EURUSD
The single currency closed the week in red, falling off 1.3699, 01 July upside rejection and closing Friday’s trade below psychological 1.36 support. Fresh weakness of week’s early trade signals continuation of one week downtrend, as the price fell below Fibonacci 61.8% retracement of 1.3511/1.3699 upleg. Bearish near-term studies see scope for fresh extension of the downleg from 1.3699 peak and return to 1.35 zone base and main bull-trendline, drawn off 1.3511 low, for full retracement of 1.311/1.3699 ascend. Possible extension below 1.35 base and 1.3475, 03 Feb higher low, to signal stronger correction of larger 1.2042/1.3992, July 2012 / May 2014 rally. Negatively aligned daily technicals support the notion, with slide below 1.3500/1.3475 handles, required to confirm scenario. Corrective rallies to face immediate resistance at 1.3600, session high and daily Kijun-sen line, ahead of 1.3620/30 zone, last week’s post-US data consolidation top and 4-hour double SMA’s bearish cross, above which to delay immediate bears.
Res: 1.3600; 1.3620; 1.3640; 1.3662
Sup: 1.3574; 1.3563; 1.3534; 1.3511
GBPUSD
Cable maintains overall positive tone, with near-term price action being in consolidation mode, off fresh highs at 1.7175. Studies on 4-hour chart are in descending mode, with hourly technicals holding neutral tone that confirms near-term consolidative scenario, while the price holds above consolidation floor at 1.71. Otherwise, stronger correction may be triggered on a break below 1.71 handle. Overbought daily technicals support the notion and loss of 1.71 handle to open next strong levels at 1.7000 and 1.6950.
Res: 1.7165; 1.7177; 1.7200; 1.7250
Sup: 1.7129; 1.7100; 1.7061; 1.7000
USDJPY
The pair trades in consolidative phase around 102 handle, after fresh extension of the upleg from 101.22 base, peaked at 102.25. Positive near-term structure favors eventual push through pivotal 102.35 peak, to complete 4-hour cup-and-holder reversal pattern and allow for further retracement of 102.78/101.22 descend. Psychological 102 level offers initial support, ahead of 101.72, 200SMA / 4-hour 20/55SMA’s bullish cross, where extended corrective dips should be contained.
Res: 102.25; 102.35; 102.63; 102.78
Sup: 102.00; 101.72; 101.60; 101.39
AUDUSD
The pair entered near-term consolidative mode after extended weakness off fresh high at 0.9503 nearly fully retraced 0.9320/0.9503 ascend, on a fall to 0.9327 so far. Bears remain in play on lower timeframes studies, which favor final push through the next strong support at 0.9320, low of 18 June and 61.8% retracement of 0.9209/0.9503, ascend. Consolidative / corrective action on oversold near-term conditions is expected to precede fresh leg lower. Initial resistance lies at 0.9365, consolidation top, ahead of 0.94 zone, between 38.2% and 50% retracement of 0.9503/0.9372 descend and 0.9436, 61.8%, where upside attempts should be capped.
Res: 0.9365; 0.9395; 0.9415; 0.9436
Sup: 0.9327; 0.9320; 0.9300; 0.9278
The single currency closed the week in red, falling off 1.3699, 01 July upside rejection and closing Friday’s trade below psychological 1.36 support. Fresh weakness of week’s early trade signals continuation of one week downtrend, as the price fell below Fibonacci 61.8% retracement of 1.3511/1.3699 upleg. Bearish near-term studies see scope for fresh extension of the downleg from 1.3699 peak and return to 1.35 zone base and main bull-trendline, drawn off 1.3511 low, for full retracement of 1.311/1.3699 ascend. Possible extension below 1.35 base and 1.3475, 03 Feb higher low, to signal stronger correction of larger 1.2042/1.3992, July 2012 / May 2014 rally. Negatively aligned daily technicals support the notion, with slide below 1.3500/1.3475 handles, required to confirm scenario. Corrective rallies to face immediate resistance at 1.3600, session high and daily Kijun-sen line, ahead of 1.3620/30 zone, last week’s post-US data consolidation top and 4-hour double SMA’s bearish cross, above which to delay immediate bears.
Res: 1.3600; 1.3620; 1.3640; 1.3662
Sup: 1.3574; 1.3563; 1.3534; 1.3511
GBPUSD
Cable maintains overall positive tone, with near-term price action being in consolidation mode, off fresh highs at 1.7175. Studies on 4-hour chart are in descending mode, with hourly technicals holding neutral tone that confirms near-term consolidative scenario, while the price holds above consolidation floor at 1.71. Otherwise, stronger correction may be triggered on a break below 1.71 handle. Overbought daily technicals support the notion and loss of 1.71 handle to open next strong levels at 1.7000 and 1.6950.
Res: 1.7165; 1.7177; 1.7200; 1.7250
Sup: 1.7129; 1.7100; 1.7061; 1.7000
USDJPY
The pair trades in consolidative phase around 102 handle, after fresh extension of the upleg from 101.22 base, peaked at 102.25. Positive near-term structure favors eventual push through pivotal 102.35 peak, to complete 4-hour cup-and-holder reversal pattern and allow for further retracement of 102.78/101.22 descend. Psychological 102 level offers initial support, ahead of 101.72, 200SMA / 4-hour 20/55SMA’s bullish cross, where extended corrective dips should be contained.
Res: 102.25; 102.35; 102.63; 102.78
Sup: 102.00; 101.72; 101.60; 101.39
AUDUSD
The pair entered near-term consolidative mode after extended weakness off fresh high at 0.9503 nearly fully retraced 0.9320/0.9503 ascend, on a fall to 0.9327 so far. Bears remain in play on lower timeframes studies, which favor final push through the next strong support at 0.9320, low of 18 June and 61.8% retracement of 0.9209/0.9503, ascend. Consolidative / corrective action on oversold near-term conditions is expected to precede fresh leg lower. Initial resistance lies at 0.9365, consolidation top, ahead of 0.94 zone, between 38.2% and 50% retracement of 0.9503/0.9372 descend and 0.9436, 61.8%, where upside attempts should be capped.
Res: 0.9365; 0.9395; 0.9415; 0.9436
Sup: 0.9327; 0.9320; 0.9300; 0.9278
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