Aussie eyes daily cloud top after key 0.7278 barrier was taken out

EURUSD

The Euro moves within the daily cloud, which was penetrated again yesterday, with daily close above the cloud base. Rallies were limited at 1.1325, double-Fibonacci barrier (38.2% of 1.1712/1.1086 and 61.8% of 1.1458/1.1103 downleg, also weekly Ichimoku cloud base, which marks pivotal resistance zone with 1.1339, daily cloud top. Sustained break here is needed to spark fresh bulls and expose next key barrier at 1.1458, 18 Sep peak.
Near-term studies are bullish, with daily indicators establishing in the positive territory and supporting fresh gains. Also, the pair is on track for strong weekly close.
Daily cloud base at 1.1260, along with broken-bear-trendline, connecting 1.1712 and 1.1458 tops, at 1.1250 and daily 20SMA at 1.1242, marks strong support zone, which is expected to ideally contain dips and keep the upside in near-term focus.

Res: 1.1325; 1.1339; 1.1400; 1.1458
Sup: 1.1260; 1.1242; 1.1229; 1.1210







GBPUSD

Cable eventually closed above very strong 1.5300/15 resistance zone, after yesterday’s bumpy ride, which moved within 110-pips span, falling from 1.5370 to 1.5260 and fully reversing losses, on recovery rally. Near-term price action consolidates, after meeting target at 1.5380, 50% retracement of 1.5656/1.5105 downleg / daily Kijun-sen line, with bullish daily studies, looking for further upside. Former barrier at 1.5315, 200SMA / bull-trendline, connecting 1.4563/1.5163 lows, offers strong support, followed by daily 20SMA and this support zone is expected to contain dips, for fresh bullish attempts. Lift above 1.5380 and 1.5400, round-figure barrier, to open next target at 1.5436/46 area, daily 55SMA / Fibonacci 61.8% of 1.5656/1.5105 downleg.
The pair is on track for strong weekly close that comes after previous week’s tight Doji and gives strong bullish signal.


Res: 1.5381; 1.5400; 1.5446; 1.5500
Sup: 1.5340; 1.5315; 1.5300; 1.5260






USDJPY

The pair remains within narrow range and near-term price action holding in the triangle and being capped by thin 120.20/120.70 daily Ichimoku cloud. Yesterday’s Doji confirmed indecision, as triangle boundaries are continuing to contract. Near-term technicals remain in neutral mode, while daily studies are negatively aligned. Sustained break above daily cloud and regain of 200SMA at 120.86, are needed to revive bulls and neutralize bearish scenario, which requires slide below triangle support at 119.64 and violation of 119 zone, short-term congestion floor.

Res: 120.25; 120.55; 120.70; 120.86
Sup: 119.82; 119.64; 119.23; 119.05







AUDUSD

Aussie hit 6 ½ week high, with fresh acceleration of near-term uptrend from 0.6935 base, being supported dovish Fed and rally in commodities. The pair eventually broke above key barrier at 0.7278, 17/18 Sep former tops, approaching initial target at 0.7310, Fibonacci 76.4% of 0.7435/0.6906 descend, with extension towards next strong barrier, daily Ichimoku cloud top at 0.7375, not ruled out.
The notion is supported by weekly gains of 3.2%, with the pair being on track for strong bullish weekly close, which will signal reversal.
Firmly bullish technicals on all timeframes, may be interrupted by corrective actions on overbought conditions. Dips should be ideally contained above daily Ichimoku cloud base, which lies at 0.7176, being reinforced by daily 55SMA

Res: 0.7310; 0.7375; 0.7409; 0.7490
Sup: 0.7245; 0.7200; 0.7176; 0.7120