EURJPY
The pair regained strength and accelerated corrective rally from 137.48 low, posted on 10 July, after break above initial barrier and previous consolidation top at 138. The rally so far retraced over 61.8% of 138.74/137.48 downleg and 50% of larger 139.26/137.48 descend, turning positive hourly and improving 4-hour studies. However, risk of lower top formation and fresh weakness will stay in play, as larger picture outlook remains bearish and sees the downside at risk, while recovery rally holds below pivotal 138.74 lower top, reinforced by daily Kijun-sen line. Fresh weakness, in case of stall under 138.74, is expected to look for retest of previous key support at 137.70 and lowered fresh low at 137.48, at the first stage and resumption of larger downtrend for eventual full retracement of 136.21/143.78 upleg, on violation of 137.48 and psychological 137.00 support. Key near-term barrier and pivotal point lies at 139.26 and is reinforced by 55/200 death-cross under formation, with break here to confirm firmly bullish near-term stance.
Res: 138.56; 138.74; 139.00; 139.26
Sup: 138.20; 138.00; 137.80; 137.67
GBPJPY
The pair extended near-term corrective phase, off 175.33 peak and retraced over 38.2% of 169.52/175.33 rally, with near-term footstep being found at 173 zone. However, corrective rallies were so far limited under 174 handle and keep near-term technicals weak for more significant recovery, which requires fresh extension above 174 and regain 174.11, 10 July lower top and Fibonacci 61.8% of entire fall from 175.33 peak, to confirm higher low and shift focus higher. Otherwise, fresh low at 172.93, is likely to remain near-term target, loss of which to open fresh extension of pullback from 175.3 peak.
Res: 173.77; 179.98; 174.00; 174.41
Sup: 173.18; 172.93; 172.34; 172.00
EURGBP
The pair extends near-term corrective phase off 0.7913 low of 07 July, where larger downtrend found support, just ahead of psychological 0.79 support. Near-term studies, improved on fresh strength above initial barrier at 0.7967, favor further recovery, after the pair left higher low at 0.7932 and focus immediate barrier at 0.7982, Fibonacci 61.8% and psychological 0.8000 resistance, before larger bears take control again. Only break above pivotal 0.9030 lower platform, would further delay overall bears.
Res: 0.7982; 0.8000; 0.8030; 0.8075
Sup: 0.7921; 0.7913; 0.7886; 0.7811
AUD/NZD
The pair trades in near-term consolidative mode, after fresh bearish extension below psychological 1.07 handle fully retraced of 1.0644/1.1030 upleg, to find temporary footstep at 1.0619. Consolidative action was so far limited and expected to precede resumption of larger downtrend towards initial and psychological 1.06 support, on the way to short-term target at 1.0534, 12 March higher low. Bearish studies favor further weakness, while only extension of corrective rallies above initial 1.07 barrier and1.0730 lower top, would sideline immediate bears and expose key near-term key barrier and break point at 1.0830 zone.
Res: 1.0670; 1.0700; 1.0730; 1.0744
Sup: 1.0635; 1.0619; 1.0600; 1.0550
The pair regained strength and accelerated corrective rally from 137.48 low, posted on 10 July, after break above initial barrier and previous consolidation top at 138. The rally so far retraced over 61.8% of 138.74/137.48 downleg and 50% of larger 139.26/137.48 descend, turning positive hourly and improving 4-hour studies. However, risk of lower top formation and fresh weakness will stay in play, as larger picture outlook remains bearish and sees the downside at risk, while recovery rally holds below pivotal 138.74 lower top, reinforced by daily Kijun-sen line. Fresh weakness, in case of stall under 138.74, is expected to look for retest of previous key support at 137.70 and lowered fresh low at 137.48, at the first stage and resumption of larger downtrend for eventual full retracement of 136.21/143.78 upleg, on violation of 137.48 and psychological 137.00 support. Key near-term barrier and pivotal point lies at 139.26 and is reinforced by 55/200 death-cross under formation, with break here to confirm firmly bullish near-term stance.
Res: 138.56; 138.74; 139.00; 139.26
Sup: 138.20; 138.00; 137.80; 137.67
GBPJPY
The pair extended near-term corrective phase, off 175.33 peak and retraced over 38.2% of 169.52/175.33 rally, with near-term footstep being found at 173 zone. However, corrective rallies were so far limited under 174 handle and keep near-term technicals weak for more significant recovery, which requires fresh extension above 174 and regain 174.11, 10 July lower top and Fibonacci 61.8% of entire fall from 175.33 peak, to confirm higher low and shift focus higher. Otherwise, fresh low at 172.93, is likely to remain near-term target, loss of which to open fresh extension of pullback from 175.3 peak.
Res: 173.77; 179.98; 174.00; 174.41
Sup: 173.18; 172.93; 172.34; 172.00
EURGBP
The pair extends near-term corrective phase off 0.7913 low of 07 July, where larger downtrend found support, just ahead of psychological 0.79 support. Near-term studies, improved on fresh strength above initial barrier at 0.7967, favor further recovery, after the pair left higher low at 0.7932 and focus immediate barrier at 0.7982, Fibonacci 61.8% and psychological 0.8000 resistance, before larger bears take control again. Only break above pivotal 0.9030 lower platform, would further delay overall bears.
Res: 0.7982; 0.8000; 0.8030; 0.8075
Sup: 0.7921; 0.7913; 0.7886; 0.7811
AUD/NZD
The pair trades in near-term consolidative mode, after fresh bearish extension below psychological 1.07 handle fully retraced of 1.0644/1.1030 upleg, to find temporary footstep at 1.0619. Consolidative action was so far limited and expected to precede resumption of larger downtrend towards initial and psychological 1.06 support, on the way to short-term target at 1.0534, 12 March higher low. Bearish studies favor further weakness, while only extension of corrective rallies above initial 1.07 barrier and1.0730 lower top, would sideline immediate bears and expose key near-term key barrier and break point at 1.0830 zone.
Res: 1.0670; 1.0700; 1.0730; 1.0744
Sup: 1.0635; 1.0619; 1.0600; 1.0550
Recommended Content
Editors’ Picks
AUD/USD recovers above 0.6750 after Australian jobs data
AUD/USD picks up a late bid and recovers above 0.6750 in Asian trading on Thursday, following the release of mixed Australian employment data. The extended post-Fed US Dollar recovery, amid a cautious market mood, could limit the pair's upside ahead of US data.
USD.JPY jumps toward 144.00 on the road to recovery
USD/JPY gains traction and approaches 144.00 in Thursday's Asian session. The uptick of the pair is bolstered by the impressive US Dollar recovery. Investors shift their attention to the US data and the Bank of Japan interest rate decision on Friday.
Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low
Gold price struggles to lure buyers despite the Fed’s jumbo interest rate cut on Wednesday. A further recovery in the US bond yields underpins the USD and caps the non-yielding metal. Concerns about an economic slowdown, along with geopolitical risks, help limit the downside.
Ethereum attempts recovery following first rate cut in four years
Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.