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Copper stays strong

We had measured a Fibonacci retracement on copper from the high at the 243.71 level to the low at the 200.17 level. After copper made a low at the 200.17 level, it stalled there and started to consolidate. On the last few days the commodity has stayed above the 23.6% Fibo, around the 210.53 level. If the price continues rallying, then the 38.2% Fibo, around the 216.84 level could act as its next resistance. To the downside, the 203.46 could act once again as a support in case the price falls again to that zone.

The Pound versus the Yen keeps its bearish trend

The GBP/JPY breaks below the 180.00 level and keeps its bearish trend from a few weeks back. The drop stalls momentarily at the 179.00 level, but it could keep falling towards the 178.00 level, which could also act as support. Above the 180.00 level we have a few round number levels which could act as resistance, but the most important one is the zone between the 183.00 and the 184.00 levels.

EUR/JPY: Pullback to the 200 EMA on the 4 hour chart

The 200 period exponential moving average or 200 EMA could work as a good support or resistance zona, especially on the higher time frames like the 4 hour chart. On the 4 hour chart of the EUR/JPY we can see that after it broke below the 200 EMA to the downside, it has now retraced back to it and the EMA may act as a resistance from where the price may try to bounce to the downside. Above the 200 EMA, the 133.00 level may also act as resistance. Below the 132.00 level, the 133.00 could act as support.

The Euro versus the Yen bounces from the 131.00 level

The Euro versus the Yen has reached the round number level of the 131.00, as we can see on the daily chart and bounces from that level to the upside. If the price continues retracing to the upside, the 132.00 could act as resistance, but above the 132, the 133.00 or the 200 day exponential moving average, around the 134.43 level could also act as resistance. During next week, the price could continue falling and the pair could try to go and visit the 129.67 low.

76.4% Fibo retracement on the AUD/USD

After the AUD/USD rallied from the 0.7016 to the 0.7384, the pair started to retrace to the downside with some volatility and reaches the 61.8% Fibonacci retracement where it was consolidating during the last few days. However, today we see that the bearish momentum comes in again and the pair breaks below the 61.8% Fibo to reach the 76.4% Fibo, around the 0.7102 where it has stalled momentarily. From this point the price may try to retrace to the 50% Fibo around the 0.7199, but if it breaks to the downside its next support level could be the low at the 0.7016 level from where it started rising.

EUR/USD: Volatile, but the consolidation continues

Today we had the Federal Reserve’s announcement out of the US, where the central bank has raised its interest rates by 25 basis points as expected. The Euro versus the Dollar became very volatile after the announcement and tried to break below the 1.0900 and above the 1.1000 level, but then it settled around the 1.0900 level again. On the daily chart we can see that the 55 day exponential moving average (purple line) is around the 1.0900 level and continues acting as a good support. The direction of the pair now depends on the future fundamentals from the United States and the Eurozone. In order for the pair to break below the 1.0900 level, the US fundamentals must come out a lot better than expected and in order for it to break above the 1.1000 level, the Eurozone fundamentals must also come out a lot better than expected.