The EUR/USD remained in bulls' hands on Wednesday. Buyers managed to lead the major further and tested 1.1450. The level did not stop buyers who pushed the price higher in the Asian session. After posting a daily high at 1.1488 the price pulled back. The resistance resides at 1.1500, the support comes in at 1.1450.
We favor a near-term bearish bias. Buyers aim at 1.1500 now.
Bears tightened grip and sent the pound back below 1.2900 handle. After breaking the level the pair extended its decline. The major reached 1.2850 which slowed down its decline for a while. The spot was in a flat the whole night and moved lower in the morning. The major reached 1.2800 by noon. The resistance lies at 1.2900, the support comes in at 1.2800.
The price eyes strong support at 1.2800 the loss of which would trigger further weakness towards 1.2750.
The market switched its tone to bearish on Tuesday. Buyers did not find any reason to push the price beyond 114.50 and retreated. The spot turned around and started a decline. The pair returned to 114.00 first and then continued to grind lower. The downward momentum lost its legs at 113.50. The resistance lies at 114.00, the support comes in at 113.00.
USD/JPY is still in an upwards channel. The price touched its lower limit at 113.50. If the level holds the US dollar will bounce back towards 114.00. A move below 113.50 will partially neutralize buying pressure. The pair may ease to 113.30-113.00 in this case.
Gold bounced off 1210 and rallied towards 1220 on Tuesday. The spot remained in a downward channel and just approached its upper boundary. The level rejected the price in the late European session. The price bounced from the level and moved to 1215. The resistance exists at 1220, the support stands at 1210 dollars per ounce.
The downtrend is likely to be continued. The yellow metal may reach 1210 in this scenario.
Brent traded mixed on Tuesday. Oil prices were weakening the first part of the day. The market switched its sentiment to bearish in the NY session. The price bounced from 46.50 and jumped to 47.50 dollars per barrel. The level did not stop bulls and Brent continued its rally up to 48.50 afterwards. The upward impetus lost steam around the mentioned level. The “black gold” spent the day around it. The resistance lies at 48.50, the support lies in at 47.50 dollars per barrel.
If the upward pressure persists Brent may extend its gains towards 49.50 dollars per barrel.
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