EURUSD
The single currency bounced after yesterday’s attempt at near-term range floor left marginally lower low at 1.3784. Cracking important resistance at 1.3830, 21 Apr high / main bear-trendline off 1.3904 peak / Fibonacci 61.8% retracement of 1.3863/1.3784 downleg, confirms base at 1.3790 zone and brings the price back to the range. Improved hourly structure sees potential for eventual push towards 1.3863, 17 Apr lower top and range top, regain of which to confirm double-bottom formation on 4-hour chart and re-focus key near-term barrier at 1.3904, 11 Apr peak. However, still weak 4-hour studies require caution and keep in play risk of possible stall and lower top formation under 1.3904. Corrective pullbacks off fresh highs should not exceed 1.38 support, to keep freshly established near-term bulls in play.
Res: 1.3850; 1.3863; 1.3904; 1.3941
Sup: 1.3800; 1.3784; 1.3760; 1.3736
GBPUSD
Cable trades in consolidative mode after probing levels above short-term congestion tops at 1.6820 and posting fresh multi-year high at 1.6841. Positive near-term tone keeps the upside in focus, as the price attempted again at the recent peak. Also, positive 4-hour studies support the notion, with eventual break above 1.6841 peak, required to resume larger rally and avert risk of deeper reversal, signaled by bearish MACD / RSI divergence formation. Break above 1.6841 to open 1.6877, November 2009 peak and 1.6900, round figure resistance in extension. Conversely, extension below initial support and consolidation floor at 1.6773, would signal corrective action, while only break below 1.67 higher base and Fibonacci 38.2% of 1.6464/1.6841 upleg, would revive near-term bears for stronger pullback.
Res: 1.6841; 1.6877; 1.6900; 1.6950
Sup: 1.6773; 1.6750; 1.6720; 1.6700
USDJPY
The pair maintains positive near-term tone and consolidates recent gains after extension from 101.85 higher low, so far tested 102.71, 50% retracement of 104.11/101.31. Further advance remains favored, with next barriers laying at 102.89, 100SMA and 103 zone, Fibonacci 61.8% retracement / daily cloud top, clearance of which to re-confirm 101.20/30 base and resume rally from 101.31, 11 Apr low. Bullish 20/55SMA’s crossover at 102.20 zone, also Fibonacci 38.2% retracement of 101.32/102.71 upleg, underpins the action and is seen as ideal reversal point in case of stronger pullback. Only loss of 101.85 higher low and Fibonacci 61.8% of 101.31/102.71 upleg, would bring near-term bears back in play and risk retest of 101.20 base. Negatively aligned daily studies would keep the downside at risk while 103 barrier caps recovery attempts.
Res: 102.71; 102.89; 103.00; 103.29
Sup: 102.40; 102.20; 102.00; 101.85
AUDUSD
The price accelerated reversal off 0.9460 peak after leaving lower top at 0.9377 and lost pivotal 0.9300 support, on a dip to 0.9272 so far. As hourly studies turned negative and 4-hour indicators remain in the negative territory, downside risk remains in play. Extension to the next strong support and breakpoint at 0.92 zone, 03 Apr higher low, reinforced by main bull-trendline, drawn off 0.8658, is seen as likely near-term scenario. Reversing daily indicators support the notion of deeper corrective action, as a part of larger uptrend from 0.8658, 19 Jan year-to-date low. Corrective rallies on oversold hourly conditions face initial 0.9300 barrier, ahead of previous consolidation floor at 0.9315, with extensions higher to be ideally capped under 0.9340, 61.8% of the fall from 0.9375, to keep bears intact. Upside pivot lies at 0.9375 and only break here to neutralize near-term bears.
Res: 0.9300; 0.9315; 0.9340; 0.9375
Sup: 0.9273; 0.9253; 0.9200; 0.9150
The single currency bounced after yesterday’s attempt at near-term range floor left marginally lower low at 1.3784. Cracking important resistance at 1.3830, 21 Apr high / main bear-trendline off 1.3904 peak / Fibonacci 61.8% retracement of 1.3863/1.3784 downleg, confirms base at 1.3790 zone and brings the price back to the range. Improved hourly structure sees potential for eventual push towards 1.3863, 17 Apr lower top and range top, regain of which to confirm double-bottom formation on 4-hour chart and re-focus key near-term barrier at 1.3904, 11 Apr peak. However, still weak 4-hour studies require caution and keep in play risk of possible stall and lower top formation under 1.3904. Corrective pullbacks off fresh highs should not exceed 1.38 support, to keep freshly established near-term bulls in play.
Res: 1.3850; 1.3863; 1.3904; 1.3941
Sup: 1.3800; 1.3784; 1.3760; 1.3736
GBPUSD
Cable trades in consolidative mode after probing levels above short-term congestion tops at 1.6820 and posting fresh multi-year high at 1.6841. Positive near-term tone keeps the upside in focus, as the price attempted again at the recent peak. Also, positive 4-hour studies support the notion, with eventual break above 1.6841 peak, required to resume larger rally and avert risk of deeper reversal, signaled by bearish MACD / RSI divergence formation. Break above 1.6841 to open 1.6877, November 2009 peak and 1.6900, round figure resistance in extension. Conversely, extension below initial support and consolidation floor at 1.6773, would signal corrective action, while only break below 1.67 higher base and Fibonacci 38.2% of 1.6464/1.6841 upleg, would revive near-term bears for stronger pullback.
Res: 1.6841; 1.6877; 1.6900; 1.6950
Sup: 1.6773; 1.6750; 1.6720; 1.6700
USDJPY
The pair maintains positive near-term tone and consolidates recent gains after extension from 101.85 higher low, so far tested 102.71, 50% retracement of 104.11/101.31. Further advance remains favored, with next barriers laying at 102.89, 100SMA and 103 zone, Fibonacci 61.8% retracement / daily cloud top, clearance of which to re-confirm 101.20/30 base and resume rally from 101.31, 11 Apr low. Bullish 20/55SMA’s crossover at 102.20 zone, also Fibonacci 38.2% retracement of 101.32/102.71 upleg, underpins the action and is seen as ideal reversal point in case of stronger pullback. Only loss of 101.85 higher low and Fibonacci 61.8% of 101.31/102.71 upleg, would bring near-term bears back in play and risk retest of 101.20 base. Negatively aligned daily studies would keep the downside at risk while 103 barrier caps recovery attempts.
Res: 102.71; 102.89; 103.00; 103.29
Sup: 102.40; 102.20; 102.00; 101.85
AUDUSD
The price accelerated reversal off 0.9460 peak after leaving lower top at 0.9377 and lost pivotal 0.9300 support, on a dip to 0.9272 so far. As hourly studies turned negative and 4-hour indicators remain in the negative territory, downside risk remains in play. Extension to the next strong support and breakpoint at 0.92 zone, 03 Apr higher low, reinforced by main bull-trendline, drawn off 0.8658, is seen as likely near-term scenario. Reversing daily indicators support the notion of deeper corrective action, as a part of larger uptrend from 0.8658, 19 Jan year-to-date low. Corrective rallies on oversold hourly conditions face initial 0.9300 barrier, ahead of previous consolidation floor at 0.9315, with extensions higher to be ideally capped under 0.9340, 61.8% of the fall from 0.9375, to keep bears intact. Upside pivot lies at 0.9375 and only break here to neutralize near-term bears.
Res: 0.9300; 0.9315; 0.9340; 0.9375
Sup: 0.9273; 0.9253; 0.9200; 0.9150
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.