EURUSD has formed a Bullish Flag continuation pattern in 28 days which will mature in 2-3 days for a proper entry and will take four weeks to most probably hit TPs. There is no divergence and RSI value is 58 which both adds to my theory for EURUSD to continue uptrend.
GBP/USD recently recovered and stabilized above 1.2700 after falling to weekly lows below 1.2680 early in the European session on disappointing UK Retail Sales data . GBPUSD's upside stalled over the weekend below strong resistance at 1.2750 in a bearish framework as the USD struggled to find demand on the upbeat risk mood and allowed the pair to hold its ground. mine. So above that at 1.2800 still poses a challenge and is the target of the bulls fighting next week. The current support level is around 1.2646. If this level is surpassed, there is a possibility that GU will fall deeper, potentially reaching 1.2646 because the general context is still not showing any strong upward trend in the market.
Gold is forming a bearish wave, after updating a new peak above 2450 USD to 2334 and closing below this level. In which Price is testing strong support amid changing sentiment, it is likely that we may witness a recovery but it is unlikely to last long as it approaches the resistance level of 2400 USD. Buyers are probably still weak amid corrections and sell-offs. However, in the medium and long term, gold is still well supported after it confirmed its exit from the rising wedge identified on the demand timeframe. Technically, the market is still in an uptrend, but a correction is forming in the uptrend, which may take a little longer. The target of 2,500 USD is still in sight.
NZDUSD has been rising since April and has continued to do so after breaking above the longer-term trendline resistance. The Kiwi dollar heads back toward the overbought conditions which may stifle further upside but there is still room in the shorter-term to add to existing gains.
0.6200 appears as the next significant upside level of resistance but first a test of yesterday’s high of 0.6152 is required. A pullback from here could see prices nestle around the 0.6050 level which coincides with the 200 SMA.
The USDJPY pair found support at 156.52 and may rise towards 157.26. Following this, the price may decline to 156.19, with a breakout below this level opening the potential for a wave towards 155.15, serving as the first target.
After rebounding from 5351.1, the S&P 500 index has commenced a downward wave towards 5231.1. After reaching this level, a correction towards 5290.5 (testing from below) is possible, followed by a new decline wave towards 5200.0.
Intraday bias in GBP/USD stays neutral and further rise is in favor with 1.2670 support intact. Above 1.2760 will resume the rally from 1.2298 to 1.2892 resistance next. On the downside, below 1.2670 will turn bias to the downside for deeper pull back.
Intraday bias in EUR/USD stays neutral and further rise is mildly in favor. Break of 1.0894 will resume the rally from 1.0601 to 1.0980 resistance next. However, break of 1.0804 will turn bias back to the downside for 1.0752 resistance turned support.
Intraday bias in USD/JPY remains mildly on the upside for 100% projection of 151.86 to 156.78 from 153.59 at 158.51. On the downside, below 155.83 minor support will turn intraday bias neutral first. Further break of 153.69 will target 151.86 and below as the third leg of the corrective pattern from 160.20.
Intraday bias in GBP/JPY remains on the upside for 100% projection of 191.34 to 180.07 from 195.02 at 200.75. But upside should be limited there. On the downside, below 198.25 minor support will turn intraday bias neutral first. Further break of 197.07 will argue that the third leg of the corrective pattern from 200.53 has started, and target 191.34 support and possibly below.
Intraday bias in AUD/USD remains neutral for the moment. Further rally is in favor with 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579 intact. On the upside, firm break of 0.6713 will resume whole rise from 0.6361 to 0.6870 resistance next. However, firm break of 0.6578 will dampen this bullish view, and bring deeper fall to 61.8% retracement at 0.6495.