EUR/USD intra-day analysis

EUR/USD (1.0750): EUR/USD has been falling for the second consecutive day as the common currency fell to a 6-day low yesterday, closing at 1.0763. With the Stochastics now moving out from the overbought levels, EUR/USD is expected to continue to push lower after breaking down below 1.0800. There was no retracement or a pullback as expected.

With the support level at 1.0800 being cleared, any gains could be limited to this level where resistance could now be established. A continuation to the downside will see the EUR/USD push lower towards the support level at 1.0700.

USD/JPY intra-day analysis

USD/JPY (111.27): USD/JPY closed bearish yesterday, but price action is looking bullish in the near term. On the 4-hour chart, however, the Stochastics are currently in the oversold levels but with prices supported above 110.76 – 110.70, the downside is limited.

A continuation to the upside in USD/JPY will see prices testing 112.00 resistance level, following which expect further continuation towards 113.78 – 114.00. In the near term, USD/JPY could be range bound within 112.00 and 110.76 with a breakout from this level likely to give further direction in the near term.

XAU/USD intra-day analysis

XAU/USD (1249.60): Gold prices remained flat with the precious metal seen consolidating near the 1250 level yet again. On the 4-hour chart, price action has formed a lower high below 1262.50 with prices moving within a broadening wedge pattern. In the near term, gold prices could see another modest rebound to the upside towards 1255.85 – 1256.00 following which we can expect to see further declines towards 1220.00 at the very least. A daily close above 1255.85 – 1256.00 could, however, invalidate the bearish bias.