We don’t see things as they are, we see things as we are. ~ Anais Nin
Good morning. Dollar’s decline continues as euro just popped through $1.300 yesterday, recovering from early bids around $1.2900.
USD Index
As seen in the daily chart below, key support level formed by the horizontal line which was a temporary top is now being tested. If this level fails, then we’ll probably see bids tested in the 77-78 range soon. So far there’s no sign to suggest that this potential correction is over.
EURUSD
Recovery is very strong as there are many shorts being covered. Yesterday’s test of support zone around 1.2900 was indeed corrective. Next upside barrier to keep an eye on is at 1.31500 – not really far from here.
Silver
Silver maintains a bid tone climbing towards 33 where next resistance is seen. In case of an intraday pullback, 31.50 is a level which bulls probably want to defend. Potential breach of 33 in the coming days should provide yet another buying opportunity
AUDNZD
Although there’s one big reversal candlestick formed a few days ago, suggesting that it’s time for a recovery towards 1.3050 and maybe above – price failed to stay on track and the cross looks quite heavy, losing altitude once again. Perhaps it’s a good idea to reconsider selling opportunities on the potential break below 1.29
AUDJPY
Stocks lost some ground, hence AUDJPY pulled back to test support between 80.50 and 80.80. Still looks bullish to me
EURGBP
EURGBP looks rather interesting as it is retesting this top zone around .8375, hence I’m adding EURGBP on the potential breakouts list.
have a great day!
