Dollar's bulls turning cautious ahead of a speech by Fed Chair Yellen

EURUSD

The Euro enters near-term corrective phase off fresh low at 1.3240, pausing ahead of the attack at 1.32 target zone, Fibonacci 100% expansion and round figure support. Hourly bulls are coming into play, as the price extended above initial 1.3275 barrier and attempts at more significant 1.33 level, round-figure / Fibonacci 38.2% retracement of 1.3397/1.3240 descend / 4-hour 20 SMA. Break here to expose another strong barrier and previous consolidative range floor / 61.8% retracement / daily Tenkan-sen line at 1.3330, with sustained break and weekly close above, required to signal stronger recovery action and sideline immediate downside risk. Daily RSI is emerging off oversold territory and supports the notion, however, clear break above 1.34 resistance zone is required to confirm scenario. Otherwise, early upside rejection and lower top formation are seen preceding fresh leg lower.

Res: 1.3300; 1.3330; 1.3360; 1.3400
Sup: 1.3272; 1.3254; 1.3240; 1.3209






GBPUSD

Cable remains under pressure and sees a continuation of the downmove as favored near-term scenario. Fresh weakness came ticks away from the next target at 1.6548, 04 Apr higher low, below which psychological 1.65 support and 1.6464, low of 24 Mar 2014, are expected to come in focus. The negative scenario is additionally supported by loss of 200SMA, which signals further significant losses in the near-term. Near-term consolidation is so far capped at 1.66 barrier, with stronger corrective rallies on overextended 4-hour conditions to be ideally capped under 1.6677 lower top, to keep immediate bears intact. Otherwise, extended corrective action is expected to delay bears.

Res: 1.6600; 1.6622; 1.6651; 1.6677
Sup: 1.6561; 1.6548; 1.6500; 1.6464





USDJPY

The pair maintains positive overall tone and continues to trend higher, as fresh acceleration higher has taken out 103.75, 07 Mar high on approach to key barrier and short-term range top at 104.11, 04 Apr peak. Bulls remain fully in play and favor eventual break above 104.11, which will signal an end of short-term consolidative phase and expose year-to-date peak at 105.43, posted on 02 Jan 2014. Hesitation ahead of 104.11 cannot be ruled out, as studies are overbought on all timeframes. Previous peak at 103.07, along with psychological / Fibonacci 38.2% of 101.49/103.94 support at 103, offer solid supports and should ideally contain stronger dips.

Res: 104.11; 104.50; 104.83; 105.00
Sup: 103.59; 103.39; 103.07; 102.70




AUDUSD

The pair bounces off fresh low at 0.9237, after weakness off 0.9342 fully retraced 0.9237/0.9342 rally. Fresh strength, which broke above 0.93 barrier and 0.9316 lower top, have averted immediate downside risk and shifted near-term focus higher. Improved hourly studies are supportive for repeated attempt at 0.9342 barrier and resumption towards pivotal 0.9372 barrier, 06 Aug lower top, however, weak 4-hour studies see risk of prolonged sideways movements within 0.9237/0.9342, in case of failure to break above the latter.

Res: 0.9342; 0.9372; 0.9400; 0.9415
Sup: 0.9300; 0.9275; 0.9237; 0.9200