EURJPY
The pair remains stable above 137 level, as fresh strength, developing after double-doji candle, broke above initial barrier and near-term range top at 137.25, eyes 15 Aug high at 137.60. Fresh bulls, established on lower timeframes look for break above 137.60 for final push towards key 138.01, 01 Aug peak, break of which to spark stronger recovery of short-term downmove from 143.78. Positive near-term studies favor further upside, with the notion being supported by daily diamond pattern, with the price action attempting to break above the pattern’s bear-trendline, drawn off 138.01. Hesitation under 137.60 barrier, would trigger prolonged consolidative phase, with 136.75 higher base, required to hold.
Res: 137.60; 137.89; 138.01; 138.43
Sup: 137.00; 136.75; 136.35; 136.00
GBPJPY
The pair extends near-term recovery off 170.40 low, with break above initial 171.65, 18 Aug high, testing psychological 172.00 barrier. Near-term studies regained bullish tone and support the price action for test of pivotal 172.56, 13 Aug high and near Fibonacci 61.8% retracement of 174.17/170.40 descend, break of which is required to confirm near-term base and allow for stronger bounce. On the other side, negative daily studies see increased risk of lower top formation and subsequent weakness, in case the pair fails to clear 172.56 hurdle, with the wave principles supporting such scenario, as the price rides on the fourth, corrective wave, which should ideally stall well under 172.56 resistance.
Res: 172.20; 172.56; 172.73; 173.00
Sup: 171.78; 171.65; 171.21; 170.67
EURGBP
The pair trades in choppy near-term corrective phase after losing initial support and consolidative floor at 0.8000 zone. Negative hourly structure extended weakness to 0.7968 so far, over 38.2% of 0.7871/0.8034 upleg, with further easing not ruled out, as 4-hour indicators are breaking below the midlines. Extended pullback, which requires daily close below 0.80 handle, would increase downside risk towards 0.7915 higher base and psychological 0.7900 support, in case of fresh slide below temporary footstep at 0.7968, reinforced by daily cloud base.
Res: 0.8000; 0.8034; 0.8056; 0.8080
Sup: 0.7968; 0.7950; 0.7915; 0.7900
AUD/NZD
The pair probes above near-term range ceiling, with fresh high being posted at 1.1087, signaling an end of near-term consolidative phase and resumption of short-term uptrend from 1.0619, 10 July higher low. Positive near-term technicals support the notion, however, further hesitation ahead of psychological 1.1100 barrier, is not ruled out with 1.1020/00 zone, previous peaks and psychological support, seen as ideal support, where corrective dips should find ground ahead of fresh attempt higher. Sustained break above the range tops, with daily close above, is required to confirm bullish resumption and open initial 1.1100 barrier and 1.1160, Fibonacci 61.8% retracement of 1.1576/1.0488 descend.
Res: 1.1087; 1.1100; 1.1160; 1.1200
Sup: 1.1050; 1.1017; 1.1000; 1.0986
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