The Market is Unable to Extend Last Friday’s Upturn

The Market is Unable to Extend Last Friday’s Upturn

The Market is Unable to Extend Last Friday’s Upturn

EUR / USD

Support : 1.0581 – 1.0558 – 1.0518
Resistance : 1.0644 – 1.0684 – 1.0707

The market’s inability to extend last Friday’s upturn into a close over 107115* alerts
for a failed bull trend. The slip back into previous congestion leaves trade on the
defensive for a test of 105795* support. A close under 106795* is bearish and opens

up

potential for reactionary selloffs to 10450-. A close over 107115* is needed for a
bottoming / bull upturn.

GBP / USD

Support: 1.2100 – 1.2048 – 1.1987
Resistance : 1.2213 – 1.2274 – 1.2326

The market remains bearish, but declines are testing into swing low / bottoming
levels from previous months under 12200-12000. Stay prepared for further probes
under 12170-, but also suspect a chance for a significant bounce/reversing turn from
a spike low or failed extension under 12070-. A climb over 12250 marks
a

near term
upturn for corrections to 12395*.

USD / JPY

Support: 114.44 – 114.13 – 113.76
Resistance: 115.12 – 115.49 – 115.80

The market remains short term positive. A close over 115.54* alerts for a harder
spike to 116.22. Friday’s reversal action may yet
prompt

near term corrections, but
rallies capped within last week’s range should bull flag. A close under 113.09* is
needed to reverse back to bear trending and send a drive under 111.59

AUD / USD

Support: 0.7539 – 0.7520 – 0.7500
Resistance: 0.7578 – 0.7598 – 0.7617

The market remains short term negative with potential for follow through selloffs,
possibly showing an extension below 7442-. Use a penetration under last week’s low
to release hard selloffs. Be prepared
for

near term corrections to work on a bear flag.
A close over 7617* is the trigger to reverse out of the downturn.

XAU / USD

Support: 1194.50 – 1185.00
Resistance: 1209.90 – 1218.50 – 1224.20

The market is short term bearish. A close under 1185- alerts for continued pressing
declines to test under 1180-. A rebound off 1190-1185 alerts for a turn to corrections
with a likely retracement to 1220+. A close over 122250* signals a short term upturn
for a correction phase near 1230+/-.

 

 

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