GBP/USD uptrending

During yesterday’s session the pound marked modest increase against the US dollar. The session closed just 29 pips higher and pinned an intraday high at 1.2135. Given the fact that yesterday’s performance was corrective recovery, bulls seen back today was expected even slightly pressured.

As it is clearly seen on the H4 chart, the pair is modestly uptrending and pushing above the 20-day simple moving average. The pair is advancing from 1.2200 to 1.2300. RSI is located in the positive area, but although is showing lack of strong upward momentum.

Support is located at 1.2120 and 1.1950. Looking upwards first resistance is lying on 1.2300 and currently is being tested. Next resistance is seen at 1.2460 and 1.2790.

Gold in oversold area

Since the beginning of October gold broke through 1300 area, but shortly afterwards retreated below the 200-day simple moving average, which is currently located at 1265. As it is clearly seen on the daily chart this line has not been crossed since February. That’s why we should take on consideration the importance of the yearly rally of the yellow metal.  

RSI is showing oversold market and almost is touching the 30 level now. The stochastic is indicating an oversold market as well, but however is displaying lack of momentum.

Support now is located at 1084, 1040 and 1005. Resistance is seen at 1190, 1252 and 1307.

In short, if gold price is not able to push above 1265 (200-day SMA), most likely will follow a test of 1200 area. Before that a consolidation phase is expected, confirmed by the indicators.   

USD/JPY bearish in the short-term

Last week the USD/JPY  pair continued its bullish momentum , but still is facing difficulties to hold above the key resistance located at 104.20. But in the short-term the outlook remains neutral. The next resistance is around 104.65 level and in case of breakthrough, bulls will try to conquer 105.00/50. The intraday support seems to be 103.50 and the trend line as it is clearly seen on the H1 chart. A clear break below that area could trigger further bearish pressure for testing the next support at 102.75. 

RSI is slightly below 40 level and is confirming the current downward trend. The stochastic is indicating an oversold market and is still displaying bearish momentum. 

Overall within the nearest term bears are ruling the situation. Only a clear break below 103.50 could put an eventual end to the current bullish correction phase.

Pinterest vs Facebook and Twitter

150 million users per months at least.  A quite impressive number for Pinterest. That means and increase of 50 million from September 2015, when visitors count was 100 million. So in fact now Pinterest might compete now with Facebook, Twitter and some other Internet giants.

Pinterest's ability to attract new customers in a digital world filled with applications that quickly catch people's attention, then quickly fall behind, additionally helps the website to gain popularity among advertisers.Just to remind that this company was established six years ago and last was estimated by investors of 11 billion dollars with the strong expectations to triple last year's revenue to 300 million dollars in 2016.While Pinterest is heading to its IPO, Facebook now has 1.7 billion users and has managed to attract more than 167 million new users since September last year. But against Twitter the company is growing much faster. Currently Pinterest is larger than Twitter in the US having monthly 70 million active users against 66 million users of the microblogging platform on 30 June. The market capitalization on Twitter worth 13 billion dollars, which recently dropped significantly and now is very close toPinterest’s market value.

EUR/USD below the psychological level 1.1000

EUR/USD escaped from the range within which the pair was capped the past days. The pair plummeted and reached lowest level for the last three months, as fell to 1.0971 and closed the week below the psychological level 1.1000.

From a technical viewpoint, the bearish scenario is more likely and we might witness further decline in the coming days.  As it is seen on the daily chart, the pair is now staying below the 20-day and 100-day simple moving averages and has lack of strength to overcome them.

RSI is showing oversold market and is indicating bearish trend. Momentum is also in a line with the slope to downside and marking lowest level since early July. Support is now located at 1.0950, followed by 1.0910. Looking to the upside, resistance is now seen at 1.1090, 1.1160 and the key level at 1200.  

AUD/USD again above 0.7600

AUD/USD conquered again the 0.7600 handle during today’s early trading hours. The pair  rallied towards 0.7647 and it seems that this level will remain the intraday high. Despite the positive data coming from the USA, the greenback is trading mixed today, but definitely lower against the commodity currencies. The Asian session boosted the mood as Chinese macro data on inflation was released and marked quite good numbers.

From technical viewpoint the AUD/USD is moving upwards, though correction around 0.7600 level is the most likely scenario. The 20-day moving average is also heading to the upside. RSI is showing overbought market and the stochastic is displaying bullish momentum.

Resistance is now located at 0.7700 and support is seen at 0.7560 (61.80% Fibonacci retracement) and 0.7615 (23.60% Fibonacci retracement).

GBP/USD below 1.2200

GBP/USD continues to fall and broke below 1.2200 level. The pair continued the decline and in the afternoon pinned a new fresh low at 1.2126. 

The pound is quite sensitive lately, but currently is hardly pressured by the dark side of Brexit. Triggering of Article 50 gives a good reason of the currency to slide along the fears and to slide further across the board.

Support is now located at 1.2125/35 – today’s intraday low. Next one is the 1.2100 level, which is consider as a psychological. Looking to the upside, now the immediate resistance is seen at the previous support at 1.2200. Next levels to watch are 1.2325 and the daily high at 1.2365. Stochastic is pointing oversold market and RSI also confirms the bearish trend.