Will copper continue rallying?

On the daily chart of copper we can see that the commodity had a very good rally last week and the price came to visit the 200 month EMA at the 329.46 level once more. The 200 month EMA has been acting as a good support for copper and that is why there is no surprise in the current pullback. However, the price of copper has found a good support around the 325.00 level. In case of another visit to the 200 month EMA, copper may break above that level and continue rallying. On the other hand, if the price breaks below the 321.74 level, then it would have the road clear to fall to the 314.00 level. Below the 314.00 level, the 55 day EMA may act as support, but the most important support zone is at the 304.00 level and the 301.00 level.

Resistance on the Kiwi

The NZD/USD had been falling from the 0.7400 zone to the 0.6900 area from where it retraces to the upside, as shown on the daily chart. The correction takes the price of the NZD/USD to the 55 day EMA (purple line) at the 0.7045 level where it finds a resistance. The pair consolidates below the 55 day EMA and the 0.7000 level. It seems like the bullish pressure is accumulating at the 55 day EMA and a breakout of that level could take the NZD/USD to the 200 day EMA (blue line) at the 0.7125 level. Above the 200 day EMA the pair has no more resistances until the 0.7300 level. In case of a bearish breakdown, below the 0.7000 level the pair could drop to the 0.6900 level or even the 0.6800 level.

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Gold continues consolidating

The price of gold is still consolidating as shown on the daily chart between the 1281 as support and the 1304 as resistance. At the 1304 level we can find the 200 day EMA, which has been acting as a good resistance. Even though the price has been consolidating, gold has been dropping from the 1365 level and the bearish trend may continue according to the 55 day EMA which is pointing to the downside. In case the 55 day EMA crosses below the 200 day EMA, we could have a death cross pattern which has bearish implications in the mid-term. To the downside, the 1281 level may act as support, but the 1273 level could act as a better support due to the fact that at that zone we can find the 200 week EMA. Above the 1304, in case of a bullish breakout, the next resistance could be the 1326 level.

Interesting pullback on the GBP/JPY

On the daily chart of the GBP/JPY we can see that the pair found a good support zone around the 147.00 level since March to the middle of May when the price broke below that level and falls to the 145.00 zone to drop to the 143.00 area. From the 143.00 zone, the price of the GBP/JPY starts pulling back up and reaches the 147.00 level, which could act as resistance. Since the 147.00 zone acted as support in the past, now it may act as resistance. In case of a bearish bounce from the 147.00 level, the GBP/JPY may find some support at the 145.00 level or the 143.00 level. Above the 147.00 level, its next resistance zone could be around the 148.80 level where we can find the 200 day exponential moving average.

The GBP/USD is boxed

The GBP/USD is boxed between the 1.3300 level and the 1.3400 level as shown on the daily chart. The bearish trend on the GBP/USD has been kept from the high at the 1.4300 zone, but since it got to the 1.3200 level, the pair has been correcting to the upside. From the current congestion area the GBP/USD may head in any direction, but the death cross at the 1.3600 level is indicating a possible continuation of the bearish trend. The death cross is formed when the 55 day EMA (purple line) crosses below the 200 day EMA (blue line). The pattern is showing us that the pair may continue lower in the mid-term. In case of a bearish bounce, the 1.3200 level may act as support. To the upside, the 1.3500 level and the 1.3600 level may act as resistance.

The EUR/JPY in a possible bearish bounce

The EUR/JPY falls to the 125.00 zone from where it bounces to the upside and reaches a resistance zone around the 127.87 level where we can find the 200 week EMA. Above the 200 Week EMA, its next resistance could be the 130.19 zone where we can find the 55 Week EMA. However, the 55 day EMA keeps retreating from the 200 day EMA as shown on the daily chart and that is a sign that the bearish trend is still strong, regardless of the current bullish pullback. On the weekly chart the pair has formed a hammer pattern, which is a bullish Japanese candlestick pattern. Therefore, the price may continue higher. A most important resistance for the EUR/JPY on the daily chart is the highs around the 133.00 zone. To the downside, in case of a continuation of its bearish trend, the low at the 125.00 level may act as support.