SPOT GOLD – near-term action is directionless and holding between Tenkan-sen and Kijun-sen
Spot Gold benefited from weaker dollar and safe-haven buying on Wednesday and reversed most losses from the previous day on bounce to $1282.
Gold price is trading between daily Tenkan-sen ($1273) and Kijun-sen ($1283) for the third straight…
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EURCHF – initial basing signal is developing
Tuesday's strong downside rejection at 1.1540 zone and close above daily Kijun-sen (1.1567) suggests that two-legged pullback from 1.1715 (26 Oct high, the highest traded since the SNB scrapped 1.20 floor on 16 Jan 2015) has found footstep.…
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US CRUDE OIL – bulls are consolidating under fresh high at $56.67; US crude stocks report is in…
WTI oil extends consolidation into the second day but holds high levels around $57.00 handle after hitting the high of over two years at $57.67 on Tuesday.
Stronger pullback cannot be ruled out as strongly overbought daily studies warn. Dip…
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AUDUSD – bears are holding in extending consolidation
The Australian dollar is higher on Wednesday, bouncing from dangerous zone at 0.7625 (27 Oct low), which was retested on Tuesday’s strong fall.
Weaker US dollar offered relief for the Aussie, with larger downtrend from 0.8124 high taking a…
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USDJPY – no clear near-term direction yet
The pair remains directionless within 113.53/114.45 range as upside attempts off higher base at 113.65 (lows of past three days) repeatedly failed to sustain break above 114.00 barrier and eventually close above 114.33 pivot (Fibo 61.8% of…
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GBPUSD – fresh weakness faces strong supports at 1.3100 zone
Cable moved lower on Wednesday after advance in past two days was capped by 10SMA at 1.3175. Hanging Man candlestick was left on Tuesday, signaling that bulls from 1.3038 (03 Nov low) might be running out of steam.
Plethora of barriers…
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EURUSD – weaker dollar boost the Euro but upside action was so far limited, keeping 1.1500 target in…
The Euro returned to 1.1600 zone in early Wednesday’s trading but upside attempts off Tuesday’s fresh low at 1.1553 (the lowest since 20 July) were so far limited.
The single currency was boosted by rumors about delay of US tax reforms…
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Copper eases below triangle on stronger dollar
Copper was sharply lower on Tuesday after rally on Monday was repeatedly capped by bear-trendline which marks the upper boundary of the triangle, formed on daily chart.
Fresh weakness, triggered by stronger dollar, offset positive signal on…
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USDCAD – fresh rally forms higher base at 1.2700
The pair bounced on Tuesday after four-day descend from 1.2916 found solid support at 1.2700.
Fresh strength of the US dollar sidelines immediate downside risk, seen on break below pivotal supports at 1.2670 (20SMA / daily Kijun-sen).…
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EURGBP – bears eye key technical supports
The cross remains in red for the third straight day and extends weakness below 0.8800 handle on Tuesday.
Pullback from 0.8938/34 peaks, where strong 1.75% rally last Thursday was capped by daily cloud base, so far retraced over 61.8% of…
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