Spreads
Spreads
Spreads
Spreads
Spreads
GBPUSD has reversed its direction, climbing above 1.2000 amid the news that British Prime Minister Boris Johnson is planning to announce his resignation.
Technical speaking, the mood of GBPUSD turns upside in the near- term despite still falling within the bearish channel. Both the MACD and the RSI indicator have shown some signals that bullish traders are reflecting the positive impact. The acceptance of 1.2163 would bring GBPUSD back to positive territory. On the flip side, if GBPUSD cannot continue its upside momentum, falling below the bearish channel and the support of 1.1876, then GBPUSD would move further south.
Resistance: 1.2063, 1.2178, 1.2272
Support: 1.1876
AUDUSD edges higher at the time of writing, showing resilience near 0.6762; however, the descending trend line continues to cap the recovery from a two-year low.
On the four-hour chart, the latest recovery might be corrective as the bearish trend line has acted as a strong resistance according to experience. AUDUSD needs to advance above the bearish trend line to reclaim its bullish momentum in the near term. With the combination of factors, a bullish double-bottom formation, a bullish MACD, and a non-overbought RSI indicator might be able to lift the currency pair higher. On the flip side, if the immediate support of 0.6762 fails to defend, then the pair is expected to see an acceleration toward the south.
Resistance: 0.6926, 0.7028, 0.7110
Support: 0.6762
Gold hovers above $1732, attempting to recover from yesterday’s slump.
From the technical aspect, the outlook of gold remains bearish on the four-hour chart as it continues to fall below the bearish trend; in the meantime, an inverted flag has signalled a continuation of bearish momentum. At this stage, gold might attract some dip- buyers as the RSI has reached the oversold territory, suggesting a potential rebound. However, the bearish momentum is still in charge as the bearish MACD continues to lend support to bears.
Resistance: 1766.80, 1788.13, 1805.36
Support: 1732.32
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