Demand for the safe-haven yellow metal was somewhat weak on Monday, despite both European and US stock markets plunging lower on Trump’s trade policies.
Ignoring the fundamentals for a moment, though, the technical picture appears to be setting up for an advance.
Starting from the top, bullion is seen hovering within striking distance of a notable weekly...
As can be seen on the H4 chart this morning, the US dollar rose modestly against its Canadian counterpart on Monday. However, although H4 price reclaimed the 1.33 handle to the upside, the pair failed to advance beyond highs of 1.3324, consequently mildly paring gains and closing marginally back beneath 1.33 into the close.
As a result of recent movement, our...
The shared currency decorated the H4 timeframe with a series of bullish candles on Monday, following a near-touch of support at 1.1627. Price action climbed back above the 1.17 handle – the first time since the ECB’s policy meeting in mid-June – largely as a result of a descending USD.
A bare economic calendar forced the spotlight on Trump’s trade policies...
EURUSD is approaching its resistance at 1.1727 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where price could react off, causing it to fall to its support at 1.1596 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback support).
Stochastic (55, 5, 3) is testing its resistance at 95% where a...
AUDNZD reacted off its resistance at 1.07812 (100% Fibonacci extension, 61.8% Fibonacci extension, 38.2% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap resistance) where price could drop to its support at 1.0710 (100% Fibonacci extension, horizontal swing low support).
Stochastic (89, 5, 3) reversed off its resistance at 95% where a...
CADJPY is testing its support at 82.28 (76.4% Fibonacci retracement x2, horizontal overlap support) where price could bounce off from, causing price to rise to its resistance at 83.94 (61.8% Fibonacci extension, horizontal pullback resistance).
Stochastic (55, 5, 3) bounced off its support at 2.8% where a corresponding rise could occur. We have also identified a...
EURGBP is approaching its resistance at 0.8839 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where price could potentially react off, causing it to fall to its support at 0.8732 (50% & 76.4% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a...
EURAUD is held in a bullish channel where there could be a potential bounce off its support at 1.5637 (23.6% & 38.2% Fibonacci retracement, horizontal swing low support) to its resistance at 1.5807 (61.8% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (21, 5, 3) has bounced off its intermediate support at 12.8% where...
USDJPY is testing its support at 109.15 (50% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap support) where price could bounce up to its resistance at 110.18 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 4.8% where a corresponding bounce could occur.
AUDUSD has reversed from its resistance at 0.7446 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) where price could drop to its support at 0.7347 (horizontal swing low support).
Stochastic (89, 5, 3) has reversed off its resistance at 98% where a corresponding drop could occur.
USDCHF is testing its support at 0.9872 (61.8% & 76.4% Fibonacci retracement, horizontal overlap support) where a bounce could potentially occur, causing price to rise to its resistance at 0.9939 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is testing its support at 4.3% where a corresponding...
EURUSD is approaching our first resistance at 1.1644 (horizontal overlap resistance, 38.2% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 1.1511 (horizontal swing low support).
Stochastic (89,5,3) is also approaching our major resistance and a reaction below this level might see a...
USDCHF is approaching our first support at 0.9888 (horizontal pullback support, 50%, 61.8% Fibonacci retracement) and price might rise to our major resistance at 0.9949 (horizontal pullback resistance, 61.8% Fibonacci retracement).
Stochastic (34,5,3) is also approaching support and a bounce off this level might see a corresponding rise in price.
Trading CFDs on...
Price is approaching our first resistance at 0.9839 (horizontal overlap resistance, 50% Fibonacci retracement) where price might drop to our major support at 0.9750 (horizontal swing low support).
Stochastic (55,5,3) is also approaching its resistance and a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk....
Price is approaching our first resistance at 146.12 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension) where price might drop to our major support at 144.61 (horizontal swing low support).
Stochastic (55,5,3) is also seeing a bearish divergence and is approaching its resistance and a reaction off this level might see a...
USDJPY is testing its resistance at 110.63 (100% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where if broken, a further move up to its next resistance at 111.14 (100% Fibonacci extension, 100% Fibonacci extension, horizontal swing high resistance) could occur.
Stochastic (89, 5, 3) still has a lot of upside potential.
AUDNZD is approaching its resistance at 1.0776 (61.8% Fibonacci retracement, 100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal could occur, causing price to fall to its support at 1.0717 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where a...
NZDJPY is approaching its support at 75.40 (76.4% Fibonacci retracement, horizontal overlap support) where it could potentially bounce up to its resistance at 76.24 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, Horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 6.09% where a corresponding bounce could occur.
