EUR/USD - European Session
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The pair moved to the upside yesterday and stabilized within the medium-term ascending channel that dominated trading since bottom 1.2756. Stabilizing above 1.3810 is positive and might extend the upside move. Breaching the previous top 1.3892 will gain the pair further bullish momentum.
Linear Regression Indicators are positive and Stochastic is showing a new bullish attempt forcing us to think that the pair will extend bullishness. The main catalyst of the upside move is stabilizing above 13% correction at 1.3740 showing on graph, as stabilizing above 1.3810 is significant to keep this positive outlook.
GBP/USD - European Session
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The upside move yesterday failed to keep the pair stable above resistance level 1.6740 and is currently trading below the referred to resistance and between Linear Regression Indicator 34 and 55. By examining Linear Regression Indicators, we notice that it is slightly bullish, but AROON Indicator is showing the extension of the upside move despite that its slightly weak.
We will benefit from stability above 1.6670 in addition to the many attempts to move to the upside to suggest an upside move. Breaking 1.6625 fails bullishness and lead to breaking the support level 1.6600 which strengthens the possibility of a new bearish correctional wave.
USD/JPY - European Session
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USDJPY pulls back towards 102.80-102.70 area, after breaking out above that resistance yesterday, which confirmed a potential bottom and further upside in the near term. The next upside targets start at 103.45 and 103.85 levels. Holding above 102.50 area should keep the intraday bias to the upside.
USD/CHF - European Session
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Indeed USDCHF resumed the bearish bias retesting areas around the recent support at 0.8800, a break below that support should signal the continuation of the bearish wave within the context of the overall bearish trend. Overall, the bearish bias remains favored for today, although we might see some minor upside pullback attempts.
USD/CAD - European Session
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USDCAD extended the bearish wave towards the 50-days SMA and 1.0950 level, following the break below 1.1050 previous support level, where we still see further correctional downside in the near term probably towards a retest of the recent swing low at 1.0909.
AUD/USD - European Session
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AUDUSD extended the bullish move yesterday, breaking above 0.9085 major resistance level and neckline for a major inverse head and shoulders pattern, further stability above that resistance is necessary now to confirm more upside. Overall, the bullish bias remains favored, eying a retest of the 200-days SMA around 0.9165.
NZD/USD - European Session
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NZDUSD breaks strongly higher, taking 0.8430 key resistance level and confirming a bullish breakout. The bullish move extend further, approaching the main upside target and long term resistance level at 0.8543. Overall, the bullish momentum continues to be very strong and thus we maintain our bullish bias.
