Sterling stable below 1.70 barrier

EURUSD

Euro’s near-term price action has established below 1.35 level, after sustained break lower. Spike to 1.3436, day’s low, where the price met initial target at Fibonacci 161.8% expansion and daily close at 1.3461, confirm the notion. Corrective attempts off 1.3436 were capped at 1.3480 are, marking 1.35 zone as strong barrier. Flat hourly studies and negative 4-hour conditions, suggest further downside after completion of consolidative phase, marked by double Doji candle. Fresh bears to focus psychological 1.34 support initially, with further extension, expected to travel to 1.3294, 03 Nov 2013 higher low. Any penetration through 1.35 resistance zone, will meet broken main bull trendline at 1.3530 and lower platform at 1.3547. Only break of the latter would neutralize bears and signal near-term base formation, for more significant recovery.

Res: 1.3483; 1.3500; 1.3530; 1.3547
Sup: 1.3436; 1.3400; 1.3350; 1.3294





GBPUSD

Cable remains under pressure and continues to trend lower, after acceleration through psychological 1.7000 support posted fresh low at 1.6964. Oversold near-term conditions suggest a pause in the downmove which eyes 1.6950, lower top and 50% of 1.6697/1.7189 upleg, reinforced by daily 55 SMA and psychological 1.69 level, in extension. Corrective rallies should find initial barrier at 1.7000 and strong resistance at 1.7045 lower platform and Fibonacci 61.8% of 1.7093/1.6964 descend. Only regain and break above 1.71 handle, would have stronger impact on near-term bears

Res: 1.7013; 1.7025; 1.7045; 1.7093
Sup: 1.6964; 1.6950; 1.6919; 1.6900




USDJPY

The pair regained strength and accelerated above near-term 101.30/60 consolidative phase. Regain of initial barriers at 101.78/85, reinforced by 20/200 and 55/200 death crosses, signals further recovery, which requires break through psychological 102 hurdle, also 200SMA, to confirm and expose next pivotal barrier at 102.25, 03 July lower top. Positive near-term studies support the notion, however, still weak daily conditions require caution in case the pair fails to clear 102 barrier.

Res: 101.85; 102.00; 102.25; 102.43
Sup: 101.60; 101.30; 101.18; 101.05




AUDUSD

The pair corrects the rally off 0.9334 which peaked at 0.9468, with dips being so far contained at 0.94 zone, 50% retracement of 0.9334/0.9468 ascend, which was seen as ideal reversal point, as 4-hour structure holds positive tone. Fresh attempts higher are supported by positive daily studies, as the pair will be looking for eventual attack at 0.9503 peak, break of which to complete short-term 0.9503.0.9320 consolidation and resume larger uptrend. Conversely, slide below 0.94 handle, would sideline near-term bulls and expose lower targets for test.

Res: 0.9422; 0.9447; 0.9468; 0.9503
Sup: 0.9400; 0.9378; 0.9358; 0.9327