Technical Analysis – AUDUSD takes a breather, despite signals for advancement




AUDUSD looks to be picking up again, something also mirrored within the short-term oscillators. The pair plotted gains above the supportive trend line drawn from 0.5506, with the latest move from 0.5979 extending past the simple moving averages (SMAs).
The MACD, although marginally below its red trigger line in the positive section, looks to move back above, while the RSI rises, as it re-enters the overbought territory. Furthermore, the upward slopes of the 50- and 100-period SMAs and the approaching bullish cross of the 200-period SMA by the 50-period one, could add more fuel to a new rally.
If buyers manage to push past the 0.6384 immediate hurdle, the 0.6448 level – that being the 61.8% Fibonacci retracement of the down leg from 0.7031 to 0.5506 – could interfere ahead of the restrictive trend line drawn from December 2019. Penetrating above this, the 0.6538 swing high of March 11 could deter the ascent from testing the region from the 0.6656 obstacle to the 0.6684 peak.
On the other hand, if a negative tone evolves; initially limiting the drop is the 0.6302 level and the 50.0% Fibo of 0.6269 underneath. Following, the supportive trend line and the 200-period SMA around 0.6226 could challenge the decline ahead of the 0.6195 low. Steering the market lower, the 50-period SMA at 0.6166 could hinder the bears from reaching the 0.6115 – 0.6075 support zone, which includes the 38.2% Fibo of 0.6089 and the 100-period SMA.
Summarizing, in the near-term picture a bullish bearing exists above the ascending trend line and the 0.6195 low, and a break above 0.6684 could return a neutral bias in the short-term.



Technical Analysis – EURUSD in confusion between broken trendlines




EURUSD is in a state of confusion on the daily chart as the pair shows no clear direction, moving instead back and forth between two broken trendlines that seem to have regained some credibility over the past two weeks.
Currently, the momentum indicators are reflecting a neutral-to-positive bias for the short-term as the RSI is pushing efforts to climb above its 50 neutral mark, while the stochastics and the MACD continue to strengthen northwards.
A break above the 38.2% Fibonacci retracement of the latest rebound, which is currently keeping the pair under control at 1.0950, could open the door for the 23.6% Fibonacci of 1.1025. Higher, the bulls should overcome the previous peak of 1.1145 to extend the rally, though it would be interesting to see if the descending trendline stretched from 1.1411 can restrict upside corrections once again. In case the pair closes above 1.1145, there is an ascending trendline from 1.0878 that could come under the spotlight between 1.1200 and 1.1238.
On the downside, the 50% Fibonacci of 1.0890 and the 61.8% Fibonacci of 1.0830 may try to block the way towards the 1.0767 low, where the descending trendline from 1.1238 is also placed. If the price retreats below 1.0700 too, the bears would push towards the 1.0635 bottom, a break of which could clarify a downtrend in the bigger picture and set a new target somewhere between 1.0560 and 1.5000.
To put the market back in an uptrend, the price needs to rally above 1.1495.
Summarizing, EURUSD is in neutral mode in the short-term and only a break above 1.1495 or below 1.0635 would specify a bullish or bearish direction in the short- and long-term timeframes. In the meantime, to gain some extra ground, the price needs to rise above the 1.0950 resistance


Technical Analysis – USDJPY maintains weak bias; broader trend is bearish since end March




USDJPY is extending a downside move in the 4-hour chart, after a sidelines trend over the last days and it has dropped beneath the bearish cross within the 20- and 40-period simple moving averages (SMAs). Also, the price declined below the Ichimoku cloud, which is currently acting as strong resistance for the bulls.
The technical indicators are indicating a bearish mode as the RSI is approaching the oversold zone and the stochastics are continuing their dive momentum below the 20 level. However, the MACD oscillator is flattening below the zero line, suggesting that the market is still in a narrow range in the near term.
In case of more selling interest, immediate support is coming from the 38.2% Fibonacci retracement level of the up leg from 101.15 to 111.70 at 107.67, before slipping towards the 106.90 barrier. If the pair penetrates this level, traders could look at the 50.0% Fibonacci of 106.43 and the 105.20 support, which is overlapping with the 61.8% Fibonacci.
In the upside scenario, a jump above the SMAs could hit the upper surface of the Ichimoku cloud which is near with the 23.6% Fibonacci and the 109.20 resistance. Even higher, the next stop could come from the 111.70 resistance, taken from the peak on March 24.
Summarizing, USDJPY is trying to exit lower from the sideways move in the very short-term timeframe, while in the bigger picture, it has been in a bearish correction tone over the last three weeks.  



Technical Analysis – Gold gains backing for push to multi-year high




Gold is presently attempting to breach the 1,690 resistance, after holding above the near-term uptrend line drawn from March 20. The recent positive price action off the ascending line appears to be reflected in a bullish crossover of the Kijun-sen line by the upward sloping Tenkan-sen line.
The short-term oscillators continue to confirm the positive sentiment from the 1,566 level, with the MACD, in the positive region, increasing above its red trigger line while the RSI gradually advances in the bullish territory.
If the bulls maintain the bounce off the uptrend line past the 1,690 level, the tough 87-month high of 1,703.36 could be next to challenge the advance in the precious metal. Conquering this peak, the 1,723 resistance from December 2012 could take charge ahead of the 1,732 level. Overrunning these congested barriers, the 1,754 high from November of 2012 could draw focus, if buyers persist.
Otherwise, if sellers dive below the supportive line first to test the down move is the 1,672 inside swing high ahead of a key low of 1,643. Moving underneath, the upper band of the Ichimoku cloud around 1,630, where the Tenkan-sen line also is located, could come next. Steering lower, the support region of 1,606 – 1,599, which also encompasses the 50-day SMA, could attempt to halt further loss of ground towards the 1,566 trough and the 100-day SMA at 1,558 beneath.
Overall, Gold sustains its positive outlook in the short-term – holding way above the Ichimoku cloud and the rising SMAs. A break above the 1,703.36 summit could turbo charge the appreciation in the yellow metal, while a close below 1,643 could see a bearish-to-neutral bias returning in the short-term picture.