EURUSD
The Euro slumped post-Fed, with break and close below 1.2636, bull-trendline drawn off 1.2499 low, probing below near-term base at 1.26 zone. Yesterday’s bearish Outside Day, confirms bears are back in play, with daily close below 1.26 base, to signal possible full retracement of 1.2499/1.2884 ascend, as fresh weakness retraced so far 76.4% of the rally. Oversold near-term studies, however, require correction, which should, in extended mode, stay under previous strong support, now resistance, at 1.2690/1.2700 zone, where Fibonacci 61.8% of descend from 1.2769 lower top lies, reinforced by daily Kijun-sen line and daily 20SMA.
Res: 1.2763; 1.2780; 1.2800; 1.2839
Sup: 1.2725; 1.2700; 1.2663; 1.2633
GBPUSD
Yesterday’s long red candle confirms return of near-term bears back to play, as fresh acceleration lower left a double-top at 1.6180/82 and took out psychological 1.60 support and former higher low at 1.5992, on over 61.8% retracement of 1.5873/1.6182 upleg, seen so far. This sidelines near-term upside attempts, which were looking for retest of pivotal 1.6225 barrier and shifts focus back to key near-term support at 1.5873, low of 15 Oct. Oversold near-term conditions, suggest corrective action, which should be ideally capped under 1.61, Fibonacci 61.8% of entire descend from 1.6180, 28 Oct peak. Break above the latter is required to neutralize bears.
Res: 1.6015; 1.6046; 1.6071; 1.6100
Sup: 1.5962; 1.5939; 1.5900; 1.5873
USDJPY
The pair accelerated higher on fresh dollar’s strength, after completion of near-term consolidative phase and probes levels above psychological 109 barrier. Yesterday’s bullish close confirms daily bulls are fully in play for eventual test of key resistances at 110 zone. Corrective actions on overbought near-term studies, are expected before final push higher, with former high at 108.34, offering the first strong support, ahead of 107.60 higher base, reinforced by daily 20SMA and daily Kijun-sen / Tenkan-sen bull cross, where extended corrective dips should be contained.
Res: 109.22; 109.50; 109.89; 110.07
Sup: 108.73; 108.34; 108.00; 107.60
AUDUSD
The pair lost traction after yesterday’s probe above short-term range top and breakpoint at 0.89, with subsequent sharp fall, bringing the price back to the middle of 0.8641/0.8909 range. Yesterday’s bearish Outside Day could signal further weakness, which would bring range’s lower boundary in focus, in case of extension and close below 0.87 handle. Otherwise, prolonged range trading, would be likely near-term scenario.
Res: 0.8800; 0.8831; 0.8858; 0.8900
Sup: 0.8753; 0.8717; 0.8700; 0.8673
The Euro slumped post-Fed, with break and close below 1.2636, bull-trendline drawn off 1.2499 low, probing below near-term base at 1.26 zone. Yesterday’s bearish Outside Day, confirms bears are back in play, with daily close below 1.26 base, to signal possible full retracement of 1.2499/1.2884 ascend, as fresh weakness retraced so far 76.4% of the rally. Oversold near-term studies, however, require correction, which should, in extended mode, stay under previous strong support, now resistance, at 1.2690/1.2700 zone, where Fibonacci 61.8% of descend from 1.2769 lower top lies, reinforced by daily Kijun-sen line and daily 20SMA.
Res: 1.2763; 1.2780; 1.2800; 1.2839
Sup: 1.2725; 1.2700; 1.2663; 1.2633
GBPUSD
Yesterday’s long red candle confirms return of near-term bears back to play, as fresh acceleration lower left a double-top at 1.6180/82 and took out psychological 1.60 support and former higher low at 1.5992, on over 61.8% retracement of 1.5873/1.6182 upleg, seen so far. This sidelines near-term upside attempts, which were looking for retest of pivotal 1.6225 barrier and shifts focus back to key near-term support at 1.5873, low of 15 Oct. Oversold near-term conditions, suggest corrective action, which should be ideally capped under 1.61, Fibonacci 61.8% of entire descend from 1.6180, 28 Oct peak. Break above the latter is required to neutralize bears.
Res: 1.6015; 1.6046; 1.6071; 1.6100
Sup: 1.5962; 1.5939; 1.5900; 1.5873
USDJPY
The pair accelerated higher on fresh dollar’s strength, after completion of near-term consolidative phase and probes levels above psychological 109 barrier. Yesterday’s bullish close confirms daily bulls are fully in play for eventual test of key resistances at 110 zone. Corrective actions on overbought near-term studies, are expected before final push higher, with former high at 108.34, offering the first strong support, ahead of 107.60 higher base, reinforced by daily 20SMA and daily Kijun-sen / Tenkan-sen bull cross, where extended corrective dips should be contained.
Res: 109.22; 109.50; 109.89; 110.07
Sup: 108.73; 108.34; 108.00; 107.60
AUDUSD
The pair lost traction after yesterday’s probe above short-term range top and breakpoint at 0.89, with subsequent sharp fall, bringing the price back to the middle of 0.8641/0.8909 range. Yesterday’s bearish Outside Day could signal further weakness, which would bring range’s lower boundary in focus, in case of extension and close below 0.87 handle. Otherwise, prolonged range trading, would be likely near-term scenario.
Res: 0.8800; 0.8831; 0.8858; 0.8900
Sup: 0.8753; 0.8717; 0.8700; 0.8673
Recommended Content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'