EURUSD
The Euro stabilizes above 1.09 handle, following yesterday’s choppy trading that saw upside rejection under Tuesday’s high and daily trade ending in long legged Doji. This signals consolidation of Tuesday’s strong rally, with negative tone prevailing on daily studies. Upside remains capped by descending daily 10SMA that guards daily Ichimoku cloud base at 1.0992 and pivotal daily 20SMA, currently at 1.1018. Sustained break here is required to confirm resumption of recovery rally from 1.0807, low of 20 July. Otherwise, the downside will remain vulnerable, with return below 1.0868, yesterday’s low and Fibonacci 61.8% of 1.0807/1.0967 upleg, needed to confirm near-term bears fully in play
Res: 1.0954; 1.0967; 1.0992; 1.1018
Sup: 1.0927; 1.0900; 1.0868; 1.0845
GBPUSD
Cable holds positive near-term tone, following yesterday’s rally that closed above daily 20SMA and peaked at 1.5644. Fresh bull-leg that commenced from 1.5578, yesterday’s correction low, is approaching yesterday’s high, with scope for renewed attempts at 1.5673/98 breakpoints, 15 July high / Fibonacci 61.8% retracement of 1.5928/1.5527 downleg. The notion is supported by bullish near-term studies, bullish setup of daily MA’s and daily indicators’ attempts above the midlines. Bullish 10/20SMA’s cross at 1.5583 and rising daily Ichimoku cloud top at 1.5561, underpin the action for eventual break above 1.5527/1.5673 congestion.
Res: 1.5644; 1.5673; 1.5698; 1.5729
Sup: 1.5602; 1.5583; 1.5561; 1.5527
USDJPY
Pullback from 124.47, 21 July high, found footstep at 123.70 zone that contained weakness, despite being cracked on extension to 123.55, yesterday’s low. Subsequent bounce and near-term consolidation above 124 handle, suggests that immediate downside risk has been averted. Bullish setup of daily technicals, with rising daily 10SMA that contained pullback, keep the upside favored. Firm break above yesterday’s high and consolidation top at 124.14, to re-open Tuesday’s high at 124.46, for renewed attempt through strong 124.36/72 resistance zone. Daily 10SMA at 123.75, underpins the action, ahead of yesterday’s low at 123.55, loss of which would soften near-term tone again and re-focus pivotal daily 20SMA, currently at 123.12 and 122.90, 14 July higher low and Fibonacci 38.2% of 120.39/124.46 upleg.
Res: 123.14; 124.46; 124.72; 125.00
Sup: 123.75; 123.55; 123.12; 122.90
AUDUSD
Aussie closed yesterday’s trade in red, following upside rejection at 0.7436 that kept intact pivotal Tuesday’s peak at 0.7447. Fresh weakness below 0.74 handle, bring renewed downside pressure in play, as descending daily 10SMA continues to cap, despite being cracked in past two day’s rallies. With daily bears fully in play, bearish resumption is seen as favored scenario. Upticks are seen limited for now, with initial barriers at 0.7336/47, guarding pivotal falling daily 20SMA at 0.7480 and former consolidation top at 0.7495. Only break here would provide near-term relief.
Res: 0.7391; 0.7436; 0.7447; 0.7480
Sup: 0.7354; 0.7324; 0.7300; 0.7250
The Euro stabilizes above 1.09 handle, following yesterday’s choppy trading that saw upside rejection under Tuesday’s high and daily trade ending in long legged Doji. This signals consolidation of Tuesday’s strong rally, with negative tone prevailing on daily studies. Upside remains capped by descending daily 10SMA that guards daily Ichimoku cloud base at 1.0992 and pivotal daily 20SMA, currently at 1.1018. Sustained break here is required to confirm resumption of recovery rally from 1.0807, low of 20 July. Otherwise, the downside will remain vulnerable, with return below 1.0868, yesterday’s low and Fibonacci 61.8% of 1.0807/1.0967 upleg, needed to confirm near-term bears fully in play
Res: 1.0954; 1.0967; 1.0992; 1.1018
Sup: 1.0927; 1.0900; 1.0868; 1.0845
GBPUSD
Cable holds positive near-term tone, following yesterday’s rally that closed above daily 20SMA and peaked at 1.5644. Fresh bull-leg that commenced from 1.5578, yesterday’s correction low, is approaching yesterday’s high, with scope for renewed attempts at 1.5673/98 breakpoints, 15 July high / Fibonacci 61.8% retracement of 1.5928/1.5527 downleg. The notion is supported by bullish near-term studies, bullish setup of daily MA’s and daily indicators’ attempts above the midlines. Bullish 10/20SMA’s cross at 1.5583 and rising daily Ichimoku cloud top at 1.5561, underpin the action for eventual break above 1.5527/1.5673 congestion.
Res: 1.5644; 1.5673; 1.5698; 1.5729
Sup: 1.5602; 1.5583; 1.5561; 1.5527
USDJPY
Pullback from 124.47, 21 July high, found footstep at 123.70 zone that contained weakness, despite being cracked on extension to 123.55, yesterday’s low. Subsequent bounce and near-term consolidation above 124 handle, suggests that immediate downside risk has been averted. Bullish setup of daily technicals, with rising daily 10SMA that contained pullback, keep the upside favored. Firm break above yesterday’s high and consolidation top at 124.14, to re-open Tuesday’s high at 124.46, for renewed attempt through strong 124.36/72 resistance zone. Daily 10SMA at 123.75, underpins the action, ahead of yesterday’s low at 123.55, loss of which would soften near-term tone again and re-focus pivotal daily 20SMA, currently at 123.12 and 122.90, 14 July higher low and Fibonacci 38.2% of 120.39/124.46 upleg.
Res: 123.14; 124.46; 124.72; 125.00
Sup: 123.75; 123.55; 123.12; 122.90
AUDUSD
Aussie closed yesterday’s trade in red, following upside rejection at 0.7436 that kept intact pivotal Tuesday’s peak at 0.7447. Fresh weakness below 0.74 handle, bring renewed downside pressure in play, as descending daily 10SMA continues to cap, despite being cracked in past two day’s rallies. With daily bears fully in play, bearish resumption is seen as favored scenario. Upticks are seen limited for now, with initial barriers at 0.7336/47, guarding pivotal falling daily 20SMA at 0.7480 and former consolidation top at 0.7495. Only break here would provide near-term relief.
Res: 0.7391; 0.7436; 0.7447; 0.7480
Sup: 0.7354; 0.7324; 0.7300; 0.7250
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