GBPUSD has been trapped below 1.5445 and the main resistance set from the peak of1.5817.
Trading below this level intersects with contradiction between signs on technical indicators, as RSI attempts to show positive signals above 50.00; however, it moves horizontally, while moving averages are positive too.
Stable move above 1.5505 is required to be bullish, but we will be on the sidelines, waiting for confirmed signs.
Support: 1.5445 – 1.5400 – 1.5380
Resistance: 1.5500 – 1.5540 – 1.5595
Direction: Neutral
EURUSD declined, trading below SMA20 and below 78.6% Fibonacci at 1.1385, which is negative and could bring more bearish actions.
A break below 1.1320 is required to prove the bearishness; noting that, failure to breach this level would make us neutral.
Anyway, RSI is moving below 50.00 level and that supports our scenario.
Support: 1.1350 – 1.1320 – 1.1280
Resistance: 1.1385 –1.1420 – 1.1460
Direction: Bearish below 1.1320.
The USDCHF pair didn’t succeed in hitting 38.2% Fibonacci retracement yesterday and couldn’t achieve our proposed sell stop order as seen on the provided daily chart.
Actually, we still see chances for resuming the downside actions based on the weekly chart –until now- ahead of the closing.
But to be prudent, we will continue to watch out the price behaviors today to see whether the pair will clear the aforesaid levels or not.
Finally, signs on RSI and ADX don’t assist us to take a decision over intraday basis.
Support: 0.9470-0.9400-0.9350
Resistance: 0.9535-0.9600-0.9630
Direction: Bearish, but we will avoid trading the pair today
Strong bounce has been witnessed on USDJPY that created a long lower shadow; however, we can’t join bulls, as the weekly chart looks negative until now ahead of the closing, while technical indicators show overbought signs on smaller time frames.
Over daily studies, trading remains below the broken support of the trainable and we may see the pair re-testing it from the underside.
Therefore, we will cancel out any shorts suggested before and will be neutral today.
Support: 118.60-118.05-117.60
Resistance: 119.30-119.60-120.00
Direction: Sideways.