USDJPY stuck sideways
The Yen’s surge over the dollar has now exhausted itself as prices remain in consolidation, a sign that the mood has remained cautious for the time being, and the recent low is a key support level. A bearish breakout would expose the greenback to further downside below the psychological 152.00 level, as this remains the first target for sellers. Any chance of a turnaround first needs confirmation above 153.50, then a test towards 155.00.
GBPUSD grinds lower
Cable continues to move lower after testing a weekly low at 1.3500. A close above 1.3550 has attracted some momentum and is attempting to claw back yesterday’s losses. However, with the RSI showing a potential bearish divergence, a drop towards 1.3500 could meet support from short-term trend followers, with 1.34.60 being a second level of support. Should prices keep moving higher, 1.3600 is the first test.
XAUUSD pushing for a signal
Gold remains subdued as prices look for the next move higher or lower. Price action is testing the 4830 zone as the RSI ventures back into oversold territory, which could prompt buyers to shift sentiment. 4800 at the previous consolidation range becomes the recent support if the metal runs out of steam. 5100 is the new resistance on the hourly chart, and a bounce above that level could renew bullish pressure and send bullion to 5260.
