Cable - recovery rally hit 1.4600 after stops were triggered; focus is turning upside

EURUSD

The Euro is attempting to break below three-day consolidation low at 1.1178, on today’s fresh bearish acceleration that signals an end of near-term consolidation phase and resumption of larger downleg from 1.1614 (03 May high.
Setup of daily studies remains bearish and suggests further easing, after falling 5SMA capped recent consolidation, with immediate target at 1.1159 (100SMA), being in focus.
Bearish extension below 1.1159 will look for next strong supports at 1.1142 (daily Ichimoku cloud base), then 1.1123 (Fibo 61.8% of 1.0820/1.1614 (10 Mar/03 May upleg) and 1.1101 (200SMA).
Good resistance lies at 1.1241 (consolidation top), with upper breakpoint at 1.1300 zone (daily cloud top, reinforced by descending daily Tenkan-sen line).


Res: 1.1241; 1.1276; 1.1300; 1.1346
Sup: 1.1159; 1.1142; 1.1123; 1.1101





GBPUSD

Cable is recovering ground on today’s bounce that cracked 1.4576 barrier (Fibo 61.8% of 1.4660/1.4440 downleg. Fresh bulls emerged from 1.4440, where two-day weakness found footstep. Yesterday’s long-legged daily candle generated initial signal of bears’ stall, with bullish setup of daily MA’s remaining intact and fresh bullish momentum building up.
Sustained break above 1.4576 is needed to confirm trough at 1.4440 and turn near-term focus above 1.4600 (which was hit on today’s rally) and key 1.4660 barrier in extension.
The notion is supported by daily inverse H&S pattern that remained intact on recent 1.4768/1.4330 pullback and continues to generate bullish signals for further recovery action.
Initial support lies 1.4524 (broken Fibo 38.2% / hourly higher base, ahead of 1.4495 (daily Tenkan-sen line).

Res: 1.4608; 1.4634; 1.4660; 1.4700
Sup: 1.4545; 1.4524; 1.4495; 1.4475






USDJPY

The pair ended yesterday’s trading in long red candle, after repeated failures at strong daily Ichimoku cloud base barrier. Fresh bears found footstep at 109.09, where daily 20EMA contained dips for now, with subsequent consolidation being under way.
Upside is for now limited under 109.66 (Fibo 38.2% of 110.57/109.09 downleg), which is seen as ideal cap, ahead of renewed downside attempts, as larger bulls are signaling loss of traction.
Fresh downside attempts could be anticipated while the price remains capped by daily Ichimoku cloud base. Loss of initial support at 109.09 could extend weakness towards lower breakpoints at 108.64/53 (Fibo 38.2% of 105.53/110.57 upleg / south-turning daily 20SMA), break of which would signal reversal.
Alternative scenario requires penetration into daily cloud and close above cloud base to neutralize downside threats.

Res: 109.66; 109.83; 110.00; 110.22
Sup: 109.09; 108.64; 108.53; 108.05






AUDUSD

Fresh bearish acceleration commenced today after three-day consolidation that was shaped in three long-legged Doji candles.
Larger bears are taking full control for extension of downtrend from 0.7833 peak and looking for final close below 0.7210 (Fibo 61.8% of 0.6826/0.7833 ascend), to confirm bearish resumption.
Trough of 29 Feb at 0.7106 marks next target, ahead of 0.7063 (Fibo 76.4% retracement), with extension towards psychological 0.7000 support seen likely.
Strong barrier lies at 0.7254 (200SMA) which capped near-term consolidation, with falling 10SMA approaching, in attempt to form Death-Cross pattern

Res: 0.7193; 0.7226; 0.7254; 0.7298
Sup: 0.7106; 0.7063; 0.7000; 0.6972