AUDUSD ticks away from key 0.7222 barrier; wave C could extend to 0.7265, 100% expansion

EURUSD

The Euro reverses below daily 10SMA at 1.0723, which was broken on yesterday’s strong rally. Extension of recovery from 1.0615 low was capped at strong 1.0760 barrier, 4-hour Ichimoku cloud base / former hourly double-top, yesterday.
Today’s fresh bearish acceleration also probed below hourly Ichimoku cloud, on dip to session low at 1.0662. The action weakens the structure of near-term technicals and signals lower top formation, as overall picture remains bearish and favors renewed attacks at 1.0615/00 targets, on completion of corrective phase.
Barriers at 1.0828/32, lower top of 12 Nov / descending daily 20SMA, mark upside breakpoints and only break above here would sideline immediate downside threats.
Res: 1.0708; 1.0727; 1.0760; 1.0800
Sup: 1.0662; 1.0629; 1.0615; 1.0600






GBPUSD

Cable extended recovery that peaked at 1.5334 yesterday, stalling just under key barriers at 1.5338/44, 200SMA / daily Ichimoku cloud base. Quick reversal that left long upper shadow on daily candle, signals strong resistance zone at 1.5338/44.
Near-term price action pressures daily 20SMA at 1.5260, also Fibonacci 38.2% of 1.5153/1.5334 upleg, which marks pivotal support. Sustained break here will further soften near-term structure and signal lower top formation.
Bearish daily studies, with slow Stochastic moving sideways after strong ascend and just under overbought zone, support the notion.
Otherwise, while 20SMA holds, prolonged consolidation would be likely near-term scenario and possible renewed attacks at 200SMA / daily cloud top, could be expected.

Res: 1.5297; 1.5334; 1.5344; 1.5370
Sup: 1.5260; 1.5222; 1.5185; 1.5153






USDJPY

The pair remains under pressure and extended pullback from 123.74 peak, to 122.61, yesterday. Consolidation above the latter was capped at 123 zone, where hourly lower platform was formed and near-term price action moved to the mid-point of 122.61/123 congestion, where 4-hour Ichimoku cloud top offers support.
Hourly studies are bearish, with indicators of 4-hour chart, moving below the midlines, supporting scenario of fresh bearish extension, on completion of near-term consolidation phase.
Further easing will expose breakpoint at 122.20, higher low of 16 Nov, loss of which would trigger stronger correction of the upleg from 120.00.
Daily slow Stochastic and RSI reversed from overbought territory and support further easing.
On the other side, setup of daily technicals remains firmly bullish and suggests fresh upside action, once corrective phase is completed. Dips should ideally hold above 122.20 pivot, to keep overall bullish structure intact.

Res: 123.03; 123.23; 123.36; 123.74
Sup: 122.61; 122.37; 122.20; 121.99






AUDUSD

Aussie remains well supported and approaches key short-term barrier at 0.7222, lower top of 04 Nov. Today’s fresh gains extends yesterday’s strong rally that left long bullish daily candle, being on track for the second consecutive weekly bullish close.
Rally broke above thin daily cloud, with descending daily 100SMA, being cracked. This signals fresh bullish stance, as daily indicators are breaking into positive territory.
Sustained break above 0.7222 will confirm bullish resumption and expose immediate barrier at 0.7240, Fibonacci 61.8% of 0.7380/0.7014 descend and in extension, 0.7265, Fibonacci 138% expansion of the third wave which commenced from 0.7067 higher low.
Session low at 0.7181, offers initial support, ahead of daily 20SMA at 0.7124, which is expected to contain extended corrective dips.

Res: 0.7215; 0.7222; 0.7240; 0.7265
Sup: 0.7181; 0.7151; 0.7124; 0.7100