EURUSD (1.1733): The EURUSD closed with modest gains by Wednesday’s close as price action closed back near the daily resistance level of 1.1730. With price still at the resistance, a breakout off this level is required to maintain the upside.
USDJPY (110.79): The USDJPY currency pair was seen closing lower on Wednesday. Price action broke past the minor bearish flag pattern clearing the support level at 111.13 – 110.85. Further declines could be triggered on the downside momentum. The lower support at 109.45 forms the next main target. However, in the event of a rebound to the upside, USDJPY will need to reclaim the level above 111.13. This will keep the currency pair trading back within the range of 112.28 level of resistance.
XAUUSD (1231.48): Gold prices were seen moving higher but overall price action remains subdued. The precious metal is expected to maintain the range within 1242 resistance and 1219 support. Further gains or declines are likely to be maintained on a breakout off this range. The bias remains to the upside if price action can break past the resistance level of 1247 – 1242 region. To the downside, a close below 1219 could see further declines pushing the precious metal down to 1200 level of support.
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