EURUSD
The Euro’s bounce off 1.3330 base zone, which was retested yesterday, lost traction at 1.3370 barrier, hourly 55SMA and Fibonacci 38.2% of 1.3431/1.3334 descend. Immediate risk of bearish extension below 1.3330/00 supports is coming back to play, as hourly studies are weakening and overall negative tone is expected to pressure the pair as long as price action holds below pivotal 1.3430/50 resistance zone. Prolonged consolidation within 1.3330/1.3450 range is seen as near-term scenario, in case 1.3330 holds, with only sustained break above 1.3450, expected to confirm near-term base for more significant correction. Otherwise, fresh extension of larger downmove from 1.3392, 08 May peak, though 1.3330 base, would signal an extension of the third wave, which commenced from 1.3699 lower top of 01 July and focus 1.3209, its 100% Fibonacci expansion.
Res: 1.3372; 1.3385; 1.3401; 1.3431
Sup: 1.3331; 1.3300; 1.3250; 1.3209
GBPUSD
Cable enters near-term corrective phase off fresh low at 1.6754, with fresh strength through 1.68 barrier, seeing scope for further recovery. Bullish hourlies and improving 4-hour studies are supportive for fresh bulls, with 1.6835, Fibonacci 61.8% of 1.6885/1.6754 downleg, being in immediate focus. Further upside would open lower top at 1.6862, ahead of key 1.6885 barrier and breakpoint, violation of which to signal stronger recovery and sideline near-term scenario which is looking for full retracement of 1.6690/1.7189 ascend. Immediate support lies at 1.68 zone, correction’s higher low, reinforced by hourly 20SMA.
Res: 1.6835; 1.6862; 1.6885; 1.6935
Sup: 1.6800; 1.6764; 1.6754; 1.6736
USDJPY
The pair regained traction on near-term studies, as the price action stabilizes above 102 handle and tests pivotal 102.45 lower top and Fibonacci 61.8% of 103.07/101.49 descend. Break here is required to confirm higher low formation at 101.49 and open 103 zone for test. Daily studies are positive and support the notion, with close above 200SMA, to confirm. Psychological 102 support and higher low, also near daily cloud top, should stay intact to maintain the structure.
Res: 102.70; 102.91; 103.07; 103.42
Sup: 102.07; 102.00; 101.69; 101.49
AUDUSD
Overall structure remains negative, as bearish acceleration off 0.9372, 06 Aug lower top, posted new low at 0.9237, on approach to strong 0.92 zone base. Brief upside attempts are expected to delay bears, which are aiming towards 0.92 higher base and 0.9180, Fibonacci 38.2% retracement of larger 0.8658/0.9503 bull phase, with loss of these supports expected to accelerate bears off 0.9503 peak. Consolidative action off 0.9237 low, is looking for test of psychological 0.93 barrier, also 50% retracement of 0.9372/0.9237, while only break above 0.9372 lower top, would signal more significant corrective action.
Res: 0.9300; 0.9320; 0.9372; 0.9400
Sup: 0.9266; 0.9237; 0.9200; 0.9180
The Euro’s bounce off 1.3330 base zone, which was retested yesterday, lost traction at 1.3370 barrier, hourly 55SMA and Fibonacci 38.2% of 1.3431/1.3334 descend. Immediate risk of bearish extension below 1.3330/00 supports is coming back to play, as hourly studies are weakening and overall negative tone is expected to pressure the pair as long as price action holds below pivotal 1.3430/50 resistance zone. Prolonged consolidation within 1.3330/1.3450 range is seen as near-term scenario, in case 1.3330 holds, with only sustained break above 1.3450, expected to confirm near-term base for more significant correction. Otherwise, fresh extension of larger downmove from 1.3392, 08 May peak, though 1.3330 base, would signal an extension of the third wave, which commenced from 1.3699 lower top of 01 July and focus 1.3209, its 100% Fibonacci expansion.
Res: 1.3372; 1.3385; 1.3401; 1.3431
Sup: 1.3331; 1.3300; 1.3250; 1.3209
GBPUSD
Cable enters near-term corrective phase off fresh low at 1.6754, with fresh strength through 1.68 barrier, seeing scope for further recovery. Bullish hourlies and improving 4-hour studies are supportive for fresh bulls, with 1.6835, Fibonacci 61.8% of 1.6885/1.6754 downleg, being in immediate focus. Further upside would open lower top at 1.6862, ahead of key 1.6885 barrier and breakpoint, violation of which to signal stronger recovery and sideline near-term scenario which is looking for full retracement of 1.6690/1.7189 ascend. Immediate support lies at 1.68 zone, correction’s higher low, reinforced by hourly 20SMA.
Res: 1.6835; 1.6862; 1.6885; 1.6935
Sup: 1.6800; 1.6764; 1.6754; 1.6736
USDJPY
The pair regained traction on near-term studies, as the price action stabilizes above 102 handle and tests pivotal 102.45 lower top and Fibonacci 61.8% of 103.07/101.49 descend. Break here is required to confirm higher low formation at 101.49 and open 103 zone for test. Daily studies are positive and support the notion, with close above 200SMA, to confirm. Psychological 102 support and higher low, also near daily cloud top, should stay intact to maintain the structure.
Res: 102.70; 102.91; 103.07; 103.42
Sup: 102.07; 102.00; 101.69; 101.49
AUDUSD
Overall structure remains negative, as bearish acceleration off 0.9372, 06 Aug lower top, posted new low at 0.9237, on approach to strong 0.92 zone base. Brief upside attempts are expected to delay bears, which are aiming towards 0.92 higher base and 0.9180, Fibonacci 38.2% retracement of larger 0.8658/0.9503 bull phase, with loss of these supports expected to accelerate bears off 0.9503 peak. Consolidative action off 0.9237 low, is looking for test of psychological 0.93 barrier, also 50% retracement of 0.9372/0.9237, while only break above 0.9372 lower top, would signal more significant corrective action.
Res: 0.9300; 0.9320; 0.9372; 0.9400
Sup: 0.9266; 0.9237; 0.9200; 0.9180
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