David Song

The opening range for December is in focus for EUR/USD as it appears to be stuck in a narrow range.

GBP/USD may stage additional attempts to test the May low (1.2446) as a bear-flag formation appears to be taking shape.

USD/CHF may defend the rally following the US election should it track the positive slope in the 50-Day SMA (0.8692).

USD/CAD may test the November high (1.4178) as it appears to be defending the rally following the US election.

AUD/USD approaches the November low (0.6434) as it gives back a three-day rally.

USD/JPY trades to a fresh monthly low (150.46) as it gives back the advance following the US election.

The recovery in EUR/USD may turn out to be temporary if it struggles to trade back above the former-support zone around the April low (1.0601).

GBP/USD may attempt to test the May low (1.2446) if it fails to defend the monthly low (1.2487).

The decline in USD/JPY may curb the threat of a currency intervention as the rally following the US election seems to be unraveling.

AUD/USD may further retrace the decline from the monthly high (0.6688) to hold within the yearly range.

USD/CAD may continue to trade to fresh weekly lows as the RSI falls back from overbought territory.

GBP/USD struggles to extend the advance from the start of the week as BoE Governor Bailey acknowledges that ‘inflation has come down faster than we expected a year ago.’

The price of gold extends the recovery from the start of the week to keep the Relative Strength Index (RSI) above 30.

EUR/USD extends the rebound from the monthly low (1.0496) to pull the Relative Strength Index (RSI) above 30.

USD/JPY may further retrace the decline from the yearly high (161.95) as BoJ Governor Kazuo Ueda insists that ‘monetary policy will continue to firmly support economic activity.’

USD/CAD continues to register a fresh yearly high (1.4106) after clearing the 2022 high (1.3978).

AUD/USD appears to be halting the selloff from the start of the week as it no longer carves a series of lower highs and lows.