EURUSD Daily Analysis
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EURUSD (1.1111): EURUSD extended this week’s gains towards $1.1100 yesterday marking a two day winning streak after a minor pullback on Monday. The daily chart shows the Stochastics already posting a higher high against the lower high in price indicating a hidden bearish divergence near the resistance level of 1.1143 – 1.1100. A near-term pullback is, therefore, likely unless the euro manages to breach above 1.1143. On the 4-hour chart, price action is seen consolidating near the mentioned resistance level and could be seen trading flat for the moment. The downside can be expected on a dip below 1.1050, which could see the euro correct lower towards 1.1000 support.
USDJPY Daily Analysis
USDJPY (102.81): USDJPY is seen breaking out from the rising median line on the daily chart and could see price testing 102.00 support in the near term. On the 4-hour chart, the Stochastics oscillator remains in oversold territory and could signal a near-term pullback. Above 103.25, USDJPY could be seen testing 104.60 – 104.45 which could now act as resistance. A reversal near this resistance level could infer further declines in USDJPY which could see the dollar fall towards 102.00 – 101.61 support level.
XAUUSD Daily Analysis
XAUUSD (1303.66): Gold prices gained on the back of yesterday’s FOMC meeting and the pre-election jitters which is keeping risk appetite at bay. Spot gold regained the psychological $1300 level yesterday and is now seen trading in the 1300 – 1315 resistance zone. Further upside can be expected only on a daily close above 1315 with bullish signals. In the near term, gold prices could be seen posting a correction with support identified near 1275.00.
