EURUSD
The Euro was smashed yesterday and fell to fresh 14-month lows, on extension which retraced over 50% of larger 1.2042/1.3992 ascend and took out psychological 1.3000 support. Near-term outlook remains negative and sees further downside favored, as strong dollar awaits further support from NFP data today, which would push the single currency deeper towards 1.2786, Fibonacci 61.8% retracement and higher platform at 1.2750 zone, lows of March/July 2013. Oversold conditions suggest corrective actions in the near term. Corrective highs at 1.2956 and psychological 1.3000 barrier, offer initial resistances, ahead of daily Tenkan-sen line at 1.3070 and round figure / 02 Sep low at 1.31, where stronger rallies should be limited.
Res: 1.2956; 1.3000; 1.3070; 1.3100
Sup: 1.2918; 1.2906; 1.2850; 1.2800
GBPUSD
Cable remains under pressure and travels lower, as fresh extension of the downleg from 1.6642, 01 Sep lower top, briefly broke below 1.6300 support and hit Fibonacci 38.2% retracement of 1.4812/1.7189 ascend. Consolidative action is seen ahead of today’s US data, seen as the main market driver. Negative sentiment keeps the downside favored, with Dec 2013 low at 1.6212 and psychological 1.62 support, seen as next targets. Broader weakness can open way for test of psychological 1.6000 support, also 50% retracement in the near term. Consolidative/corrective rallies are expected to precede fresh weakness, with 1.6464, previous support / mid-point of 1.6642/1.6285 descend / daily Tenkan-sen line, expected to cap
Res: 1.6370; 1.6400; 1.6421; 1.6464
Sup: 1.6285; 1.6250; 1.6212; 1.6200
USDJPY
The pair remains supported and resumed bulls after completing near-term 105.29/104.72 corrective action, with key barrier at 105.43, being cracked on extension to fresh six-year high at 105.69, also denting Fibonacci 61.8% retracement of 124.14/75.55 at 105.58. Sustained break and weekly close above, to confirm resumption of multi-year uptrend fro 75 zone. Consolidation on overbought near-term studies is expected to precede fresh rally.
Res: 105.69; 106.00; 106.20; 106.50
Sup: 105.00; 104.72; 104.62; 104.37
AUDUSD
The pair stabilizes around 0.9350 zone and holds within previous consolidation range, which was interrupted by yesterday’s spike to 0.9390. Near-term structure holds positive tone, as 0.9372 barrier was cracked, however, caution is required as yesterday’s Long Legged Doji, signals that indecision at key barriers is still present. Unless clear break and weekly close above 0.9372 occurs, risk of further sideways trading would remain on the table, as daily indicators are hovering around their midlines, without clear break into positive territory, which is required to confirm break above month-long congestion and signal further retracement of 0.9503/0.9237 downleg.
Res: 0.9372; 0.9390; 0.9400; 0.9415
Sup: 0.9330; 0.9310; 0.9300; 0.9260
The Euro was smashed yesterday and fell to fresh 14-month lows, on extension which retraced over 50% of larger 1.2042/1.3992 ascend and took out psychological 1.3000 support. Near-term outlook remains negative and sees further downside favored, as strong dollar awaits further support from NFP data today, which would push the single currency deeper towards 1.2786, Fibonacci 61.8% retracement and higher platform at 1.2750 zone, lows of March/July 2013. Oversold conditions suggest corrective actions in the near term. Corrective highs at 1.2956 and psychological 1.3000 barrier, offer initial resistances, ahead of daily Tenkan-sen line at 1.3070 and round figure / 02 Sep low at 1.31, where stronger rallies should be limited.
Res: 1.2956; 1.3000; 1.3070; 1.3100
Sup: 1.2918; 1.2906; 1.2850; 1.2800
GBPUSD
Cable remains under pressure and travels lower, as fresh extension of the downleg from 1.6642, 01 Sep lower top, briefly broke below 1.6300 support and hit Fibonacci 38.2% retracement of 1.4812/1.7189 ascend. Consolidative action is seen ahead of today’s US data, seen as the main market driver. Negative sentiment keeps the downside favored, with Dec 2013 low at 1.6212 and psychological 1.62 support, seen as next targets. Broader weakness can open way for test of psychological 1.6000 support, also 50% retracement in the near term. Consolidative/corrective rallies are expected to precede fresh weakness, with 1.6464, previous support / mid-point of 1.6642/1.6285 descend / daily Tenkan-sen line, expected to cap
Res: 1.6370; 1.6400; 1.6421; 1.6464
Sup: 1.6285; 1.6250; 1.6212; 1.6200
USDJPY
The pair remains supported and resumed bulls after completing near-term 105.29/104.72 corrective action, with key barrier at 105.43, being cracked on extension to fresh six-year high at 105.69, also denting Fibonacci 61.8% retracement of 124.14/75.55 at 105.58. Sustained break and weekly close above, to confirm resumption of multi-year uptrend fro 75 zone. Consolidation on overbought near-term studies is expected to precede fresh rally.
Res: 105.69; 106.00; 106.20; 106.50
Sup: 105.00; 104.72; 104.62; 104.37
AUDUSD
The pair stabilizes around 0.9350 zone and holds within previous consolidation range, which was interrupted by yesterday’s spike to 0.9390. Near-term structure holds positive tone, as 0.9372 barrier was cracked, however, caution is required as yesterday’s Long Legged Doji, signals that indecision at key barriers is still present. Unless clear break and weekly close above 0.9372 occurs, risk of further sideways trading would remain on the table, as daily indicators are hovering around their midlines, without clear break into positive territory, which is required to confirm break above month-long congestion and signal further retracement of 0.9503/0.9237 downleg.
Res: 0.9372; 0.9390; 0.9400; 0.9415
Sup: 0.9330; 0.9310; 0.9300; 0.9260
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold clings to strong daily gains above $2,380
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.