EURUSD
Yesterday’s strong rally that left long bullish daily candle, cracked daily Kijun-sen line at 1.1108 and peaked at 1.1128, where daily 55SMA capped rally. This now marks pivotal barrier, with sustained break higher to open key 1.1215 hurdle, daily cloud top / 10 July high. Corrective pullback on overbought near-term conditions is under way, with strong 1.10 support zone, Fibonacci 38.2% retracement of 1.0807/1.1128 recovery leg / daily 20SMA and near daily cloud base, expected to contain and keep near-term bulls in play. On the other side, daily structure is still negative and increased risk of lower top formation and fresh acceleration lower, could be expected on sustained break below 1.10 handle.
Res: 1.1098; 1.1128; 1.1195; 1.1215
Sup: 1.1050; 1.1000; 1.0967; 1.0924
GBPUSD
Cable holds positive hourly structure, on today’s return above daily 20SMA, where yesterday’s trading closed, after peaking at 1.5593. However, daily studies are weak and while pivotal daily cloud top at 1.5598 holds, downside risk is expected to remain in play. Session low at 1.5551, reinforced by daily 20SMA and near Fibonacci 38.2% of 1.5464/1.5593 upleg, is giving way and sustained break here would weaken near-term structure and expose pivotal 1.55 zone support and risk return to key 1.5464, 24 July higher low. Conversely, clear break above daily cloud top, re-focus key near-term barrier and lower platform at 1.5670 zone.
Res: 1.5578; 1.5598; 1.5628; 1.5670
Sup: 1.5540; 1.5500; 1.5464; 1.5404
USDJPY
The pair bounces from daily 20SMA / daily cloud top supports at 123.20/02, which were cracked on yesterday’s weakness to 122.98. Subsequent bounce keeps the latter as still valid supports, as daily structure remains positive and sees the area as ideal reversal point. The notion is supported by reversing daily 20SMA. However, weak near-term technicals, keep the downside vulnerable, with violation of strong 123 support zone, expected to trigger fresh acceleration lower, as extension of pullback from 124.46, 21 July peak. Yesterday’s high at 123.82, reinforced by daily 10SMA, marks initial barrier, with sustained break here, to shift near-term focus higher and signal higher low formation.
Res: 123.82; 124.17; 124.46; 124.72
Sup: 123.45; 123.20; 123.02; 122.90
AUDUSD
Aussie consolidates recent losses, attempting to form near-term base above fresh 6-year low at 0.7255. Yesterday’s Gravestone Doji candle confirms the notion. However, limited upside action is seen for now, as overall picture remains bearish and sees scope for final push towards 0.7204, Fibonacci 76.4% target, below which would expose psychological 0.7000 support. Falling daily 10SMA offers initial resistance at 0.7351, ahead of daily 20SMA at 0.7421, where extended rallies are expected to find strong resistance.
Res: 0.7351; 0.7376; 0.7421; 0.7447
Sup: 0.7289; 0.7255; 0.7204; 0.7150
Yesterday’s strong rally that left long bullish daily candle, cracked daily Kijun-sen line at 1.1108 and peaked at 1.1128, where daily 55SMA capped rally. This now marks pivotal barrier, with sustained break higher to open key 1.1215 hurdle, daily cloud top / 10 July high. Corrective pullback on overbought near-term conditions is under way, with strong 1.10 support zone, Fibonacci 38.2% retracement of 1.0807/1.1128 recovery leg / daily 20SMA and near daily cloud base, expected to contain and keep near-term bulls in play. On the other side, daily structure is still negative and increased risk of lower top formation and fresh acceleration lower, could be expected on sustained break below 1.10 handle.
Res: 1.1098; 1.1128; 1.1195; 1.1215
Sup: 1.1050; 1.1000; 1.0967; 1.0924
GBPUSD
Cable holds positive hourly structure, on today’s return above daily 20SMA, where yesterday’s trading closed, after peaking at 1.5593. However, daily studies are weak and while pivotal daily cloud top at 1.5598 holds, downside risk is expected to remain in play. Session low at 1.5551, reinforced by daily 20SMA and near Fibonacci 38.2% of 1.5464/1.5593 upleg, is giving way and sustained break here would weaken near-term structure and expose pivotal 1.55 zone support and risk return to key 1.5464, 24 July higher low. Conversely, clear break above daily cloud top, re-focus key near-term barrier and lower platform at 1.5670 zone.
Res: 1.5578; 1.5598; 1.5628; 1.5670
Sup: 1.5540; 1.5500; 1.5464; 1.5404
USDJPY
The pair bounces from daily 20SMA / daily cloud top supports at 123.20/02, which were cracked on yesterday’s weakness to 122.98. Subsequent bounce keeps the latter as still valid supports, as daily structure remains positive and sees the area as ideal reversal point. The notion is supported by reversing daily 20SMA. However, weak near-term technicals, keep the downside vulnerable, with violation of strong 123 support zone, expected to trigger fresh acceleration lower, as extension of pullback from 124.46, 21 July peak. Yesterday’s high at 123.82, reinforced by daily 10SMA, marks initial barrier, with sustained break here, to shift near-term focus higher and signal higher low formation.
Res: 123.82; 124.17; 124.46; 124.72
Sup: 123.45; 123.20; 123.02; 122.90
AUDUSD
Aussie consolidates recent losses, attempting to form near-term base above fresh 6-year low at 0.7255. Yesterday’s Gravestone Doji candle confirms the notion. However, limited upside action is seen for now, as overall picture remains bearish and sees scope for final push towards 0.7204, Fibonacci 76.4% target, below which would expose psychological 0.7000 support. Falling daily 10SMA offers initial resistance at 0.7351, ahead of daily 20SMA at 0.7421, where extended rallies are expected to find strong resistance.
Res: 0.7351; 0.7376; 0.7421; 0.7447
Sup: 0.7289; 0.7255; 0.7204; 0.7150
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