The Euro remains under pressure and resumes larger downtrend, after the last corrective attempt was capped at 1.33 zone, where fresh leg lower commenced. Fresh weakness took out temporary footstep at 1.3240, with today’s gap-lower opening, cracking its next target at 1.32 zone. The pair’s overall bearish outlook favors further downside, with next targets at 1.3103, Sep 2013 higher low and 1.3022, Fibonacci 138.2% expansion of the wave from 1.3699. Oversold near-term studies suggest corrective rallies would interrupt descend, with initial resistance at 1.3220, Friday’s low and 1.33 zone expected to cap.
Res: 1.3220; 1.3260; 1.3300; 1.3330
Sup: 1.3184; 1.3150; 1.3103; 1.3150
GBPUSD
Cable remains under pressure and continues to trend lower, as week’s gap-lower opening took out the next target at 1.6548, 04 Apr higher low, eyeing psychological 1.65 support and 1.6464, low of 24 Mar 2014. Sustained break below 200SMA, signals further significant losses in the near-term. Corrective rallies on overextended 4-hour conditions face initial resistance at 1.66 zone and stronger correction to be ideally capped under 1.6677 lower top. Otherwise, extended corrective action is expected to delay bears.
Res: 1.6600; 1.6622; 1.6651; 1.6677
Sup: 1.6534; 1.6500; 1.6464; 1.6400
USDJPY
The pair maintains overall bullish tone and continues to trend higher, as fresh bulls cracked key 104.11, 04 Apr peak, the last obstacle on the way to 105.43, 02 Jan peak. Bullish structure is supported by gap –higher opening, with sustained break and close above here, to confirm bullish resumption. Initial support lies at 104 zone, ahead of trough at 103.50 and previous peaks at 103.07, above which, corrective dips should be contained.
Res: 104.26; 104.50; 104.83; 105.00
Sup: 104.00; 103.50; 103.07; 102.70
AUDUSD
The pair trades in near-term corrective mode off fresh low at 0.9237, after weakness off 0.9342 fully retraced 0.9237/0.9342 rally. Near-term mode is neutral and sideways trading is expected to continue, while 0.9342 top caps. Break here to signal double-bottom formation on 4-hour chart and stronger rally, which requires break above pivotal 0.9372, 06 Aug lower top, to confirm the scenario.
Res: 0.9342; 0.9372; 0.9400; 0.9415
Sup: 0.9289; 0.9271; 0.9237; 0.9200
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