USD/JPY in narrow intraday range

Last week the USD/JPY tried to move higher, but in the last three sessions plummeted and closed at 112.82. Today the pair was seen hovering around 113.00 mark and finally established slightly above to currently trade at 113.10. In the four-hour time frame the 100-day SMA is sliding to downwards and is confining a potential recovery. RSI is staying flat around 43, while Stochastic has retreated from oversold area and is showing bullish signs, but yet both indicators are below their mid-lines. First resistance is located at 114.95 and next at 115.60. Support is seen at 111.60 and lower at 110.95.    

Gold found support at 100-day SMA

The strong US economic data along with the hawkish comments of the Fed Chair Janet Yellen uplifted the US Dollar index and consequently dragged Gold prices lower. The precious metal marked today a  two-week low at $1216, but found support exactly at this area where currently is located the 100-day SMA and succeeded to escape towards $1230 region. As seen on the four-hour time frame during the past two sessions technical indicators have been placed around mid-lines, but today are showing signs of slight bullish momentum. Strong resistance is located at $1248 (50% Fibonacci retracement of latest July to December decline) and given the fact that bulls couldn't find enough strength to conquer this level we may consider that the situation is ruled now by the bears. Immediate horizontal support is seen at $1218 (38.2% Fibonacci retracement of same decline) and in case of fluctuating again around this level, Gold is poised to extend the downward slope towards the psychological $1200 mark.

XAG/USD Bulls are currently in play

Silver prices continue to move higher and currently are well situated  within the bullish channel, started from late December. During the past sessions bulls were challenged by the 200-day SMA (currently being at  17.85) and as seen on the daily chart finally this level was finally conquered. On the same chart technical indicators are placed in bullish territory having marked higher highs and lower lows. In the short term  the bearish pressure seems to be limited as long as the price holds above 16.55 (January’s low). First resistance is seen at 19.00 (November 2016’s high) and higher at 20.11 (September 2016’s high).

EUR/USD broke below the bullish channel

EUR/USD tried to push higher yesterday, but after marking an intraday high at 1.0658 closed lower at 1.0596. As seen on the four hour chart, the pair broke below the bullish channel and the 200-day SMA. Technical indicators have retreated from oversold region, but yet are well below the mid lines and confirming the bearish bias. Strong resistance is seen at 1.0650 and in case of surpassing it, probable bullish target will be 1.710 area (last week’s highs). On the other side, the downward pressure will be increased in case of crossing below 1.0590 (yesterday’s low). Next supports are located at 1.0550 and 1.0520.

USD/CHF inside the uptrend

The USD/CHF pair was trading elevated last week and topped at 1.0061. As seen on the four-hour time frame, the price is developing inside the uptrend channel. The 20-day SMA is indicating strong bullish momentum. Meanwhile indicators are well established at the overbought area. Both RSI and Stochastic have lost strength to hint next direction. In the short-term the bias remains bullish and a clear break of 1.0060 to above will encourage bulls to test 1.0120 or higher. On the other hand, immediate support is located at 0.9980 and in case of crossing it to below, the pair will settle within the neutral trading zone around 0.9930 – 0.9900. 

AUD/USD in sideway mode

Friday’s upbeat statement of the Reserve Bank of Australia (RBA) uplifted the AUD/USD. The pair escaped from the lower register of 0.76 handle and rallied towards 0.7690.  As the pair is now back to the key resistance at 0.7700, a clear break above will open doors for testing next one at 0.7777 (November 8^th high). Looking downwards first support is located at 0.7656 (today’s low) and next at 0.7640. On the daily chart the 20-day SMA is displaying strong bullish momentum. Both RSI and Stochastic are showing extremely overbought conditions but yet displaying lack of momentum. However, the price has now settled in the 0.7600 – 0.7700 range and most possible will extend its sideway movement.  

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