The Euro consolidates fresh weakness which found temporary footstep above psychological 1.26 support and low 10 Oct. Near-term price action is in directionless mode, confirmed by yesterday’s Doji candle. Daily 20SMA at 1.2686, offers initial resistance, ahead of and former range lows at 1.2700/30, also broken bull-trendline off 1.2499 low, where extended rallies should be ideally capped. Underlying bear-trend keeps downside in focus, however, weekly indicators in oversold territory, require caution. Close above 1.2730/50 zone is required to neutralize near-term bears and re-focus former range tops at 1.2840. Conversely, violation of 1.26 handle, to open key 1.2499, 03 Oct low.
Res: 1.2686; 1.2700; 1.2730; 1.2748
Sup: 1.2612; 1.2603; 1.2570; 1.2541
GBPUSD
Cable’s near-term structure remains negative, as the pair eventually dented psychological 1.60 support. Consolidative phase is under way and should be ideally capped by descending daily 20SMA at 1.6090, to keep immediate bears intact. Otherwise, break here above 1.6124, Fibonacci 38.2% of 1.6522/1.5873 descend, would delay and open way for further retracement. Also, daily Tenkan-sen line at 1.6028, where the price closed yesterday, still acts as good support, with repeated close above here, to signal delay in attempts below 1.60 handle.
Res: 1.6058; 1.6076; 1.6090; 1.6124
Sup: 1.6018; 1.5992; 1.5939; 1.5900
USDJPY
The pair remains supported and fresh acceleration of the upleg from 106.23, higher low, eventually broke above psychological 108 barrier and 108.09, Fibonacci 61.8% of 109.89/105.18 descend. Yesterday’s positive close above daily 20SMA, is bringing daily bulls in play, for possible return to key 110 barrier. Today’s close above 108 handle, is required to signal reversal on a weekly chart, after two consecutive weekly closes in red. Corrective actions below fresh high at 108.34, should be ideally contained at 107.50/40 zone, Fibonacci 38.2% of 106.23/108.34 upleg and previous high of 20 Oct, to keep the structure intact.
Res: 108.34; 108.73; 109.00; 109.22
Sup: 107.84; 107.53; 107.38; 107.04
AUDUSD
Near-term picture remains unchanged, as price action continues to move in a range trading. Neutral/negative near-term studies require trigger to break either side of the range, to establish fresh direction, with repeated Doji candles, confirming indecision. However, overall bearish structure, favors resumption of larger downtrend from 0.9400 lower top, on completion of short-term consolidative phase. Daily Kijun-sen line at 0.8820, offers strong resistance and close above here would open 0.89 breakpoint and range top, break of which to put larger bears on hold, for stronger correction of larger 0.9400/0.8641 descend.
Res: 0.8800; 0.8820; 0.8831; 0.8858
Sup: 0.8747; 0.8717; 0.8700; 0.8684
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.