Major currencies trade near the session lows against the greenback after th U.S. main headlines showed no major surprise. Final Gross domestic product reading came in line with market expectations at a steady rate of 3.0%; while jobless claims which measures the number of people who filled for unemployment benefits dropped less than expected to 359,000 from the revised down reading of last week at 364,00, while surveys were pointing to 351,000 drop.
The EUR/USD pair fell sharply today, to trade below 1.3280 horizontal support level, trading below this level is negative per se, where price extended losses currently testing the ascending support of the rising wedge pattern shown on image. At this critical short term juncture, either we see a rebound again to the upside or a downside wave that may grab price lower towards the bottom of the recently seen range-bound around 1.3000-1.3050, thus steady trading below the ascending trend line around 1.3260 could confirm the an extension towards 1.3190, 1.3130 and 1.3050. On the other hand if the pair manages to hold and push back above 1.3300 we may see further support to the upside.
The GBP/USD pair downside pressure was halted at the ascending trend line we mentioned yesterday, where price failed to settle below the level to rebound and test areas near the breached neckline of the short term head and shoulders pattern, and now another attempt towards the trend line is seen, where price is struggling around the level. Thus, if we witness few hours of trading below the trend line; bears may push price towards 1.5800 support again, followed by 1.5770. To the upside 1.5935 is the main barrier towards 1.6000 psychological resistance.
USD/JPY continued the downside move after failing to breach 82.20 level, where it breached the short term trend line of the bearish pattern shown on image. Price is currently challenging 82.00 support level for the second time. In general, a dip below 81.95 will open the door to 81.20 and 80.55 levels. Only a breach above 82.60 may lead to a retest of 83.20 area again.
Gold dipped below 1670.00 yesterday to find support at the recent swing low at 1655.00. The overall bearish picture remains intact for the metal, unless we see a sustained breach above the descending resistance and the 200-days Simple moving average -shown on image. 1670.00 should turn into a resistance now, followed by 1685.00. To the downside taking 1655.00 will clear the way towards the recent lows among 1627.00-1634.00.