Energies
EUR/USD is currently consolidating below 1.1200, lacking clear directional conviction as mixed fundamentals and technical signals keep the pair range-bound. While the near-term bias may favor a corrective rebound toward 1.1320, retesting prior support turned resistance, this move is seen as temporary within a broader bearish structure. The dominant downtrend remains intact, especially while the pair trades below both the 30-period SMA and the 1.1300 supply zone. Another rejection from that level would reinforce downside momentum and set the stage for a continuation below 1.1060 and ultimately the mid-April higher low of 1.0950 which stands as bulls’ last stronghold.
Gold has staged a solid bounce from the ascending trendline near $3120 which goes all the way back to December 2024. Buyers have stepped in aggressively near support, driving the price into the key resistance zone around $3260. This level remains a critical pivot as sellers have reloaded here, aiming to push prices back toward the trendline. For bulls to maintain control, a clear cut is needed to open the door for a further rally. However, the daily picture shows a bearish double top pattern, signaling a potential trend reversal from April’s record highs. The neckline aligns closely with the $3160 demand area where the recent break could have energized sellers, triggering a deeper correction toward the psychological level of $3000.
GBP/USD is gaining upward momentum after rebounding from range support near 1.3150 and the 30-day SMA, reinforcing the bullish continuation bias in the near-term. The RSI remains above 50, further supporting the strength of the current upward push. However, on the daily time frame, the pair remains capped by a double top structure near 1.3440 between September 2024 and last April. While bulls are currently in control, this move remains part of a broader sideways structure. A break above 1.3400 would mark a significant shift, potentially kicking off a new bullish trend. Until that happens, range-bound conditions are expected to persist, with sellers likely to defend the upper boundary.
USD/CAD has pulled back to retest the 30-period SMA after a failed attempt to break through the key 1.4000 psychological barrier. Despite the rejection, the bullish bias remains intact with price action continuing to trade slightly above a rising moving average, while the RSI holds above the 50 mark, suggesting buyers are still in control. This pullback comes after a bullish breakout from a prolonged consolidation range, which saw bulls firmly take charge. As long as the price holds above the new trough at 1.3760, the structure favors another retest of the 1.4000 barrier, where a successful breakout would likely trigger an extension toward 1.4100, reinforcing the upward trend. Otherwise, the pair could enter into a sideways phase, consolidating between said range as traders await further catalysts.
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