EURUSD
The Euro’s near-term rally, which commenced1.3574, 07 July low, was rejected at 1.3650, Fibonacci 61.8% barrier and the price fell sharply, erasing most of gains from 1.3574. Bearish hourly studies favor return to 1.3570 zone higher base and possible break lower, which is required to confirm lower top at 1.3649 and resumption of descend from 1.3699 peak. However, indicators of 4-hour studies hover around their midlines and need further weakness through 1.3574 low, to confirm bears back in play, with the action confirmed by bearish engulfing pattern, forming on a daily chart. Alternative scenario requires basing above 1.3570 zone and regain of minimum 1.3650 to avert downside risk on completion of 4-hour H&S pattern, seen on a break below 1.3570 neckline.
Res: 1.3620; 1.3650; 1.3662; 1.3699
Sup: 1.3587; 1.3574; 1.3559; 1.3511
GBPUSD
Cable maintains overall bullish structure, with near-term price action being in consolidative mode and entrenched within 1.7100/1.7175 range. Studies on1 and 4-hour chart are neutral, with further directionless trading seen as likely near-term scenario, while 1.71 handle stays intact. However, overextended daily conditions require caution, as fresh weakness below 1.71 handle would signal stronger pullback.
Res: 1.7141; 1.7166; 1.7177; 1.7200
Sup: 1.7119; 1.7100; 1.7083; 1.7061
USDJPY
The pair came under increased pressure and tested 101 support zone, after completing 101.22/102.25 corrective phase and accelerating losses on a break below 101.22. Bearish structure favors eventual break below psychological 101 support and test of key supports and short-term congestion floor levels at 100.81/74, below which to resume larger downtrend off 105.43, 2013 annual high. Hesitation ahead of important supports cannot be ruled out, with previous support at 101.43, offering initial resistance, ahead of 101.56 lower platform and Fibonacci 61.8% retracement of 101.85/101.05 downleg, which is expected to limit rallies. Only break above lower high at 101.85 and psychological 102 barrier, would neutralize bears.
Res: 101.43; 101.65; 101.85; 102.00
Sup: 101.20; 101.05; 100.80; 100.74
AUDUSD
The pair consolidates losses off 0.9454 high, after recovery attempt off 0.9327 low stalled and subsequent weakness dipped to 0.9359, erasing over 61.8% of entire 0.9327/0.9454 upleg. Near-term structure is still weak, as the price holds below psychological 0.94 barrier, keeping in play risk of retesting 0.9359 and eventual return to 0.9327 low, also daily cloud top, ahead of final attempt at pivotal 0.9320 support, Fibonacci 61.8% of 0.9209/0.9503 ascend and short-term higher base, loss of which to confirm top at 0.9503 and trigger further easing. Conversely, sustained break and close above 0.94 barrier, would ease bear pressure and re-focus the upside targets, with regain of 0.9454 peak, required to bring bears fully in play for attack at 0.9503, 01 July peak.
Res: 0.9397; 0.9429; 0.9457; 0.9460
Sup: 0.9375; 0.9359; 0.9339; 0.9327
The Euro’s near-term rally, which commenced1.3574, 07 July low, was rejected at 1.3650, Fibonacci 61.8% barrier and the price fell sharply, erasing most of gains from 1.3574. Bearish hourly studies favor return to 1.3570 zone higher base and possible break lower, which is required to confirm lower top at 1.3649 and resumption of descend from 1.3699 peak. However, indicators of 4-hour studies hover around their midlines and need further weakness through 1.3574 low, to confirm bears back in play, with the action confirmed by bearish engulfing pattern, forming on a daily chart. Alternative scenario requires basing above 1.3570 zone and regain of minimum 1.3650 to avert downside risk on completion of 4-hour H&S pattern, seen on a break below 1.3570 neckline.
Res: 1.3620; 1.3650; 1.3662; 1.3699
Sup: 1.3587; 1.3574; 1.3559; 1.3511
GBPUSD
Cable maintains overall bullish structure, with near-term price action being in consolidative mode and entrenched within 1.7100/1.7175 range. Studies on1 and 4-hour chart are neutral, with further directionless trading seen as likely near-term scenario, while 1.71 handle stays intact. However, overextended daily conditions require caution, as fresh weakness below 1.71 handle would signal stronger pullback.
Res: 1.7141; 1.7166; 1.7177; 1.7200
Sup: 1.7119; 1.7100; 1.7083; 1.7061
USDJPY
The pair came under increased pressure and tested 101 support zone, after completing 101.22/102.25 corrective phase and accelerating losses on a break below 101.22. Bearish structure favors eventual break below psychological 101 support and test of key supports and short-term congestion floor levels at 100.81/74, below which to resume larger downtrend off 105.43, 2013 annual high. Hesitation ahead of important supports cannot be ruled out, with previous support at 101.43, offering initial resistance, ahead of 101.56 lower platform and Fibonacci 61.8% retracement of 101.85/101.05 downleg, which is expected to limit rallies. Only break above lower high at 101.85 and psychological 102 barrier, would neutralize bears.
Res: 101.43; 101.65; 101.85; 102.00
Sup: 101.20; 101.05; 100.80; 100.74
AUDUSD
The pair consolidates losses off 0.9454 high, after recovery attempt off 0.9327 low stalled and subsequent weakness dipped to 0.9359, erasing over 61.8% of entire 0.9327/0.9454 upleg. Near-term structure is still weak, as the price holds below psychological 0.94 barrier, keeping in play risk of retesting 0.9359 and eventual return to 0.9327 low, also daily cloud top, ahead of final attempt at pivotal 0.9320 support, Fibonacci 61.8% of 0.9209/0.9503 ascend and short-term higher base, loss of which to confirm top at 0.9503 and trigger further easing. Conversely, sustained break and close above 0.94 barrier, would ease bear pressure and re-focus the upside targets, with regain of 0.9454 peak, required to bring bears fully in play for attack at 0.9503, 01 July peak.
Res: 0.9397; 0.9429; 0.9457; 0.9460
Sup: 0.9375; 0.9359; 0.9339; 0.9327
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