Euro corrects lower after yesterday's roller-coaster rally; broken 200SMA is key support

EURUSD

The Euro consolidates under fresh three-week high at 1.1216, posted late yesterday, on chaotic post ECB trading. The single currency initially fell on stronger than expected rate cut and touched key support at 1.0820 (former low of 02 Mar), but subsequent sharp bounce, brought bulls back to play.
Strong bullish acceleration from 1.0820, where double-bottom was formed, extended recovery of 1.1374/1.0820 downleg, above its Fibonacci 61.8% retracement level.
Rising daily Ichimoku cloud (spanned between 1.0880/1.1000), continues to support, after yesterday’s downside rejection under the cloud and quick recovery.
Also, the pair took out 200SMA barrier, which capped for the past few days and closed above 1.0963 (Fibo 61.8% of 1.1374/1.0820 downleg).
Rally also cracked weekly Ichimoku cloud base at 1.1175, which marks very strong barrier.
Corrective easing took out initial support at 1.1122 (Fibo 23.6% of 1.0820/1.1216 rally) and looks for strong support zone between 1.1064/44 (Fibo 38.2% of 1.0820/1.1216, reinforced by 30SMA and 200SMA), which is expected to contain dips, before fresh upside attempts.


Res: 1.1175; 1.1216; 1.1245; 1.1300
Sup: 1.1100; 1.1064; 1.1044; 1.1000





GBPUSD

Cable holds high, following yesterday’s initial spike to 1.4115 low and sharp rebound that probed above 1.43 barrier and closed marginally above strong 30SMA barrier at 1.4269. Correction from yesterday’s fresh high at 1.4314, should be contained above significant support zone between 1.4238 and 1.4222 (Fibo 38.2% of 1.4115/1.4314 upleg / top of hourly Ichimoku cloud), to keep in play bullish sentiment for renewed attempts higher and weekly close above 30SMA.
Otherwise, risk of deeper pullback and extension below 1.4200 handle would signal false break above pivotal 30SMA and shift focus lower.

Res: 1.4287; 1.4314; 1.4347; 1.4400
Sup: 1.4252; 1.4238; 1.4222; 1.4190





USDCAD

The pair is back below 200SMA, which was broken on yesterday’s action to 1.3395 high, with daily close above it. However, gains were capped by falling daily 10SMA, which also limits today’s action at 1.3360 and marks pivotal barrier.
Short-lived upside attempts and price action holding within established near-term range, suggest further consolidation, as overall outlook remains bearish and favors fresh leg lower, on sustained break below 200SMA.
The pair is also on track for the eight consecutive bearish weekly close, which confirms strong bearish sentiment.
Potential break above daily 10 SMA would delay, while break above 1.3467 (Fibo 38.2% of 1.3857/1.3247 downleg), is needed to trigger stronger correction.

Res: 1.3360; 1.3395; 1.3440; 1.3467
Sup: 1.3226; 1.3200; 1.3150; 1.3100







AUDUSD

Aussie remains in near-term consolidation below fresh high at 0.7526, with fresh strength above 0.75 handle, keeping near-term focus at the upside. Overall bullish structure, with double Golden-Cross, supports further upside action towards next target at 0.7551 (FE 138.2% of the third wave from 0.6972, on which the pair currently rides.
Immediate support lies at 0.7444 (session low), followed by more significant 0.7408 higher base, which marks the first pivot, followed by 0.7372 (rising daily 10SMA / near Fibo 38.2% of 0.7107/0.7526 upleg).


Res: 0.7526; 0.7551; 0.7596; 0.7650
Sup: 0.7444; 0.7408; 0.7372; 0.7316