USD/JPY Risk of bearish extention below 110.15

USD/JPY is trading lower today, down with 0.04% with current market price 110.50. The US dollar is losing strength as US Treasury yields and marking weekly lows while the Japanese Yen received a boost by the June Markit Services PMI.
Technically speaking the short-term outlook remains neutral to bearish. On the four hour time frame the price is developing between its moving averages, all of them staying flat.
RSI stands around mid-line and lacks directional strength. Stochastic has retreated from its overbought readings and now is showing strong bullish momentum.
Strong support is located at 110.10 – 110.20, while the pair is pushing above the 100-day SMA, which is developing within this area but as mentioned above is staying flat and is looking for direction. In case bears succeed to make a breakthrough this level, then will gather strength to lead the pair towards 109.90 or lower at 109.50.

GBP/USD Above 1.3200 on upbeat UK PMI data

GBP/USD is trading up with 0.11% at around 1.3208 today after excellent UK PMI numbers. The US  dollar is taking a break to celebrate the Independence Day and thus the Sterling received additional boost.
Technically speaking the short-term outlook remains neutral to bullish. On the four hour time frame the price is developing between its moving averages and currently is stuck between the flat 50-day and 100-day SMA and daily low coincides with the bullish 20-day SMA. RSI is located slightly above its mid-line and is aiming south. Stochastic is seen within extreme oversold area and is also starting to turn bearish.
The 1.3215 – 1.3220 zone now is acting as first resistance and in case if broken next bullish target is seen at the 1.3300 hurdle. On the other hand the today’s up move is not sustainable having the readings on the same chart. Immediate support is provided by the 1.3160 level which is broken, we may expect the downfall to continue towards 1.3100 handle.

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GBP/USD Bulls eye 1.3200

GBP/USD is recovering from the yearly lows posted yesterday, building stable upward move the 1.3100 handle. The Sterling received good boost by the upward revision of the UK GDP growth for Q1 against the greehback’s corrective slide, adding fuel to the bullish sentiment. Currently the pair is 1.3165, up with 0.67% for the day.
Technically speaking the short-term outlook remains neutral to bullish. On the four hour time frame the price is developing above its bearish moving averages but crossing to above the 20-day SMA. RSI and stochastic are showing strong bullish momentum above their mid-lines.
The buying interest might push the pair even higher from the current levels. A breakthrough the 1.3200 hurdle will open door for testing the resistance zone around 1.3230. Looking to the downside the pair remains supported by 1.3120 and lower by the key level at 1.3100.

NZD/USD Bears are aiming 61.8% Fibo

As it was widely expected, the Reserve Bank of New Zealand left the Official cash rate at 1.75%, which has not been adjusted since 2016. The dovish statement of the central bankers triggered bearish mood for the NZD/USD pair and brought huge selling pressure. The pair is down with 0.55% today with current market price 0.6758. As seen on the four hour time frame the price is developing well below its moving averages, all of them keeping bearish slopes. RSI and stochastic are entering into extreme oversold territory but indicating that there is room for further declines. The downfall might continue towards the long-term support zone at 0.6720 (the 61.8% Fibonacci retracement of latest 0.7395 to 0.6850 bearish run) at least until the US GDP release which could move the sentiment in the opposite direction, leastways for a while.

XAU/USD Correcting from the new 2018 low

Spot gold lost about $10.00 today and marked a fresh new 2018 low at $1254.50. Currently XAU/USD is trading at $1258.00 having corrected slightly.

Technically speaking the short-term outlook remains neutral to bearish. On the four hour time frame the price is developing below its bearish moving averages. RSI and stochastic had turned to south and both are nearing oversold areas. 

Immediate support is seen at $1250.00 which is broken to below next target for bears will be served by $1243.00, followed by $1236.00 while the upside yet remains capped by Monday’s low at $1264. 00.

AUD/JPY Vulnerable on trade war

In true Trumpian style today the trade war was refreshed with several bew tweets concerning this time the Harley Davidson company, which has shifted some of its production overseas as a result of increased duties. In the forex market the most vulnerable currency pair in global trade concerns and risk appetite is AUD/JPY. 

During the last four months the pair is developing with a range between 84.50 and 80.50 and yet is finding stong resistance and respectively support at these levels. On the four hour time frame the price is developing below its moving averages which are merging around 82.50 and are proving immediate resistance. RSI has lost directional strength around 40. Stochastic retreated from its overbought territory and is showing storng bearish momentum.

When the markets become more influenced by the trade war and thematerial impact on global economic growth, then the pair might breach the bottom boundary of the current range which will lead bears to the long term support line at 76.00. But if the spirits calm down the AUD/JPY pair migt try to break the upper boundary of same range and next bullish target around the long-term resistance at 89.00.