EUR/USD – Trading Tips
The EUR/USD hasn't changed much as investors focus shifted to gold and crude oil. Both of the currencies, Euro and U.S. dollar, are weaker and which is the reason we see sideways movement.
The EUR/USD has immediate support around 1.1060 which is giving an excellent push to EUR/USD. On the upper side, resistance is staying around 1.1100....
AUD/USD – Trading TipsOn the technical front, the AUD/USD consolidates in a narrow range of 0.6880 to 0.6865. So far, it hasn't made big moves as investors focus stayed on ECB and Euro pairs. Moreover, we didn't have any major news from China which could have impacted the Aussie. The 20 and 50 periods of EMAs are signaling a bullish bias among traders. Therefore,...
Technically. the USD/JPY is still trading in the overbought zone and it's likely to reverse back a bit before continuing with the bullish treend. Bullish channel is likley to extend supoort around 107.888 and the violation of this level could extend bearish trend until 107.600. On the upper side, resistance is lijkely to stay around 108.250 today.
On the technical front, the AUD/USD continues to trade in the bullish channel, which is likely to support Aussie around 0.6860. On the other hand, resistance stays at 0.6914. The EMA is also signaling a bullish bias among traders. Therefore, I would consider staying bullish above 0.6860 and bearish below 0.6910 today.
The bearish trend in Gold is still dominant over faded demand for haven assets. Gold is heading lower towards 50% Fibo retracement level of 1,482. The aggressive target on the lower side is 1,461, which is likely in a couple of days. Consider staying bearish below 1,504 and bullish above 1,487 to trade the choppy sessions today.
Technically speaking, the dominant trend is bearish, but USD/JPY has been trading higher since August 26. The central trading range is 109.320 to 104.450.
The USD/JPY's 50% to 61.8% retracement zone is found around 106.860, and it's being tested for now. Consider staying bullish above 106.88 to target 107.400 and 107.620.
On the technical side, GBP/USD has entered the overbought zone, suggesting chances of a bearish bias. Sterling is likely to find immediate support above 20, 25 and 50 periods EMA at 1.2260 area. Consider staying bullish above 1.2285 area with a target of around 1.2360.
The yellow metal gold is stuck in the sideways trading range of 1,521- 1,503. The bearish breakout of this level could extend sell-off until 1,496 while the bullish bias and violation of 1,521 open room for 1,534 for gold. I will consider staying bearish below 1,512.52 and bullish above 1,502 today.
The Aussie continues to gain bullish momentum against the U.S. The pair has recently closed "Three White Soldiers" can pattern on the 3-hour timeframe, which suggests the strong potential of having a further bullish bias in the AUD/USD. Consider staying bullish above 0.6843 to target 0.6890 and bearish below 0.6890 to target 0.6843.
The technical side of the USD/JPY is still suggesting slightly bullish bias as the pair holds above 106.660, having a strong resistance above 107.077. A bullish breakout of this level can extend further buying until 107.440. Consider saying bullish above and bearish below 106.88.