EURUSD
The Euro consolidates above fresh low at 1.1201, posted yesterday, on extension of pullback from 1.1712, 24 Aug peak. The third consecutive daily close in red, formed reversal pattern that suggests further downside. Immediate targets lay at 1.1153, Fibonacci 61.8% of 1.0807/1.1712 rally, reinforced by rising daily 20SMA, currently at 1.1142 and daily cloud top at 1.1136 that together mark strong support zone. However, daily slow Stochastic is entering oversold territory and along with expected end-of-the-week profit taking, could spark stronger correction. Initial barrier lies at 1.1278, daily Kijun-sen, ahead of 200SMA at 1.1309, below which corrective rallies should be ideally capped, to maintain negative near-term bias, as the pair is poised for bearish weekly close. Only extension and close above broken bear-trendline at 1.1388, would sideline immediate downside risk.
Res: 1.1396; 1.1451; 1.1500; 1.1551
Sup: 1.1230; 1.1201; 1.1153; 1.1136
GBPUSD
Cable extended steep descend yesterday and closed in red for the third consecutive day. Fresh weakness met target at 1.5368, 200SMA, where temporary footstep was found. Near-term consolidation is expected to precede final push towards the next target at 1.5327, 08 July low, to mark full retracement of 1.5327/1.5816 rally. Bearish structure of daily technicals favors scenario, as oversold daily Stochastic, sees room for extension towards 1.5327 target. The pair is poised for negative weekly close that risks extended weakness in the short-time. Daily 100SMA marks initial resistance at 1.5475, ahead of yesterday’s high at 1.5507 and daily Ichimoku cloud base at 1.5548, which is expected to cap.
Res: 1.5475; 1.5507; 1.5548; 1.5560
Sup: 1.5394; 1.5368; 1.5327; 1.5300
USDJPY
The pair formed reversal pattern on the third consecutive daily bullish close, with yesterday’s rally reaching fresh recovery high at 121.38. Yesterday’s break and close above 200SMA, gives fresh bullish signals. Next target lies at 121.78, Fibonacci 61.8% of 125.26/116.13 descend, ahead of daily cloud base at 122.35, seen in extension. However, caution is required, as daily studies are still negative and see risk of recovery stall, while the price holds below daily Ichimoku cloud. Break above daily clod top at 123.06, is required to neutralize.
Res: 121.38; 121.78; 122.01; 122.35
Sup: 120.84; 120.32; 119.78; 118.90
AUDUSD
The Aussie closed in green yesterday, signaling possible stronger corrective attempts, with today’s fresh strength, testing 0.72 zone, where daily Tenkan-sen line capped for now, keeping intact daily 10SMA at 0.7243. However, limited upside action could be expected, while the price holds below 0.7301 breakpoint, daily 20SMA, as negative tone prevails, suggesting extended consolidation, before renewed attempts towards 0.7000 target. Bearish weekly candle, supports the notion. Only close above daily 20SMA would sideline downside risk, in favor of stronger correction.
Res: 0.7204; 0.7243; 0.7301; 0.7370
Sup: 0.7155; 0.7097; 0.7068; 0.7036
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.