EURUSD edges lower but steadily stays above 1.0200 after US data, Existing Home Sales fell sharply in June. Investors stay on the sidelines, waiting for the ECB meeting.
From the technical perspective, bulls of the EURUSD face rejections after hitting the resistance of 1.0266; however, the short-term outlook remains upside as the EURUSD still trades above the 20 SMA and within the upper band of the Bollinger band. The upside momentum holds as long as the RSI indicator does not fall towards the negative levels and the MACD does not become bearish. On the flip side, the decline will likely pick up the pace on a break below the support level of 1.0146.
Resistance: 1.0266, 1.0363, 1.046
Support: 1.0146, 0.9952
Gold seems to consolidate along the descending channel on Wednesday. The outlook of the metal, gold, stays bearish as long as it trades within the bearish channel. On the upside, To regain upside traction, gold needs to at least climb above the descending channel onto the downside, the RSI indicator stays within the negative territory, suggesting that gold buyers are still on the sidelines. The breakout of the immediate support of 1697.66 would confirm another decline.
Resistance: 1,740.31, 1,766.70, 1,788.03
USDJPY rebounds after hitting the support level of 137.43. The intraday bias remains upside as it continues to trade within the strong bullish channel. At the time of writing, USDJPY is clinging to the upper bound of the bullish channel; a break of 138.18 will resume a larger up trend to its next resistance of 139.38. The break would be significantly important for USDJPY’s bulls as it is where the upper band of the channel and the 20 Simple Moving Average intersect. On the flip side, USDJPY’s bears need to decline below 136.22 to claim the downside momentum. Further price action eyes on the BOJ Press Conference and the FOMC meeting next week.
Resistance: 138.18, 139.38
Support: 137.43, 136.82, 136.22
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