EUR/USD
The Euro found decent support at 1.1625 and recovered from there. However, resistance at 1.17 is tough, and the pair will not clear this obstacle that easily.
Should EUR/USD gather enough momentum and break above 1.17 though, the rally is likely to extend to 1.20 in the near-term. To the downside, initial support is seen at 1.1625, followed by stronger support at 1.1585.
GBP/USD
Cable broke out of the triangle pattern and above 1.3020 resistance. This suggests that we could see another test of the major resistance area between 1.3115-30.
However, Cable is unlikely to gather enough strength to break above it. Further consolidation seems likely, and trading the 1.29-1.31 range the preferred strategy for now.
USD/JPY
The outlook for USD/JPY is looking increasingly bearish. A test of 110 should follow soon. A clear break would likely trigger further momentum selling and pave the way for a retracement to 108.
To the topside, heavy resistance is seen at 111.80-112.
AUD/USD
Volatility has been subdued in the past few trading days, but the Aussie Dollar remains well bid. AUD/USD is currently consolidating within a triangle pattern and resistance is seen at 0.7950 and ahead of 0.80. It is unlikely that we will see a major breakout ahead of Wednesday’s inflation data, but the pair could test 0.80 soon.
Above that level, there is little resistance until 0.82. To the downside, look for support at the rising trendline from Friday’s low and the former key resistance level at 0.7840.
NZD/USD
The New Zealand Dollar is heavily overbought in the short-term, and a retracement seems likely before the uptrend continues.
Initial support is seen at 0.74, but NZD/USD is likely to test 0.7335/45 support soon.
USD/CAD
The downtrend remains clearly intact and further losses seem likely. However, USD/CAD is approaching a major support level at 1.2460 and should see a bounce from there.
Selling interest will remain high though. Resistance at 1.2550/55 and again at 1.2600/10 will not be easy to overcome.
XAU/USD
The short-term outlook for XAU/USD is bullish following the clear break above $1250 resistance. Gold is currently struggling a bit with resistance at $1259, but it should be able to extend gains to at least $1280 in the near-term.
Buying dips is the preferred strategy, and decent demand should be seen near the former resistance level at $1250.
WTI
Price has bounced ahead of $45 support, and this signals that WTI could have another test of the $47.30-50 resistance area. Above that, WTI would face solid resistance in form of the falling trendline from the February high, followed by the $50 level.
Overall, the short-term outlook is positive, but WTI faces strong resistance ahead of $50.
