GBPUSD hits resistance
The pound fell away from its recent rally as prices hit a firm resistance at 1.3270. A fall towards the first hurdle at 1.3200 has prompted some buyers to cover their positions. A continuous bearish run could trigger further momentum selling and send cable to 1.3140. A hold above 1.3250 is the first real test of buyers’ commitment, and a break higher above that level is an important area to keep the potential rally valid.
AUDUSD remains bullish
Unlike the pound, the Aussie remains bullish even though it has taken a slight step back from its current rally. The pair has found resistance at 0.6540, but traders will wait to see if 0.6500 is tested before a significant reversal can begin. As the RSI inches into overbought territory, 0.6560 is the immediate level to expect follow-up interests in the hope that the pair doesn’t collapse.
XAUUSD regaining composure
Gold inches higher as prices firmly moved away from the psychological support of 4000. A surge above 4100 forced sellers to close out, giving the opposite side a further fighting chance to test the 4200 zone. The new high at 4175 is a critical level to prevent a bearish pullback. In the near term, a bearish RSI divergence could signal a deceleration in the rally and lead to a pullback if intraday sellers take profits.
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