GBPUSD Marching Higher

GBPUSDH1.pngThe British Pound after a decline towards 1.2930 against the US Dollar started an upside move. The GBPUSD pair moved above 1.3000 handles and currently trading above the 100 hourly simple moving average.

The pair is now gaining pace and moving inside an ascending channel pattern with resistance at 1.3035 on the hourly chart.

A break above the channel resistance is very likely for a test of the 1.3050 resistance and the 61.8% Fib retracement level of the last decline from the 1.3125 high to 1.2933 low. The overall trend is positive for GBPUSD as long as the pair is above 1.3000 and the 100 hourly simple moving average.

AUDUSD Approaching Breakout

AUDUSDH1 21.07.17

The Aussie Dollar after trading as high as 0.7987 against the US Dollar started a correction. The AUDUSD pair traded towards 0.7880 where it found support.

A bullish trend line at 0.7885 and the 100 hourly simple moving average acted as a support area and prevented declines. On the upside, there is a connecting trend line at 0.7945 on the same chart.

Clearly, there is a breakout pattern forming as a contracting triangle with support at 0.7920. An initial resistance is around the 50% Fib retracement level of the last decline from the 0.7987 high to 0.7874 low. A break above the trend line resistance at 0.7930-40 may call for more gains in the near term.

Gold Consolidating Above $1235

XAUUSDH1 20.07.17
There were good gains in Gold price this week as it moved above $1230 resistance and the 100 hourly simple moving average.
A high was formed at $1244.50 from where a minor consolidation phase was initiated. The price is currently correcting but remains supported above $1235 and the 100 hourly simple moving average.
Furthermore, the 50% Fib retracement level of the last wave from the $1226.66 low to $1244.50 high is also at $1235. So, if the price corrects towards $1235, it is likely to find bids and bounce back in the near term. On the upside, there are two short-term bearish trend lines with resistances as $1240 and $1242.
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EURUSD Approaching Crucial Support

EURUSDH1 (1)
The Euro after trading as high as 1.1582 against the US Dollar started a correction wave and moved below the 1.1550 support.
However, the EUR/USD pair is currently trading near a major support area at 1.1515. There is also a bullish trend line on the downside at 1.1510 on the hourly chart.
Clearly, the 1.1510-15 support zone is very important and may produce a bounce in the near term. On the upside, there is a short-term bearish trend line at 1.1538. Buying dips near 1.1515 or a break above 1.1540 might be considered in the short term with a stop below the trend line support.
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Crude Oil Price Supported Near 100 SMA

USOILH1 (2).png
After trading as high as $47.05, crude oil price faced resistance and moved down against the US Dollar. It cleared two support trend lines at $46.60 to trade towards $46.00.
The price was well supported by the $46.00 handle and currently back above a bearish trend line on the hourly chart and the 100 simple moving average.
The last two candles are positive and suggesting a bounce back in the near term towards $46.80-47.00. One may consider buying dips as long as the price is above $46.00 and 100 SMA. A close below $46.00 might take the price back towards $45.00.

EURGBP Poised for More Declines  

EURGBPH1 (1)The British Pound gained a lot of bullish momentum recently against the US Dollar and Euro. The EURGBP pair declined and settled below the 0.8830-0.8800 support area.

The pair looks set to extend losses in the near term below 0.8750. There is a short-term breakout pattern forming with resistance near 0.8765 on the hourly chart.

The pair is likely to remain capped by 0.8765 and 0.68780 in the near term. On the downside, a break and close below 0.8750-45 could set the tone for more declines towards the 0.8720 level. On the upside, resistances are near 0.8765, 0.8780 and 0.8800.

 

EURUSD Short-term Sell

EURUSDH1 (1)
It seems like the Euro struggled to gain momentum above 1.1480 against the US Dollar and moved down.
The EURUSD pair moved below 1.1440 and the 100 hourly simple moving average, and currently following a bearish trend line with resistance at 1.1435.
The pair is likely to face resistance near 1.1425-30 and move down to test the 1.236 extension of the last wave from the 1.1391 low to 1.1455 high at 1.1376. Selling rallies near 1.1430 in the short term may be considered with a stop of a close above the 100 hourly simple moving average.