EUR/USD (1.1983) Market bounced from the 1.1920 low and was capped just below the 1.2000 level where pair failed again. Pair is currently trading sideway with the downside limited to 1.1950. Intraday studies are slightly positive for the pair however a break above 1.2015 is needed to see further upside. The downside remains favored while below latter and another test of the 1.1935 level is not ruled out. Daily studies are deep in oversold territory. Stand aside.
USD/JPY (118.65) The rebound from the 117.50 low ended at 118.90 where little pullback was seen. Pair is currently trading in a triangle pattern between 118.70 & 118.00. Both intraday and daily studies are negative for the pair however the current lack of follow through on the downside calls for caution. A break below 118.30/20 would see another test of the 117.50 low. On the upside, a break above 119.40 would see further upside towards 120.20. Stand aside.
GBP/USD (1.7446) Market remains capped below the 1.7475 level where pair failed again. Market bounced lower from there and another test of the 1.7375 low is on the cards next. Intraday studies are showing mixed signals. A break below 1.7375 would see further weakness targeting 1.7255 next. On the upside, a break above 1.7475 would see further upside towards 1.7520 & 1.7600. Daily studies remain negative for the pair but in oversold territory. Stand aside for now.
USD/CHF (1.2971) Market is still trading sideways between 1.2940 & 1.3040. Intraday studies are slightly positive for the pair however a break above 1.3040 is needed to open way for another up-leg targeting 1.3125 & 1.3200. Daily studies are deep in overbought territory and some deeper pullback is not ruled out. A break below 1.2940 would see further weakness targeting 1.2910 & 1.2830. Stand aside for now.
AUD/USD (0.7406) The downside pressure ended at 0.7360 and pair did rebound higher as intraday studies correct from oversold territory. The upside remains capped below the 0.7420 level and pair is consolidating just below there. On the downside, a break below 0.7360 would see further weakness targeting 0.7300 & 0.7230. On the upside, a break above 0.7420/50 would see further upside towards 0.7480 & 0.7560. Daily studies are negative for the pair but in oversold territory. Stand aside.
USD/CAD (1.1481) The failure at 1.1560 drove the price lower towards 1.1475 where market is currently holding. Intraday studies are mostly negative for the pair and further weakness is on the cards near-term towards 1.1400 next. Daily studies remain positive for the pair however a break above 1.1560 is needed to open way to further upside towards 1.1575 & 1.1670. Stand aside.
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