The pair is moving between the boundaries of a bullish channel on the 4 hour chart.
The upper bound of it and the resistance of the pair at 1.3730 is likely, in the event that it fails to overcome it, to correct the support level 1.3530, which by breaking it, the pair will likely continue its decline to 1.3400 – 1.3330.
The pair rose today to 1.2344 and approached the upper bound of the ascending channel at 1.2380, which represents the target of the pair and a resistance area. If the price failed to surpass this level, the pair will retreat to test the 1.2240 support.
If the resistance exceeds 1.2380, the pair may continue rising to 1.2450.
Gold is still recording new highs since the beginning of the year’s sessions, as its highest price today is at $ 1959 levels, and it is possible that it will continue its rise to test the resistance level at 1965.50.
Support levels are 1930-1900.
The advance is now approaching confluence resistance at the upper parallel / June 2019 lows at ~50.58- looking for inflection off this zone for guidance. A breach / close above this threshold is needed to keep the immediate long-bias viable towards the 2016 high at 54.48 and the 2020 high-week reversal close at 59.16.
Weekly support rests along the 75% parallel (currently near ~47.30) with near-term bullish invalidation now raised to 42.02-43.08.
The Dow Jones is edging higher within an “Ascending Channel,” as highlighted in the chart below. The uptrend is well-supported by its 20-Day Simple Moving Average (SMA) line, which is at 30,290 now. The index is challenging a key resistance level at 30,870 – where the upper ceiling and the 100% Fibonacci extension intercept. Breaking above this level may open the room for further upside potential, whereas a pullback may lead to a test of the 20-Day SMA for support.
The Nikkei 225 index has broken a range formed since early December as highlighted in the red color below, and has since entered a period of consolidation. Prices came back and retested the upper bound of the rectangle before bouncing higher.
The overall trend remains bullish-biased as suggested by upward-sloped 20-, 50- and 100-Day Simple Moving Average (SMA) lines, albeit some further consolidation could be seen in the days to come before attempting higher highs.