AUDUSD-recovery attempts remain limited at 0.6955 for now

EURUSD

The Euro shows no significant changes in the near-term, trading within initial 1.0800/1.0980 range, as yesterday’s rally was rejected just under range top.
The pair remains within daily Ichimoku cloud, spanned between 1.0783 and 1.1006 and break out of the cloud is needed to signal fresh direction.
Neutral tone dominates on daily studies, while technicals on lower timeframes are mixed that supports scenario of prolonged sideways trading.
Lows of yesterday and 19 Jan at 1.0867/58, mark initial supports, ahead of broken bear-trendline, former bear-channel resistance and daily 55SMA at 1.0836/20.
On the upside, congestion tops at 1.0974/83, are initial resistances, guarding daily Ichimoku cloud top.
ECB meeting is awaited as key release for the Euro today, with ECB expected to keep rates on hold.

Res: 1.0920; 1.0967; 1.0983; 1.1006
Sup: 1.0867; 1.0858; 1.0836; 1.0820






GBPUSD

Cable trades within narrow consolidation above fresh lows at 1.4127/23. Underlying strong bear-trend remains intact and suggests further downside, after completion of near-term consolidation phase.
Base of descending hourly cloud, spanned between 1.4193 and 1.4235, keeps near-term range capped for now.
Extension above hourly cloud top at 1.4235 is needed to sideline immediate downside risk and allow for stronger bounce, which will be seen as positioning for fresh downmove.
Next strong barrier lies at 1.4332, falling daily 10SMA, which marks upside pivot.
The wave C that commenced from 1.4943, 24 Dec lower top, remains intact and eyes 1.4057, its 200% expansion, ahead of psychological 1.4000 support, in fresh bearish extension.

Res: 1.4193; 1.4235; 1.4256; 1.4332
Sup: 1.4151; 1.4123; 1.4057; 1.4000









USDJPY

The pair returned to three-day congestion, following yesterday’s short-lived probe below 116 handle. Spike lower hit new low at 115.95 and reversed quickly, showing hesitation at very strong 116.13/115.56 support zone, which was briefly violated yesterday.
Overall structure remains bearish and looks for renewed attempts at critical 115.65 support and floor of multi-month congestion, break of which is needed to signal stronger correction of 3 ½ year uptrend from 77 zone.
Near-term price action shows indecision, despite 100-pips span of today’s trading, as action was so far shaped in long-legged Doji and capped by falling daily 10SMA at 117.45.
Prolonged consolidation is seen as likely scenario, before fresh attempts lower. Extended upticks cannot be ruled out, with congestion top at 118.30, also 50% of 120.64/115.95 downleg, expected to cap.
Only sustained break here and falling daily 20SMA, currently at 118.58, would sideline immediate downside risk and signal basing attempt for stronger correction.

Res: 117.45; 118.00; 118.30; 118.58
Sup: 116.45; 116.13; 115.95; 115.56







AUDUSD

The pair retested pivotal 0.6955 resistance, high of 19 Jan, where two-day recovery was capped. Yesterday’s trading that retested 0.6825 low, was shaped in Doji with very long tail, signaling that buying interest exists, but the pair so far lacks momentum for final break above 0.6955 barrier, which is required to resume recovery.
Overall picture is firmly bearish and sees current moves as correction, with recovery attempts being indicated by reversed slow Stochastic, which shows more room at the upside.
In case of violation of 0.6955 pivot, psychological 0.7000 barrier, also near Fibonacci 38.2% of 0.7325/0.6825, is seen as next target, followed by 0.7067 breakpoint, falling daily 20SMA.
Otherwise, expect prolonged consolidation, before fresh attack at 0.6825, near-term base and resumption of larger downtrend , on sustained break lower.

Res: 0.6955; 0.7000; 0.7067; 0.7113
Sup: 0.6873; 0.6825; 0.6800; 0.6750