Cable consolidates under key barrier at 1.4273 - daily 30SMA

EURUSD

The Euro made renewed attack at 200SMA (1.1051), looking for bullish resumption of corrective leg from 1.0823, after daily Ichimoku cloud (spanned between 1.0865 / 1.0788), stopped larger descend from 1.1374 (11Feb high).
Yesterday’s bullish close, with long-tailed daily candle, gave bullish signal, which results in today’s renewed attack at pivotal 200SMA, reinforced by 20SMA , just few ticks above.
Bullish near-term studies support further upside action, however, mixed setup of daily MA’s and overbought Slow Stochastic, require caution.
In case the pair firmly breaks above 200SMA and 26 Feb lower top at 1.1065, the way will be open towards 1.1100 (daily Kijun-sen / 50% of 1.1374/1.0823) and 1.1163 (Fibo 61.8%), could be seen in extension.
Conversely, repeated rejection at 200SMA would trigger prolonged consolidation, which is expected to hold above daily 10SMA at 1.0963, with increased risk of fresh weakness, expected on break here, as falling daily 20SMA is about to cross below 200SMA and form Death Cross, bearish pattern.
All eyes are on Thursday’s ECB meeting.


Res: 1.1051; 1.1065; 1.1100; 1.1163
Sup: 1.1008; 1.0963; 1.0900; 1.0860









GBPUSD

Cable touched barrier at 1.4280 (daily 30SMA), on uninterrupted six-day recovery rally from 1.3834 (low of 29 Feb).
Firm bullish structure of near-term technicals is supportive for further recovery, however, mixed daily studies, still require caution.
Daily 30SMA is seen as key near-term, as yesterday’s rally was capped by 30SMA, which so far limits today’s action.
Sustained break above 30SMA and nearby 1.4303 High of 22Feb), is needed to generate fresh bullish signal for resumption of recovery rally.
On the other side, daily MA’s show mixed setup, while indicators hold in the negative territory and overbought Slow Stochastic is looking for reversal lower, which could affect near-term bulls and signal fresh easing.
Broken daily 20SMA offers initial support at 1.4198, followed by 10SMA at 1.4058, also 50% of 1.3834/1.4281 upleg, loss of which will be bearish.

Res: 1.4273; 1.4303; 1.4347; 1.4390
Sup: 1.4226; 1.4198; 1.4110; 1.4057









USDCAD

The pair cracked 200SMA support at 1.3285 and posted fresh three-month low at 1.3258,on yesterday’s fresh extension lower, as crude oil rallies.
Yesterday’s close also occurred below 1.3303 (50% of larger 1.1917/1.4688, May 2015 / Jan 2016 upleg), which gives bearish signal, however, sustained break below 200SMA is needed to open way towards next supports: psychological 1.30 support, followed by 1.2976 (Fibo 61.8% of 1.1917/1.4688), with extension to weekly Ichimoku cloud top at 1.2900, not ruled out.
Oversold daily studies may delay bears for corrective action towards initial barrier at 1.3375 (yesterday’s high), followed by more significant 10SMA at 1.3442 and 1.3487 (Fibo 38.2% of 1.3857/1.3258 downleg), which is seen as ideal cap.

Res: 1.3375; 1.3442; 1.3487; 1.3558
Sup : 1.3280; 1.3258; 1.3200; 1.3150





AUDUSD

Aussie posted fresh 8-month high at 0.7482 yesterday, where 6-day rally was temporarily capped, just under next target at 0.7493 (50% retracement of 0.8161/0.6825 descend).
Corrective easing still holds below initial support at 0.7402/0.7394 (hourly cloud top / 23.6% of 0.7107/0.7482 upleg), however, daily RSI is reversing from overbought zone and overbought daily Slow Stochastic is reversing, which would generate stronger bearish signal for deeper pullback.
Extension below hourly cloud (spanned between 0.7402 and 0.7369), will be seen as fresh bearish signal and would expose 0.7339 (Fibo 38.2% retracement), where correction should be ideally contained.
Firm bullish setup of daily studies and 10/200SMA’s Golden Cross, underpin the action.

Res: 0.7482; 0.7493; 0.7551; 0.7650
Sup: 0.7402; 0.7391; 0.7369; 0.7339