Aussie at the back foot and back into daily cloud after double upside rejection

EURUSD

Yesterday’s fresh acceleration lower, took out strong support at 1.0895, which acted as near-term base and further bearish extension met next target at 1.0844, 05 Aug low.
Strong bearish signal was given on final break and close below weekly bull-trendline off 1.0461 low, also monthly bearish wedge pattern support.
Next strong support lies at 1.08 zone, multi-month consolidation low, below which there will be no significant obstacles en-route towards key med-term support at 1.046, 13 Mar low.
Near-term indicators bounced from oversold zone, triggering near-term consolidation, ahead of fresh push lower.
Falling daily 10SMA / Tenkan-sen, currently at 1.0970, maintain descend and are expected to cap extended corrective attempts.
Alternatively, reverse above bear-trendline, drawn off 1.1712 peak, which currently lies at 1.1010, would delay immediate bears, in favor of stronger correction.

Res: 1.0935; 1.0970; 1.1010; 1.1051
Sup: 1.0832; 1.0807; 1.0713; 1.0611






GBPUSD

Near-term pullback from strong 1.55 resistance zone, found temporary support at 1.5358, where hourly base has formed, followed by narrow consolidation. Price action remains capped by descending daily Ichimoku cloud base, which signals further downside, while recovery attempts remain limited.
Daily slow Stochastic reversed lower and shows more room for bearish extension. Break below immediate support at 1.5376, daily 20SMA that holds today’s action and extension through 1.5358 hourly base and 1.5341, 200SMA, will be seen as a trigger for further weakness.
However, daily studies are mixed and prolonged consolidation, could be preferred near-term scenario, until the pair gains more clear signals for fresh direction.

Res: 1.5410; 1.5443; 1.5471; 1.5495
Sup: 1.5376; 1.5358; 1.5341; 1.5300








USDJPY

The pair maintains strong bullish stance, as yesterday’s acceleration higher took out initial 121.46 resistance and cracked the breakpoint at 121.64, 31 Aug peak and top of two-month congestion.
Today’s fresh extension higher that approaches psychological 122 barrier confirms bullish resumption.
Today’s close above 121.78, Fibonacci 61.8% of 125.26/116.13 descend, is required to confirm bears and expose next significant barrier at 124.14, June 2007 peak, ahead of 125.84, June 2015, year-to-date high.
Corrective actions should be contained by 200SMA at 121.07, to keep near-term bulls intact.

Res: 121.37; 121.46; 121.64; 122.00
Sup: 121.05; 120.70; 120.50; 120.24







AUDUSD

Daily studies are losing traction, following repeated upside rejection at 0.7222, mid-point of 0.7380/0.7064 downleg, where downside-turning daily 20SMA capped recovery attempt off 0.7064.
Yesterday’s red daily candle with long upper shadow, shows renewed selling pressure. The price penetrated daily Ichimoku cloud top and currently holds in the middle of daily cloud, after retracing 61.8% of 0.70640.7220 rally on dip to 0.7124.
Temporary support was found here and consolidation is expected to precede fresh attempts lower, as technicals of all timeframes are bearishly aligned.
Next pivotal support lies at 0.7100, daily cloud base, loss of which to open way for full retracement of 0.7064/0.7222.
Upside attempts are expected to hold below daily Ichimoku cloud top and maintain fresh near-term bears.

Res: 0.7154; 0.7176; 0.7214; 0.7222
Sup: 0.7124; 0.7100; 0.7064; 0.7040