USDJPY - strong pressure at critical 111.00/110.65 support zone

EURUSD

Long-legged daily candle of Friday, signals Euro’s hesitation at 1.1400 zone, which was cracked on spike 1.1436, but no clear break seen so far.
Extended near-term consolidation is expected to precede fresh attempts higher, as studies maintain firm bullish tone, which resulted in strong weekly bullish close.
Consolidation is so far entrenched in narrow range, holding above initial support zone (hourly Ichimoku cloud, spanned between 1.1367/50), with cloud’s base being reinforced by rising 5SMA.
Extended dips should find support at 1.1327 (Fibo 38.2% of 1.1151/1.1436 upleg), as dovish Fed expectations signal limited downside.
Conversely, extension below daily Tenkan-sen support at 1.1290, would signal deeper pullback.
Friday’s peak at 1.1436 marks initial resistance, ahead of targets at 1.1465/95 (tops of multi-month consolidation.

Res: 1.1411; 1.1436; 1.1465; 1.1495
Sup: 1.1369; 1.1350; 1.1327; 1.1290






GBPUSD

Cable trades within narrow consolidation above last Friday’s low at 1.4169, where daily Kijun-sen line offered support, holding around cracked daily Ichimoku cloud base at 1.4220.
Friday’s sharp fall maintains negative near-term sentiment off 1.4457, last week’s upside rejection and sees scope for further downside, as bearish acceleration cracked 1.4209 (Fibo 61.8% of 1.4056/1.4457 upleg), and bears have established on near-term studies.
However, sustained break below daily cloud base and Fibo 61.8% support (1.4220/1.4209) is needed to confirm bearish resumption.
Descending daily 10SMA capped overnight’s action at 1.4241, where initial resistance lies, ahead of 20SMA at 1.4247.
Mixed setup of daily MA’s and indicators ranging around their midlines, show no clear short-term direction, with extended trading within 1.4050/1.4500 range, seen as favored short-term scenario.

Res: 1.4241; 1.4274; 1.4300; 1.4370
Sup: 1.4200; 1.4169; 1.4117; 1.4050





USDJPY

The pair remains under strong pressure, as last week’s two-legged fall almost fully retraced recovery from fresh multi-month low at 110.65 to 113.79 (29 Mar recovery rejection).
Negative dollar’s sentiment, reinforced by expectations of more dovish Fed, keep near-term focus lower, as the pair approaches critical supports at 111.00/110.65 zone (lows of 7-week consolidation of the pullback from 125.84 (pair’s multi-year high, posted in June 2015).
Violation of 111.00/110.65 support zone, would signal fresh extension of correction of larger 75.55/125.84 (2011/2015) rally.
Meantime, oversold near-term studies may trigger correction, with former consolidation boundaries at 112.00/65, marking solid resistances and expected to cap upside attempts.

Res: 111.78; 112.00; 112.65; 112.84
Sup: 111.30; 111.00; 110.65; 110.00








AUDUSD

Near-term structure is weakening, as the pair attempts at the lower boundary of near-term consolidation at 0.7597, reinforced by sideways-moving daily 10SMA.
Support lies just above 0.7590 (Fibo 61.8% of 0.7508/0.7721 upleg) and sustained break lower would signal further correction.
Daily 20SMA marks next support at 0.7561, ahead of pivotal 0.7475 higher base.
The notion is supported by south-heading daily RSI / Slow Stochastic, which reversed just ahead of overbought zone barrier and shows enough space downside for further easing.
However, overall outlook remains bullish and favors further extension of recovery leg from 0.6825 (2016 low), after completion of near-term correction.

Res: 0.7721; 0.7750; 0.7810; 0.7846
Sup: 0.7590; 0.7561; 0.7475; 0.7412