Cable remains in n/t range-trading; downside remains at risk while 1.5673/98 barriers stayintact




EURUSD

The Euro remains under pressure and met its next target at 1.0818, low of 27 May, following the third consecutive daily and strong weekly bearish close. Overall tone remains firmly bearish and favors further downside, on sustained break below 1.0818 handle. The notion is confirmed by Friday’s close below 61.8% Fibonacci retracement of larger 1.0461/1.1465 consolidation. Near-term price action trades in narrow consolidative range, with initial resistance at 1.0854, last Thu/Fri lows, ahead of 1.09 lower platform and 1.0915, former low of 07 July, also near Fibonacci 38.2% of 1.1083/1.0818 downleg, where rallies should be ideally capped, to keep intact pivotal daily Ichimoku cloud base at 1.0992. Fresh leg lower to focus 1.0698, Fibonacci 76.4% retracement of 1.0461/1.1465 rally.

Res: 1.0854; 1.0902; 1.0915; 1.0992
Sup: 1.0818; 1.0782; 1.0754; 1.0698

eurusd



GBPUSD

Cable continues to trade in near-term consolidative phase, under 15 July’s fresh high that was retested on Friday. The price moves within 1.5673/1.5551 range, with last Friday’s long-legged Doji candle, confirming indecision. Falling daily 20SMA, currently at 1.5602, continues to cap, despite repeated attempts above. Neutral/negative daily studies keep the downside at risk while initial 20SMA barrier caps. Fresh weakness through range floor at 1.5551, Friday’s low, would look for 1.5500, daily Tenkan-sen and 1.5445, daily Ichimoku cloud top. Otherwise, expect prolonged consolidation, while the price holds within near-term range. On the upside, range top at 1.5673, marks initial barrier, ahead of 1.5698, Fibonacci 61.8% of 1.5928/1.5327 downleg and only sustained break higher to bring bulls fully in play and signal resumption of the bull-leg from 1.5327, low of 08 July.

Res: 1.5673; 1.5698; 1.5729; 1.5786
Sup: 1.5581; 1.5551; 1.5500; 1.5445

gbpusd



USDJPY

The pair remains well supported, as past week long bullish candle, confirms strong bullish stance and signals further gains. Setup of daily MA’s, with expanding 20d Bollingers and Indicators established in the positive territory, supports the notion. Near-term price action holds in narrow consolidative range, confirmed by Friday’s tight Doji. Range floor lies at 123.90 and marks initial support, ahead of 123.70, former high of 14 July and 38.2% of 122.90/124.22 upleg and while holding above here, near-term focus will remain shifted higher, as the pair approaches pivotal 124.36/42, former highs and the last significant obstacle on the way towards key 125.84 barrier, peak of 05 June.

Res: 124.22; 124.36; 124.42; 125.00
Sup: 123.90; 123.70; 123.25; 122.90

usdjpy



AUDUSD

Aussie pushed lower overnight and posted fresh 6-year low at 0.7324, following three-day consolidation above former low at 0.7348. The remains bearish overall and favors further weakness that focuses next target at Fibonacci 76.4% of 0.6007/1.1079 rally. Falling daily 10SMA continues to cap, marking initial resistance at 0.7416 and guarding pivotal 0.7495 lower platform and former consolidation top. Near-term bounce off fresh 0.7324 low, is so far seen limited and should be ideally capped under 10SMA. Only sustained break above 0.7495 would sideline immediate bears.

Res: 0.7416; 0.7435; 0.7495; 0.7550
Sup: 0.7324; 0.7300; 0.7250; 0.7204

audusd

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