Orange Juice could signal an entry

The July contract for orange juice has found a good support around the 125.00 zone as shown on the one hour chart of the commodity. At the moment, the price of orange juice is trying to rally some more and it could continue higher, especially when the MACD indicator is showing us that the uptrend is still in place and seems to be gaining strength. If the price continues rallying, it may visit the 200 period exponential moving average, blue line, around the 132.43 level, from where it may bounce to the downside. That visit to the 200 hour EMA, may signal a short entry on orange juice.

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Bearish continuation on the USD/CAD

There is a well sustained bearish trend on the USD/CAD, supported by the recent rally on oil. On the daily chart we can see that the 21 period exponential moving average continues acting as a good resistance and continues holding the price down on the pair. At the moment, the 1.2600 level is acting as a temporary support, because if we stop for a minute to analyze the chart, we can see that the pullbacks or “resting points” have served as a good opportunity for new sellers to come into the instrument. Below the 1.2600 level, its next support could be the 1.2500. To the upside, we don’t see any important resistances until the 21 day exponential moving average.

Visit to the 200 day EMA on the GBP/USD?

The Pound versus the Dollar keeps its bullish trend, as shown on the daily chart, but it has found some resistance around the 1.4600 level. Just above the 1.4600 level, we can see the 200 day exponential moving average, which the pair may try to visit. A visit to the 200 day EMA may cause the GBP/USD to bounce back down from there, especially when just above that moving average we can see the 1.4700 level, which could also contribute for the area to become resistance. Above the 1.4700 level, the 1.4800 could act as its next resistance. To the downside, we can see various round number levels that could act as support, but the most relevant could be the 1.4300 level, where we can also see the 55 day exponential moving average, purple line.

EUR/JPY keeps its bullish trend

Even though the Euro versus the Yen has been consolidating just above the 125.00 level during the last few days, as shown on the daily chart of the EUR/JPY, the pair keeps its bullish trend. The current consolidation may act as a “resting” point for the pair to continue going higher. Usually, during these consolidations some continuation patterns may develop like the flags, triangles or pennants. If the pair continues going higher, then the latest high around the 128.21 level may act as resistance, but above that level we can see the 200 day exponential moving average, around the 129.00 level, which could also act as a resistance. Below the 125.00 level, in case the price drops, the latest lows around the 122.00 level could act as a support zone.

False breakout on copper?

On the daily chart of the May contract for copper we can see that the commodity has tried to break above the 200 day exponential moving average, around the 225.78 level, but it has not been able to confirm such a breakout yet. Copper has also tried to break the 228.00 to the upside, but what it has done is left relatively long shadows above that level. However, if the price breaks above that zone and continues rallying, then copper could reach the 234.00 level. To the downside, if the price bounces from this zone down, then the 215.00 level could act as support.

Breakout-pullback pattern on the Kiwi

On the one hour chart of the NZD/USD we can see that the price has broken below the 200 period exponential moving average and makes a low around the 0.6899 level to pull back to the same moving average, around the 0.6930. Price may drop to the downside from this level and continue dropping in the direction of the initial break down. If the price continues dropping, then the first support could be the 0.6899 level and the second support could be the 0.6842. If price breaks above the 200 period EMA, then it could rally to the 0.6982, which could act as resistance.