Low volatility summer period continues across the market, however is seem some currencies are trying to determine direction for this month. Last week H4 SMA200 has stopped the EUR recovery at the resistance area 1.1080-1.1100 and now the price has returned back to the support area 1.0960-1.0990. EUR for now continues consolidation with some bullish bias, and the bullish power will increase above 1.1020. however below 1.0950 the pair easily may drop to 1.0850 and 1.0800, so the current situation is pretty much unstable. I expect this wek to continue consolidation within the range 1.0950-1.1100
GOLD has recovered on Friday and closed near to 1100, but this is still not enough to reverse the bearish trend. To start a process of recovery and to confirm a fresh support area has benn created we need a Daily close above 1110. If this happens the next target will be the area between 1122 and 1132. Below 1090 the price may drop again to 1075-1080 in search of another support.
NZD opened today with a downside move and the price is again below 0.6600. This puts indicators again at bearish territory. First resistance is 0.6600, then 0.6640 and finally 0.6690. Below 0.6600 we are consolidating but drops to 0.6500 are quite possible.
AUD is now bearish, we had a sidaways move on Friday which produced no change of the future outlook. The pair remains bearish on almost all frames. We need to break above 0.7370 to start any recovery attempt. As long as the price is below 0.7330 we are bearish.
JPY is consolidating around 124.00 and for now is preserving all chances of future upside test of 126.00, but with the summer holidays noone seems interested in buying or selling the pair. Current support is 123.50 and resistance is 124.10. Weekly support is 123.30 and resistance is 124.80
GBP moves together with the Daily Senkou Span A price with the recently built support at 1.5560 upside recovery for now seems stable. However the 1.5710 reistance seems unbreakable for now. This week we shall have the BoE rate decision and some more economic data so these will move the pair and another fail at 1.5710 will reverse the move to the downside with possible targets 1.5550-1.5480-1.5440 and 1.5390.
RUB is doomed again with the Weekly and Monthly close above 61.00. The pair is bullish above 60.60 on all timeframes so i expect above this price the upside to continue. Main support is at 59.00 but we are far away from it right now, and bulls have nothing to worry about. Upside target is at 62.00.
