sresistance).
Stochastic (55, 5, 3) is approaching its support at 3.5% where a corresponding bounce could occur.
AUDUSD is approaching its resistance at 0.6933 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing high resistance) where it is could reverse down to its support at 0.6902 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 93% where a corresponding reversal is expected.
