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The U.S. dollar continues to trade within a range with a slight downside bias, the index is struggling with the short term support of a possible descending triangle pattern around 79.60. a push lower below could send it towards the 50-days SMA and horizontal support around 79.30. In general, the current sideways movement is expected to continue within the upcoming period.

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The EUR/USD pair has been consolidating within a possible bearish flag pattern; capped from the upside by 1.3155-1.3160 resistance, unless we see a breach above this resistance the downside bias remains in favor, for a possible retest of the recent lows around 1.3030. On the other hand steady trading above 1.3160 could clear the way to 1.3250 potential resistance area.

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GBP/USD could have formed a short term bottom at the 50-days SMA around 1.5815; as it currently attempting to breach 1.5925 pivot, thus if we see a clear breach of 1.5925 the door could be open to 1.6000 and 1.6060 again. To the downside, taking down the 50-days average may lead to 1.5770 followed by 1.5650.

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We have seen the USD/JPY testing the descending support of the declining channel yesterday; in addition to the 50-days SMA and 80.50 horizontal support, where we anticipated a rebound, indeed price is trying to gather pace again; where we expect a bullish wave within the upcoming sessions eying 81.80 and the descending resistance of the channel once more. A breach below 80.50 could extend bearishness to 80.00; however we believe the level shall hold in the near term.

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Gold has been challenging the descending resistance of the falling wedge bullish reversal pattern since yesterday, the current rally could extend further if we witness 1665.00 beaten ; as steady trading above the level could confirm the breach of the pattern and extend upside targets initially towards the 50-days SMA and the swing high around 1700.00 areas. To the downside major support levels to watch start at 1645.00 followed by 1630.00.