EURUSD
The Euro has eventually broken below pivotal 1.3500/1.3475 support zone, where also main bull-trendline off 1.2042 lies and commenced fresh leg lower, new phase of corrective pullback from 1.3992, 08 May peak. Three day consolidation preceded fresh weakness, which is now focusing 1.3294, 07 November 2013 higher low, with psychological 1.34 support seen as interim hurdle. Fully established bears on all timeframes, could interrupted by corrective actions, as all studies are entering oversold territory. Previous strong supports now act as initial resistances, with lower top and former consolidation high at 1.3547, also 50% retracement of 1.3639/1.3463 descend, expected to cap stronger rallies.
Res: 1.3489; 1.3500; 1.3547; 1.3575
Sup: 1.3463; 1.3400; 1.3350; 1.3294
GBPUSD
Cable maintains negative near-term tone and consolidates descend off 1.7189 peak, which posted fresh low at 1.7034 on 18 July. Upside attempts stay so far limited at 1.71 barrier that keeps downmove off 1.7189 intact, for test of psychological 1.7000 support and deeper pullback, seen on sustained break lower. Near-term technicals are weak and support further downside., with extended consolidative action expected to precede fresh push lower. Alternative scenario requires, clear break above 1.71 handle to delay bears and confirm prolonged sideways movements.
Res: 1.7081; 1.7100; 1.7115; 1.7148
Sup: 1.7040; 1.7034; 1.7000; 1.6950
USDJPY
The pair trades in near-term recovery phase off 101.05, with rally retracing over 61.8% of 101.78/101.05 descend, so far and seeing potential for attempt at the pivotal 101.78/85 barriers, break of which to confirm double bottom formation and open way for stronger recovery above 101.85 lower top / 55/200SMA death-cross and psychological 102 hurdle. Overbought conditions triggered corrective action, which was so far contained at 38.2% retracement of recovery rally from 101.05 and should exceed 101.32 higher low / 50%, to keep fresh near-term bulls in play. Otherwise, increased downside risk towards 101.18 higher low and 101 base, would be expected on violation of 101.32 support.
Res: 101.59; 101.78; 101.85; 102.00
Sup: 101.32; 101.26; 101.18; 101.05
AUDUSD
The pair broke above initial 0.94 barrier and so far retraced 61.8% of 0.9503/0.9327 descend, on attempt at 0.9454, 10 July spike high, to complete consolidative phase and confirm strong support and base at 0.9320 and eventually attack key peak at 0.9503, 01 July high and the highest level of 2014. Break here to resume larger uptrend from 0.8658 low. Bullish near-term technicals support the advance, however, hesitation on approach to 0.9454 and previous high at 0.9460, could be seen on overbought hourly conditions.
Res: 0.9454; 0.9460; 0.9503; 0.9550
Sup: 0.9420; 0.9400; 0.9378; 0.9358
The Euro has eventually broken below pivotal 1.3500/1.3475 support zone, where also main bull-trendline off 1.2042 lies and commenced fresh leg lower, new phase of corrective pullback from 1.3992, 08 May peak. Three day consolidation preceded fresh weakness, which is now focusing 1.3294, 07 November 2013 higher low, with psychological 1.34 support seen as interim hurdle. Fully established bears on all timeframes, could interrupted by corrective actions, as all studies are entering oversold territory. Previous strong supports now act as initial resistances, with lower top and former consolidation high at 1.3547, also 50% retracement of 1.3639/1.3463 descend, expected to cap stronger rallies.
Res: 1.3489; 1.3500; 1.3547; 1.3575
Sup: 1.3463; 1.3400; 1.3350; 1.3294
GBPUSD
Cable maintains negative near-term tone and consolidates descend off 1.7189 peak, which posted fresh low at 1.7034 on 18 July. Upside attempts stay so far limited at 1.71 barrier that keeps downmove off 1.7189 intact, for test of psychological 1.7000 support and deeper pullback, seen on sustained break lower. Near-term technicals are weak and support further downside., with extended consolidative action expected to precede fresh push lower. Alternative scenario requires, clear break above 1.71 handle to delay bears and confirm prolonged sideways movements.
Res: 1.7081; 1.7100; 1.7115; 1.7148
Sup: 1.7040; 1.7034; 1.7000; 1.6950
USDJPY
The pair trades in near-term recovery phase off 101.05, with rally retracing over 61.8% of 101.78/101.05 descend, so far and seeing potential for attempt at the pivotal 101.78/85 barriers, break of which to confirm double bottom formation and open way for stronger recovery above 101.85 lower top / 55/200SMA death-cross and psychological 102 hurdle. Overbought conditions triggered corrective action, which was so far contained at 38.2% retracement of recovery rally from 101.05 and should exceed 101.32 higher low / 50%, to keep fresh near-term bulls in play. Otherwise, increased downside risk towards 101.18 higher low and 101 base, would be expected on violation of 101.32 support.
Res: 101.59; 101.78; 101.85; 102.00
Sup: 101.32; 101.26; 101.18; 101.05
AUDUSD
The pair broke above initial 0.94 barrier and so far retraced 61.8% of 0.9503/0.9327 descend, on attempt at 0.9454, 10 July spike high, to complete consolidative phase and confirm strong support and base at 0.9320 and eventually attack key peak at 0.9503, 01 July high and the highest level of 2014. Break here to resume larger uptrend from 0.8658 low. Bullish near-term technicals support the advance, however, hesitation on approach to 0.9454 and previous high at 0.9460, could be seen on overbought hourly conditions.
Res: 0.9454; 0.9460; 0.9503; 0.9550
Sup: 0.9420; 0.9400; 0.9378; 0.9358
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