EURO cracks 1.39 barrier

EURUSD

The Euro maintains positive sentiment and trends higher in unobstructed rally from 1.3671, 04 Apr low. Fresh strength above pivotal 1.3874 peak, tested psychological 1.3900 barrier, also Fibonacci 76.4% retracement of 1.3965/1.3671 descend, with break here to open way for final push towards key near-term barrier at 1.3965, 13 Mar peak. Regain of the latter to confirm completion of corrective phase and trigger fresh extension of larger bull-trend, with psychological 1.4000 barrier seen as next target. Overextended 4-hour studies, however, suggest corrective action in the near-term, with strong support at 1.3820/10 zone, previous beaks / Fibonacci 38.2% ret5racement of 1.3671/1.3899 upleg and broken bull-channel upper boundary, expected to contain stronger pullbacks.

Res: 1.3900; 1.3946; 1.3965; 1.4000
Sup: 1.3880; 1.3852; 1.3810; 1.3779




GBPUSD

Cable trades in shallow correction off fresh high at 1.6819, after fresh bulls completed 1.6821/1.6464 corrective phase. Overall picture remains positive and favors final push through 1.6821 peak, to resume broader bull-trend on extension of the third wave from 1.6548, 04 Apr higher low, to 1.6849, its 138.2% Fibonacci expansion and 1.6900, Fibonacci expansion 161.8%, in extension. However, risk of further consolidation and possible deeper corrective action is seen on overextended studies on 4-hour chart, as Evening star pattern is forming on a daily chart and today’s close in red would signal beginning of near-term corrective phase, before fresh attempt higher. Conversely, break and close above 1.6821 level, is required too neutralize.


Res: 1.6821; 1.6849; 1.6877; 1.6900
Sup: 1.6755; 1.6723; 1.6683; 1.6650




USDJPY

The pair remains under pressure, with near-term price action consolidating above fresh low at 101.31, posted overnight. Near-term studies are bearish and look for final attack at strong 101.20 base, to fully retrace 101.20/ 104.11 bull-leg and open way towards key short-term support at 100.74, 04 Feb low. However, hesitation on approach to key support levels, should be anticipated, as 4-hour studies are overextended. Signal of stronger recovery attempt requires bounce above 102.14, 09 Apr lower platform reinforced daily cloud base, to sideline immediate downside risk and open way for stronger recovery towards Fibonacci barriers at 102.38 and 102.71, 38.2% / 50% retracement of 104.11/101.31 descend , with psychological 103 barrier, also double MA’s bear-cross, and Fibonacci 61.8% retracement, expected to cap stronger rallies.

Res: 101.96; 102.14; 102.38; 102.71
Sup: 101.31; 101.20; 100.74; 100.00




AUDUSD

The pair corrects fresh bulls that peaked at 0.9460, after acceleration higher was triggered on a break above bull-channel resistance. Corrective action faces initial support at 0.9347 minor higher base, ahead of very strong 0.9300 barrier, previous congestion tops and Fibonacci 61.8% of 0.9204/0.9460 ascend, where dips should find solid support. Overall positive sentiment keeps the upside still in play for eventual test of next targets at 0.9477, Fibonacci 138.2% expansion of the third wave from 0.8889 and 0.9500, round-figure resistance / Fibonacci 76.4% retracement of 0.9755/0.8658 descend. Downside risk would increase and threaten for stronger pullback, as overbought daily studies and RSI reversing lower support such scenario.

Res: 0.9430; 0.9460; 0.9477; 0.9500
Sup: 0.9362; 0.9347; 0.9300; 0.9253