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: Further losses retarget the 200-day SMA
Further gains in the greenback and a bearish performance of the commodity complex bolstered the continuation of the selling pressure in AUD/USD, which this time revisited three-day lows near 0.6560.
EUR/USD: Further weakness remains on the cards
EUR/USD added to Tuesday’s pullback and retested the 1.0730 region on the back of the persistent recovery in the Greenback, always against the backdrop of the resurgence of the Fed-ECB monetary policy divergence.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
Bitcoin price dips to $61K range, encourages buying spree among BTC fish, dolphins and sharks
Bitcoin (BTC) price is chopping downwards on the one-day time frame, while the outlook seen in the one-week period is a horizontal trade. In this shakeout moment, data shows that large holders are using the correction to buy up BTC.
Navigating the future of precious metals
In a recent episode of the Vancouver Resource Investment Conference podcast, hosted by Jesse Day, guests Stefan Gleason and JP Cortez shared their expert analysis on the dynamics of the gold and silver markets and discussed legislative efforts to promote these metals as sound money in the United States.