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Short-Term Pullbacks On The Horizon For FX Majors

Short-Term Pullbacks On The Horizon For FX Majors

Following Friday’s strong price action, the markets opened on a weaker note this morning, with price gaps across the board. A potential pullback is likely to be taking place ahead of further continuation of the short-term trends. The daily economic calendar is light for the most part today, with only the US new home sales data likely to see some reaction in the markets.

EUR/USD Daily Analysis

EUR/USD Chart

EUR/USD (1.12): EUR/USD gapped lower at today’s open and the price action shows a potential for a pull back. Resistance at 1.13 and support at 1.12 is likely to keep EUR/USD ranging between these levels in the near term. On the 4-hour chart, prices broke out to the downside following the consolidation within the triangle pattern. A retest could see EUR/USD move back to the 1.130 region ahead of a decline to 1.120 support and 1.113 – 1.1105 lower support levels.

USD/JPY Daily Analysis

USD/JPY Chart

USD/JPY (111.2): USD/JPY is looking to retrace Friday’s strong gains after prices closed near the 111.4 levels. A pull back could see USD/JPY retest the 109 – 108.5 levels which mark the breakout of the daily chart. On the 4-hour timeframe, price action is seen posting a strong reversal near the 111.7 – 111.5 level of support, confirming a pull back in USD/JPY in the near term.

GBP/USD Daily Analysis

GBP/USD Chart

GBP/USD (1.44): GBP/USD gapped higher in today’s session following Friday’s bullish close. The declines are likely to be limited in the near term, but if prices close below the 1.443 – 1.4425 resistance, GBP/USD could potentially fall towards 1.4263 – 1.424 lower support. The bias remains to the upside so long as GBP/USD does not break below the immediate support level. In the near term, GBP/USD could potentially range sideways within 1.443 – 1.4425 resistance and 1.4263 – 1.4247 support levels.

Gold Daily Analysis

XAU/USD Chart

XAU/USD (1234): Gold prices closed on a bearish note following a pin bar on Thursday. Prices are, however, supported near the 1230 – 1225 level, indicating a modest pull back. On the 4-hour chart, we can see the consolidation taking place within a broadening wedge pattern. A pull back could see gold rally and retest the 1243 – 1250 level to establish resistance ahead of further declines. A break below current support at 1230 – 1225 could see gold fall towards 1214 – 1210 lower support.

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