EURUSD in near-term consolidative phase ahead of attack at key 1.0880 resistance zone

EURUSD

The Euro holds positive near-term tone, developed on acceleration from 1.0612, 19 Mar higher base, with Friday’s high at 1.0881, being approached on today’s gap-higher opening. The pair was so far unable to sustain gains, reversing below 1.08 handle, on a consolidative action, which should be ideally contained at 1.0750 zone, daily Tenkan-sen line and 50% of 1.0612/1.0881 upleg, before fresh attempts higher. The notion is supported by positive daily/weekly close. On the other side, negative tone prevails on daily chart studies, with descending daily 20SMA, capping rallies for now. Close above daily 20SMA, currently at 1.0891, is required to expose post-Fed’s peak at 1.1034 and confirm recovery on a break higher. Alternative scenario sees confirmation of hourly double-top at 1.0881/66 on a break below 1.0750 handle, with extension below 1.0715/00, Fibonacci 61.8% retracement of 1.0612/1.0881 rally / psychological support, to confirm reversal.

Res: 1.0832; 1.0866; 1.0881; 1.0918
Sup: 1.0782; 1.0750; 1.0715; 1.0694




GBPUSD

Cable continues to hesitate under psychological 1.50 barrier, as Asian trading peaked at 1.4971, leaving last Friday’s top at 1.4987 intact for extended consolidative action. Structure of near-term studies remains positive and keeps the upside focused for now, with scenario of fresh attempts above 1.50 barrier, being supported by positive close on daily/weekly chart. Break above 1.50 is required to clear 1.5092, daily 20SMA / Kijun-sen line, to confirm recovery extension and 1.5160, 18 Mar peak. Consolidative action that broke below initial 1.4870 support, daily 10SMA / Fibonacci 38.2% of 1.4686/1.4987 rally, found footstep at 1.4836, 50% retracement, keeping pivotal 1.48 level, psychological  support, also Fibonacci 61.8% retracement, intact for now. Only break here to weaken the structure and spark further easing towards higher lows at 1.4720/1.4686, lows of 20/19 Mar.

Res: 1.4916; 1.4958; 1.4987; 1.5008; 1.5032
Sup: 1.4836; 1.4800; 1.4757; 1.4720




USDJPY

The pair continues to move lower, following last Friday’s recovery rejection at 121.19 and subsequent acceleration lower that closed below daily 20SMA at 120.35, as well as psychological 120 support, marking daily/weekly close in long red candle. Fresh weakness reached 119.73, Fibonacci 76.4% retracement of 119.28/121.19 rally, looking for full retracement of the upleg, with loss of 119.28 handle, expected to open higher base at 118.22/29, lows of 17/20 Feb. Near-term studies are bearish, with south-heading daily studies supporting further correction of 115.83/122.01 bull-leg. Conversely, regain of 121.19, last Friday’s peak, to neutralize and re-focus 121.65/83 barriers and key 122.01 resistance, high of 10 Mar.

Res: 120.15; 120.35; 120.60; 121.19
Sup: 119.74; 119.66; 119.24; 119.00





AUDUSD

The pair maintains positive near-term tone, as fresh acceleration off 0.7610, 19 Mar low, approaches 0.7845, 18 Mar recovery peak and former peaks at 0.7855 zone that mark strong resistance zone. Positive daily/weekly close supports the notion of further recovery, with close above 0.7855 barriers, reinforced by daily 55SMA, required to confirm bullish resumption and re-focus pivotal 0.7911 barrier, 26 Feb peak. Daily 20SMA at 0.7733, offers solid support and should ideally contain corrective action, while break here and loss of psychological 0.77 support, reinforced by daily Tenkan-sen line, would revive near-term bears and mark repeated upside rejection.

Res: 0.7800; 0.7832; 0.7845; 0.7858
Sup: 0.7761; 0.7733; 0.7700; 0.7674