Gold Steady On Its Way Up

Gold is trading slightly down in today's session going to a low of $1,328. But on the longer-term, Gold has been trading in an upward channel since the end of May with a starting price of $1,200. Bulls need to be especially active now as price retreated from a high of $1,345 after the precious metal found the needed support at $1,311.

Bears, on the other hand are trying to push price below the support line at $1,325. If we get there and price closes above this for the week, then the next week the depreciation has a great chance of a continuation.

First bull target is to break the first resistance at last high $1,346, while bears have to go through $1,330 first and then close above $1,325.

Chart: XAU/USD H4

EUR/USD Higher After Rates Are Left Unchanged

The EUR/USD is trading some 150 pips higher in today's session after the FED decided not to raise the Interest Rate. Market participants found this statement disappointing and the US dollar lost strength against most of its major competitors.

The EUR/USD pair was the one impacted the most as price was at a low of 1.0961 and is now trading at its highest at 1.11. The pair is trading in a downward channel on the short-term and in order for a bull run to be confirmed we have to close above 1.1140.

Until then, first resistance is seen at 1.1133 while first support is found at 1.1020.

Scheduled for later today is the Unemployment Rate of Germany and France and also the Consumer Price Index. These news might have medium impact on the pair.

Chart: EUR/USD H4

USD/JPY Pushing Higher

USD/JPY is struggling to pierce through the resistance zone at 106.50. The pair reached a high of 106.54 and immediately retreated to lower levels pressured by the bearish desire to depreciate the pair further. The price is now 105.76  with a low of 104.62 indicating that market participants are having a hard time trying to win the battle against each other.

Major bull target is to break the long-term resistance at 108 while major bear target is to get below 100.50 and possibly reach 98.00.

Later today we have the FED Interest Rate Decision which would have an impact on the pair so prepare for volatility. First support level is seen at 104.50. First resistance is daily high at 106.54.

Chart: USD/JPY D1

AUD/USD Uplifted

AUD/USD is trading sharply higher in today's morning hours due to technicals indicating that a rise was about to happen. The pair was hesitating for the whole past week gravitating towards the 0.7460 level. Bears made one last try to bring price down on Friday when it reached 0.7442 wiping out most of the longs, me included, only to recover quickly back to the 0.7470 level.

Today AUD/USD reached a comfortable high of 0.7536 and is currently trading at 0.7527. First resistance is seen at 0.7584 and second at 0.7676. If there's a tailwind the pair might very well get to the other side above 0.77.

On the other hand, a fail to sustain the momentum might bring price back below the support channel at 0.7440.

Chart: AUD/USD H1

Gold At Support

Gold reached support for a second time this morning in the early hours after going to a low of $1,313. The precious metal is now trading at $1,318 and it appears that so far the support has been successful. The precious time Gold hit support was last week when the metal went to $1,310 and then skyrocketed to a high of $1,333 on the same day.

If this support holds for the long-term, we will see Gold attempting to go above the first resistance at $1,335. Second resistance is seen at $1,350 and then major resistance at $1,400. No major news are scheduled for today so we are in for a calm day with Gold gravitating towards $1,320-$1,315.

Chart: XAU/USD D1

A Month After The Referendum | Webinar Review

A month after the UK referendum to leave the EU, the markets have changed drastically. Some pairs such as the GBP/USD and the EUR/GBP are still feeling the impact of the vote to leave the Union and cannot recover. Regardless of how bad the situation might be, there is no way back and market participants have to adapt to the new normal.

This was the main topic in a webinar presented by Malte Kaub hosted by ActivTrades. Speaker Kaub talked economics and politics and what we can expect after that first month of UK out of the EU.

In case you missed it you can watch it HERE. It's a good overview of what happened and what will take place. Strongly recommend it.

Also, you might want to keep yourself informed about future free webinars. Just go HERE.

NZD/CAD Below 0.91

NZD/CAD was traded below the 1-month low of 0.91 in the early trading hours today. The pair reached a low of 0.9085 and has recovered to a current market price of 0.9119. Although the bearish trend looks intact, it appears that bears are about to start taking profits as we have a short-term support at play.

0.91 acts as immediate support level which may cause bulls to start buying and drive the price to first resistance level at 0.9170. If this level is broken, second resistance is 0.92, then 0.9270.

Long-term resistance is seen at the last high at 0.9540 which is also the quadruple top. We have the CAD Retail Sales and Consumer Price Index scheduled for tomorrow which may cause volatility in the pair.

Chart: NZD/CAD H4

EUR/GBP In Reverse

EUR/GBP is trading lower in today's session due to somehow stronger British Pound. The pair reached a high of 0.8626 a few days after the Brexit and since then it has been depreciating one day at a time. Another part of the reason is because the Euro is weakening.

The pair is now trading at 0.8345 and has almost returned to its ascending trading channel. The long-term trend has been empowered by the break of the pair, but if current EU economic conditions continue to worsen, we might expect a fall that would drive the pair to the 200SMA around 0.7700.

First support is seen at 0.8300 while first resistance is seen at 0.8430.

Chart: EUR/GBP

USD/JPY Keeps Going Higher

USD/JPY has been trading heavily to the upside since last week. The pair went from a low of 98.94 to a high of 106.31 in a very short period of time. This, however, might not end well for the US bulls. The pair is now faced with the first resistance and a double top on the hourly time frame at 106.30.

If this level is broken, bears have two more chances to beat the bulls - 107.05 and 108.20. Bulls need to use the momentum created from the latest rally in order to sustain the market sentiment and keep the pair appreciating with the same pace.

The resistance levels might act as good entry levels for short trades with tight stops above the entries.

On the other hand, if bears win the battle, USD/JPY might attempt to retest the 100 level with major support at 98.

Chart: USD/JPY D1

USD/CAD Slightly Up

USD/CAD is trading relatively to the upside in today's session after making a low of 1.2929. The pair is now trading at 1.2995 and it appears to be consolidating around major support and resistance levels. The support is seen at 1.2870 and the resistance is seen at 1.3120.

No major US news are scheduled for this week but on Friday we have Bank of Canada Consumer Price Index for June. It is likely that price will continue gravitating towards the 1.30 level until Friday's news that would create a stir in the currency's price.

In the long-term, USD/CAD keeps its bearish momentum after a steady drop from 1.4690 to a low of 1.2460 in about three months between the end of January and the beginning of May.

Chart: USD/CAD D1

USD/JPY Recovery

USD/JPY is going steady on it s way to recovery. The pair reached a high of the day of 106.31 and is up significantly from below 100 in less than a week. The pair has a long way to go before it reaches the 200SMA so further continuation of the downward move could be expected.

Major monthly support rests at 98 and I think we can expect price to reach it before long. First short-term resistance is seen at 107.15, second resistance is seen at 108.50. Should these two resistance levels be broken we can expect a move to the 200SMA.

Until then, price is going to have a hard time over the battle between market participants to define a clear direction.

Chart; USD/JPY D1

GBP/USD Sharply Up

GBP/USD saw a massive leap from 1.3104 (today's low) to a high of 1.3470. It's because the Bank of England unexpectedly held its key interest rate after the Brexit after all market participants expected that the rate will be changed.

The pair surged but the bull run was short-lived as the price is getting back well under 1.34 and is currently trading at 1.3378. Although the Sterling returned back into the long-term downward channel, the pair does not enough momentum to continue going North. This suggests that until we have an actual change in fundamentals, price will most likely gravitate towards the 1.32-1.34 level.

Chart: GBP/USD D1

USD/DKK Close to Resistance

USD/DKK is having a good bull run since the beginning of May. The pair has been in an uptrend since 6.4055 and is currently trading at 6.7245. It made a high of 6.8131 on the day of the Brexit and although it has been downgraded, USD/DKK is still looking strong and has the momentum to go beyond the resistance.

Major resistance is seen 6.80 which also appears to be the meet up point of two trading channels - the long-term downtrend and short-term uptrend (as seen on the chart below).

Another factor that plays a role in this case is the 200SMA or more importantly - the pair's flat trading on it.

Chart: USD/DKK D1

GBP/CHF Gaining

GBP/CHF is in its fourth consecutive day of gains. The pair dipped below the support line and closed three days under it until yesterday when the Sterling began to appreciate against the Swiss Franc. The Sterling is up against all competitors so far this week.

Major support zone for the GBP/CHF is the level of 1.2022, while short-term support is seen at 1.2735. Currently, the price is 1.2890 and it looks like it will keep going North. First resistance is seen at 1.29. If this resistance is broken then we might be in for a good bull run in the long-term.

We have an important speech scheduled for today that might create volatility.

Chart: GBP/CHF D1

USD/JPY Uplifted

USD/JPY starts the week in the green as it is already up almost a 100 pips. The pair reached the support line at 100.05 on Friday and then proceeded to appreciate. Today, the pair made a low of 100.45 and is already trading at 101.42 with a high of 101.54

Optimistic bears might try to push the price to the upper trend line at 103.40. They have to go through first resistance at 101.50, If that attempt fails, then bears are ready to take it again below 100.00 and even further down below 97. USD/JPY is also on the 50.00% Fibbo retracement at 100.69 and is forming a double bottom at the same level.

Chart: USD/JPY H4

Live Trading Analysis | Webinar Review

This week's ActivTrades' webinar was devoted to live trading analysis. Particularly, guest speaker Malte Kaub focused on analyzing everything from FX to commodities to indices. It was a volatile and high-risk first half of the year. Silver is up with more than 40%, Gold is up more than 30%, UK is no longer part of the EU and the US Federal Reserve is still keeping the rates low.

In the end of the webinar, speaker Kaub turned to the audience to answer questions. In case you missed it, it should be uploaded soon HERE.

If you want to stay tuned with the latest free webinars, click HERE.

EUR/USD at the 200 SMA

The EUR/USD is trading at the 200SMA for a few days now and has been over and under a couple of times already. The pair has been reluctant to drop below the major support at 1.0940 or go above the resistance at 1.1200.

Price consolidation means that bulls and bears are having a hard time determining who will take the lead. Currently, price is 1.1090 and the pair has had two days of going below 1.1057 and recovering back above 1.1100.

First support zone is seen 1.1027 while first resistance zone is seen at 1.1120. No major news are scheduled for today so we can expect price to fluctuate between those levels.

Chart: EUR/USD D1

USD/JPY Down Again

USD/JPY is trading outside its major downward channel. As it appears, this is going to be the third day that price has been totally out of the trading channel and a fourth consecutive of losses. The pair is now trading at 100.60 with a high of 101.76 and a low of 100.19.

On the day of the Referendum results, the pair went below 100 and made a low of 98.95 making a bottom of almost 3 years as price was last that low in November 2013. With improving Japan economy and a strong Yen, all Yen pairs are feeling the impact and most of the rest are also below the trading channel.

First support for USD/JPY is seen at the last low at 98.95 while first resistance is the support line of the channel at 102.

Chart: USD/JPY D1

USD/CAD Triangle Pattern

USD/CAD is forming a triangle best seen on the daily chart. The pair has gone up to the resistance line several times already and is now drawing what's probably going to be its last move before it finally breaks out of the pattern.

USD/CAD made a last high of 1.3107 and then gave away the gains going to a low of 1.2831. Main trend on the long-term remains bearish unless we get a break above the triangle. Until then, price is bound to fluctuate around 1.29-1.30.

Patiently waiting could turn out to be the best choice in this specific case.
First support level 1.2760, first resistance level 1.3060.

Chart: USD/CAD D1

Gold at Historical Resistance

Gold reached a milestone in today's early trading hours. The precious metal climbed up to $1,357 - highest since March 2014. The peak meets two resistance lines - the major one dates back to the all time high of $1,920 and the second one is the one marking the latest low of $1,046.

Considering the importance of the levels forming the two channels, Gold is now facing one of its hardest decisions. Bears have already accumulated enough momentum to wipe out all the short positions but on the other hand we have two great resistance levels that are being met at the exact current price.

My personal trade - since I'm long I hedged today with a short opened at $1,352 with a stop at $1,365. If price reaches $1,365 the chances for a decline are small as this is going to be above the two resistance levels.

And if price reacts to those levels and retreats to below $1,340 we have a great chance to see Gold around $1,240-$1,200.

What bothers me, however, is that price already reached this level after the Brexit results were published. Being here again today means bulls are back to get what's theirs.

Chart: XAU/USD W1