EURUSD
The Euro is at the back foot in near-term price action, with corrective pullback off 1.3699 peak, probing below trendline support and strong 1.3650 support area, previous highs of 19/25 June and Fibonacci 38.2% retracement of 1.3573/1.3699 upleg. Negatively aligned hourly studies do not rule out further easing, with the notion being supported by traction losing 4-hour technicals. Daily close below 1.3650., with extension below 1.3627/21, double Fibonacci support and attempt at psychological 1.36 handle, to confirm daily reversal pattern and negative stance for stronger correction of the upleg from 1.35 zone. Otherwise, fresh strength through 200SMA at 1.3672 and eventual break above 1.37 barrier, to complete corrective action and higher low formation for fresh extension of bull-leg from 1.35 base.
Res: 1.3680; 1.3700; 1.3735; 1.3747
Sup: 1.3640; 1.3621; 1.3600; 1.3573
GBPUSD
Cable maintains positive tone and continues to trend higher, with break above 1.71 hurdle, confirming strong bullish tone. Completion of 1.7061/1.6950 corrective phase, resumes larger uptrend and approaches round figure barrier at 1.7200. However, overbought 4-hour and daily conditions require caution, with potential corrective actions to face immediate supports at 1.7100 and 1.7061, previous barriers. Only extension below psychological 1.7000 level and higher base at 1.6950, would sideline bulls for stronger reversal.
Res: 1.7175; 1.7200; 1.7250; 1.7300
Sup: 1.7100; 1.7061; 1.7000; 1.6950
USDJPY
The pair regained traction and bounced from dangerous zone after bottoming at 101.22. Fresh strength retraced nearly 76.4% of the slide from 102.15, as the price approaches psychological 102 barrier. Sustained break here to signal further recovery for test of breakpoints at 102.15/35, regain of which to confirm recovery. Studies of lower timeframes are positive and support further upside, however, overbought hourly conditions may delay rally for consolidation. Previous high at 101.64, also Fibonacci 38.2% of the rally from 101.22, reinforced by hourly 55SMA, should hold deeper dips.
Res: 102.00; 102.15; 102.35; 102.63
Sup: 101.74; 101.64; 101.39; 101.22
AUDUSD
The pair slumped after fresh acceleration above previous key level at 0.9460 stalled at 0.9503. Resumption of larger upleg off 0.92 higher base is now sidelined, as fresh bearish acceleration took out important supports and attempts below bull-trendline off 0.9209 low, also higher base and 50% of 0.9209/0.9503 upleg at 0.9355. With near-term technicals establishing in the negative territory, further weakness and test of the breakpoint at 1.6920, is seen likely. This will also confirm near-term top at 0.9503, ahead of further easing.
Res: 0.9385; 0.9411; 0.9442; 0.9463
Sup: 0.9335; 0.9320; 0.9300; 0.9278
The Euro is at the back foot in near-term price action, with corrective pullback off 1.3699 peak, probing below trendline support and strong 1.3650 support area, previous highs of 19/25 June and Fibonacci 38.2% retracement of 1.3573/1.3699 upleg. Negatively aligned hourly studies do not rule out further easing, with the notion being supported by traction losing 4-hour technicals. Daily close below 1.3650., with extension below 1.3627/21, double Fibonacci support and attempt at psychological 1.36 handle, to confirm daily reversal pattern and negative stance for stronger correction of the upleg from 1.35 zone. Otherwise, fresh strength through 200SMA at 1.3672 and eventual break above 1.37 barrier, to complete corrective action and higher low formation for fresh extension of bull-leg from 1.35 base.
Res: 1.3680; 1.3700; 1.3735; 1.3747
Sup: 1.3640; 1.3621; 1.3600; 1.3573
GBPUSD
Cable maintains positive tone and continues to trend higher, with break above 1.71 hurdle, confirming strong bullish tone. Completion of 1.7061/1.6950 corrective phase, resumes larger uptrend and approaches round figure barrier at 1.7200. However, overbought 4-hour and daily conditions require caution, with potential corrective actions to face immediate supports at 1.7100 and 1.7061, previous barriers. Only extension below psychological 1.7000 level and higher base at 1.6950, would sideline bulls for stronger reversal.
Res: 1.7175; 1.7200; 1.7250; 1.7300
Sup: 1.7100; 1.7061; 1.7000; 1.6950
USDJPY
The pair regained traction and bounced from dangerous zone after bottoming at 101.22. Fresh strength retraced nearly 76.4% of the slide from 102.15, as the price approaches psychological 102 barrier. Sustained break here to signal further recovery for test of breakpoints at 102.15/35, regain of which to confirm recovery. Studies of lower timeframes are positive and support further upside, however, overbought hourly conditions may delay rally for consolidation. Previous high at 101.64, also Fibonacci 38.2% of the rally from 101.22, reinforced by hourly 55SMA, should hold deeper dips.
Res: 102.00; 102.15; 102.35; 102.63
Sup: 101.74; 101.64; 101.39; 101.22
AUDUSD
The pair slumped after fresh acceleration above previous key level at 0.9460 stalled at 0.9503. Resumption of larger upleg off 0.92 higher base is now sidelined, as fresh bearish acceleration took out important supports and attempts below bull-trendline off 0.9209 low, also higher base and 50% of 0.9209/0.9503 upleg at 0.9355. With near-term technicals establishing in the negative territory, further weakness and test of the breakpoint at 1.6920, is seen likely. This will also confirm near-term top at 0.9503, ahead of further easing.
Res: 0.9385; 0.9411; 0.9442; 0.9463
Sup: 0.9335; 0.9320; 0.9300; 0.9278
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.