USD/JPY At Resistance

USD/JPY is caught in a tight situation right now as bulls are faced with the resistance they have been trying to take over since last month. In order for a bullish trend to be continued we need a close above 111.80. Until then, bulls have the heavy task to break away from the bearish grip as bears try to push price down below 110.00. 

Right now, the pair is trading at resistance at 111.40 while first support is 110.45. It is still not clear if what we have is a bullish trend so if you do not have any open long positions, you might want to wait for a confirmation.

Chart: USD/JPY D1

GBP/USD Consolidating

The pair is having a tough day today deciding where to go next. GBP/USD reached a high for the day of 1.4725 and a low for the day of 1.4568 and is currently trading right in the middle at 1.4637. The pair seems to be consolidating as bears and bulls cannot decide who wants to give more in order for them to take control over the trend.

First support level might be expected at 1.4560, while first resistance level might be expected at 1.4750. The resistance is strong as we have three failed attempts to go over this price.

Chart: GBP/USD D1

Gold At $1,199

Gold reached a 4-month low in the early trading hours today after the speech of FED Chair Janet Yellen to raise rates gradually. The US dollar was favored by market participants leaving behind safe haven like the precious metal.

Gold was sold to a low of $1,199 which marks a four-month low for the commodity. However, bulls were quick to take control over the price and managed to push it to a high of $1,210.

Currently, Gold is trading at $1,207.

Chart: XAU/USD H4

USD/CAD Correction

The USD/CAD is trading higher in today's session due to bulls buying the dips, technically speaking. The pair reached a low of 1.2914 on May 26 and bulls were quick to take the opportunity to buy at low price.

The pair is now trading at 1.3070 and as it seems, bulls might be ready to make an attempt to go for 1.32 beating their prior high of 1.3189.

First support is seen in the last low at 1.30, which is also the psychological support, while first resistance is the level of $1,3190, the last high.

Chart: USD/CAD H4

Risk to Reward Ratio

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Oil Losing Power

Oil is trading low volumes for the past few days indicating that a possible change in trend might be at hand. The commodity made a high of 49.37 not giving the chance to Oil bulls to celebrate the $50 level.

After making the last high, Oil retraced to previous lows at 47.40 and is currently trading at 47.76. Main trend remains bullish with first bull target at 49.50. On the other hand, a move down could be expected to 46.78.

Chart: Oil/USD

AUD/USD Slightly Lower

The Australian dollar is trading lower today after an announcement from the RBA governor Glenn Stevens that they would consider more rate cuts. Rumor has it the pair might try to revisit the year-low at 0.68. So far the price has not been very responsive to the announcement and has only gone down 30 pips.

Traders and investors are now eyeing the prior low at 0.7177. If this level is broken then a drop could be expected to a possible target at 0.7000.

Chart: AUD/USD

USD/CAD Recovering

The USD/CAD pair is seeing massive support from traders and investors shortly after making a multi-month low at 1.2460. Since the beginning of May the pair has been trading to the upside with only a few days of losses.

Currently, price was able to break out from the double top on the short-term at 1.3150 and is currently trading at 1.3163.

First bull target is seen at 1.3220, then 1.33 and then we have to take over the 200SMA in order for the bullish trend to be confirmed.

Chart: USD/CAD D1

EUR/USD Steady

The EUR/USD is trading steadily in today's session after two consecutive days of losses. The pair is now trading close to 1.1200 with a high of the day of 1.1242 and current market price at 1.1204.

Market participants favor the US dollar and seem ready to test prior low at 1.1150. Main trend on the short-term remains bearish with a confirmation by the break of 1.1250, which is now seen as first resistance.

If 1.1150 is broken next level would be the 200SMA at slightly below 1.11.

Chart: EUR/USD D1

Gold Lower

Gold is trading significantly lower after the FOMC Minutes were released yesterday. Traders and investors boosted the US dollar and discarded the latest gains in the precious metal causing it to drop with more than 2% going from $1,282 to $1,252.

Gold is currently trading at $1,253 and as it appears it is now at first support level and if it gets taken over by the bears we might see an attempt to go for $1,230 as a second level of support.

Chart: XAU/USD D1

Oil at 7-Month High

Oil reached a new high at 49.46. This is the first time in 7 months marking a 7-day rally going from 43.29 to 49.46. The high was made twice - yesterday and today. However, Oil bulls were not able to sustain the momentum and bears took over dragging price down to 48.56, latest low.

Oil is currently trading at levels around 49.00 and it seems it may try to do a correction as low volumes suggest. First resistance zone is highest high while first support zone is seen at 48.61.

Chart: Oil/USD D1

Gold Weakens

Gold is having a hard time choosing a direction while it is gravitating towards $1,275.The precious metal climber a high of the day of $1,281 and is currently trading at $1,274-$1,275. Traders and investors are being cautious eyeing the FOMC Minutes scheduled for tomorrow.

First support is seen at the level of $1,270, while first resistance is the $1,280 level. A break to either side would most likely trigger a quick reaction in both camps, so if have not yet opened any position it would be best to wait for a clear direction and act on it.

Chart: XAU/USD D1

GBP/USD Uncertain

The pair is now hesitant where to go next. This becomes clear by looking at the 4-hour chart with the last candle trading in low volumes and low volatility.

Main trend remains bearish on the short-term with market participants pessimistic about the pair's future which may lead price to levels around major support zone at 1.4150-1.42.

On the other hand, a correction could be expected which may result in bulls taking control over the situation and pushing price to first support zone at 1.45.

Chart: GBP/USD H4

AUD/USD at Support

AUD/USD is trading at support which at this time appears to be the 200SMA level. As price went out of the trading channel bears were insistent enough to take it further down to a low of 0.7245. Price reacted positively to this and now AUD/USD is trading close to 0.73.

First resistance is seen at 0.7324 while first support is 0.7265. If the support level is broken then the pair might revisit lowest low and if that doesn't hold we might see an attempt to go for 0.70.

On the other hand, if the resistance level is taken out then the pair might try to go to into the bullish channel again.

Chart: AUD/USD H4

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GBP/USD Range Bound

GBP/USD appears to be caught in a struggle as it refuses to go below 1.44 or above 1.45. For the past few days the pair has been trading in a range and by the way it looks we have to wait for a major news or event to shake up the market participants so we could see a move to either sides.

Until then, first resistance is seen at 1.4467, while first support is seen at 1.4410.A break out of this channel would indicate that the pair might be ready to take it to the next destination.

Char: GBP/USD D1

USD/CAD Slightly Down

USD/CAD returned some of the gains posted last week due to weaker US dollar. The pair reached a high of 1.3003 forming a double top withe the last high on April 18. Bears, however, managed to pull price down to a low of 1.2887 earlier today.

The pair remains bullish on the short-term with first resistance at 1.30 and first support at 1.2890. No major news are expected today so we might witness calm markets.

On the long-term, USD/CAD needs to close above 1.31 so we could consider a possible uptrend formation. Until then, the pair is bearish.

Chart: USD/CAD D1

Gold Posts New Losses

Gold declined from its high of $1,296 on Friday after the NFP and the Unemployment Rate were announced. The climb was short-lived and hours after the positive effect, the precious metal went down losing what was gained.

Lowest price posted earlier today is $1,259 and Gold is currently trading at $1,263-$1,264. If Gold fails to climb higher and no major events shake up the Gold market, then we might see further depreciation with first target at $1,250.

Chart: XAU/USD D1

Off To a Steep Start

The EUR/USD is trading lower in the early trading hours of the European session. The pair opened at a price of 1.1415 and is currently trading at 1.1397 with a low of 1.1380. However, it seems close to first support zone at 1.1375 and if this level fails to hold the bears, then we might see an attempt to go to 1.1300.

On the other hand, a possible turn to the upside might be expected as 1.1380 was good enough for bulls to buy the dip and hold for a first target at 1.1460.

Chart: EUR/USD D1

EUR/USD On Hold

The EUR/USD is trading sideways today due to low volumes as traders and investors are anticipating the latest NFP data and Unemployment Rate. The announcement is due to take place in less than two hours. Be aware, however, that the event is going to cause heavy volatility if the actual data turns out to be different than the expected.

Current EUR/USD price is 1.1416, not much of a change since yesterday's levels. First support zone is current market price, while major resistance level is seen at 1.1580.

Chart: EUR/USD D1

Gold Steady

Gold attempted to conquer $1,300 but it fell short and is now trading slightly below $1,280. Price is yet to define a clear path as bulls are trying to sustain momentum and go above the psychological level of $1,300 but bears seem determined to pull the yellow metal's price below $1,250.

As it looks, price might test $1,240 starting from Friday's NFP data if it turns out to be favorable for the US dollar. If not, we might see a flight to safety which will bring $1,300 back in the game.

Today no news are expected so a consolidation might be observed until tomorrow when we get heavily volatile with the latest and most important news for the US.

Chart: XAU/USD D1

GBP/USD Consolidates

The Sterling is consolidating against its major rival - the US dollar. The pair was steadily rising just before UK data was announced on Tuesday, turning the pair's direction. GBP/USD went from 1.4770 to 1.4460 and is now consolidating at the level of 1.4500.

The 1.45 level is seen as prior pivot point so it's too early to define a direction. Bears will try to take it below the support line at current market price, while bulls will try to beat prior high of 1.4770.

The best you can do is stay out of this pair while it picks up a direction. Low volumes suggest that a big move is coming.

USD/CAD Trend Reversal

USD/CAD is trading heavily to the upside since yesterday's bottom of 1.2511, marking an 11-month low. After it hit the milestone, the pair skyrocketed to a high of 1.2785. Main trend appears to be subject to change as bulls have reacted sharply to the last low indicating that they might be ready to take price higher.

First bull target was achieved by breaking the resistance line at 1.2740. Second bull target is seen at the 1.28 level and if we get a close above this level then bullish trend on the short-term time frame will be confirmed.

Chart: USD/CAD H4

EUR/USD 9-month High

EUR/USD is trading at a 9-month high in today's session marking a high of 1.1616 earlier this morning. Price is now 1.1580 and the uptrend movement appears to have dried up. It is still, however, too early to call it a trend change as price might prefer to enter into consolidation, instead, and stay there until market participants decide what it is that they want to do with the pair.

Consolidation is expected to be in the range of 1.1600 to 1.1540. First bear target might be seen at 1.1410 while first resistance is seen at 1.1620.

Chart: EUR/USD D1

Gold Decision Time

The precious metal has to make an important and crucial decision - where to go now? Bulls' ambitions managed ti push price slightly above the psychological level of $1,300 marking a high of $1,303.65. Since then, however, their thirst seems to have been satisfied and price started to go down marking a low of $1,287.

Main trend is expected to change as price appears to be trying to get into the trading channel again. First bear target is seen at $1,287, while first resistance is the last high of $1,303.

Chart: XAU/USD D1