EURUSD - return above 20SMA eyes strong 1.13 resistance

EURUSD

Fresh strength above 200SMA, which was cracked yesterday, broke above daily 20SMA at 1.1235 and closed marginally above it yesterday. Near-term studies regained bullish momentum and eye 1.13 pivot, former upside rejection, where strong offers are seen, with a number of stops parked above.
Third wave off 1.1145 higher low, broke above its 100% Fibonacci expansion and eyes initial 1.1284 target, Fibonacci 138.2% expansion, ahead of strong 1.13 zone , also 161.8% expansion. Sustained break above 1.13, would signal reversal, with penetration of another strong barrier, weekly Ichimoku cloud base at 1.1335, required to confirm. Corrective dips should be ideally contained above 1.12. Return below 200SMA at 1.1180, will revive bears.

Res: 1.1284; 1.1300; 1.1323; 1.1335
Sup: 1.1246; 1.1235; 1.1200; 1.1180






GBPUSD

Cable trades in narrow consolidation above Friday’s fresh low at 1.5133, with bears remaining in play and keeping the downside focused. Consolidation was so far capped by falling 4-hour 20EMA, signaling limited upside attempts, ahead of fresh leg lower. Eventual close below former breakpoint at 1.5163, is required to confirm bearish resumption and expose next targets at 1.5085, Fibonacci 61.8% of 1.4563/1.5928 and psychological 1.5000 support, in extension. Initial resistance lies at 1.5239, consolidation top, ahead of 1.5286, 24 Sep hourly lower platform and 1.5333, Fibonacci 38.2% retracement of 1.5656/1.5133 fall / former higher base, which is expected to cap stronger corrective attempts.

Res: 1.5239; 1.5286; 1.5333; 1.5400
Sup: 1.5155; 1.5133; 1.5085; 1.5000







USDJPY

The pair came under increased pressure and attacked the lower boundary of short-term triangle at 119.27. Fresh weakness came after false break above the triangle’s upper border, as well as 200SMA and was confirmed by yesterday’s close in red and fresh overnight’s extension, which cracked triangle support. Overall structure remains bearish and favor final break lower, however, oversold near-term studies suggest hesitation at this point, with corrective action seen preceding fresh bears. Lower top at psychological 120 level, which also marks Fibonacci 38.2% of 121.22/119.23 downleg and is reinforced by formation of daily 10/20SMA’s bear cross, offers good resistance and should ideally limit rallies, to guard the upper triangle boundary, which currently lies at 120.37.

Res: 119.70; 120.00; 120.37; 120.50
Sup: 119.23; 118.80; 118.57; 118.24






AUDUSD

The pair resumes lower and cracked former low at 0.6936, after corrective rally from here was capped at 0.7041. Completion of near-term corrective phase, signals resumption the downleg from 0.7278,for retest of key 0.6906 support, low of 04 Sep, to mark full retracement of short-term 0.6906/0.7278 corrective phase. Bears continue to dominate on all timeframes, with falling daily 20SMA, currently at 0.7054, maintain the downtrend and limiting near-term upside attempts. However, oversold near-term studies suggest hesitation on approach to key 0.6906 support, which may result in prolonged consolidation, before bears resume.

Res: 0.6971; 0.7000; 0.7041; 0.7054
Sup: 0.6935; 0.6906; 0.6872; 0.6832