EURUSD intra-day analysis
EURUSD (1.0563): EURUSD was seen retracing the gains made from last Friday with price action likely to test 1.0551 sometime today. Establishing support here could put the bias balanced on both sides, with the scope of a rally that could see 1.0700 being tested while a breach of 1.0551 could trigger a move to 1.0500 at the minimum. EURUSD is unlikely to make any major moves today ahead of tomorrow’s ECB meeting. No changes are expected from the central bank, but the markets are expecting a hint of hawkishness from the central bank.
EURCAD intra-day analysis
EURCAD (1.4163): EURCAD was bearish yesterday coming off the doji from Monday’s session. The apparent weakness in price action comes after the past weeks saw EURCAD post steady gains, which pushed the single currency to a two-month high near 1.4229. Technical support is seen at 1.3960 which was breached a few weeks ago, and the price hasn’t retested this level just as yet. Temporary support is seen at 1.4155 which offered a minor bounce to prices. Watch for a break down below 1.4155 which could signal further downside in EURCAD towards 1.3960 – 1.3930 support level.
XAUUSD intra-day analysis
XAUUSD (1.2237): Gold prices are attempting to post a recovery following the doji pattern that appeared on the 4-hour time frame near the support, just a few points off 1217 support level. A follow through here could see some moderate bounce that could keep gold prices range bound within 1237 and 1220 – 1217 support level. Ideally, price action could be seen retesting back to the 1237 level where resistance could be established ahead of a dropback to the 1220 – 1217 region.
