EUR/USD intra-day analysis
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EUR/USD (1.0622): EUR/USD is seen extending declines following the inside bar break out to the downside last week. With support at 1.0600, we can expect to see price pushing lower in the near term for a test towards 1.0600 – 1.0550 support region. On the 4-hour chart, the Stochastics remains oversold and could spark a possible bounce to the upside on the initial test to 1.0600 support. Resistance is seen only at 1.0700 which could see weak short positions near 1.0644 being trapped as price could possible pare losses and retest the resistance level near 1.0700.
USD/JPY intra-day analysis
USD/JPY (113.85): The U.S. dollar surged higher against the yen after price briefly dipped to the support level near 113.00 – 112.50. The bounce off this support level comes as USD/JPY is attempting to break out from the triangle pattern. To the upside, resistance at 115.36 will be in focus as long as the support near 113.00 – 112.50 holds up. In the event that price fails to breakout from the trend line, USD/JPY could remain range bound with the declines likely to accelerate below 112.50.
XAU/USD intra-day analysis
XAU/USD (1229.51): Gold prices rallied back to 1235.50 resistance level on Friday and the declines are likely to continue to the downside following the lower high formation in prices. Support at 1220.00 will be in focus to the downside and break down below this support will see gold prices extend the declines towards 1200.00 – 1196.50. The 4-hour chart shows an unfilled gap at 1233.58, which could be tested in the near term ahead of further declines.
