The Euro returned to weakness and trades near 1.3330 base, following yesterday’s sharp rally, driven by fundamentals, which showed again lack of strength to break above near-term congestion tops and pivotal barriers. Negative near-term studies keep the downside favored, with penetration through 1.3330 base, reinforced by weekly cloud base, to trigger fresh extension of larger descend from 1.3392, towards 1.3247, Fibonacci 38.2% of 1.2042/1.3392 ascend. Overextended daily conditions, however, may delay bears for prolonged consolidative phase.
Res: 1.3372; 1.3414; 1.3431; 1.3443
Sup: 1.3347; 1.3331; 1.3300; 1.3250
GBPUSD
Cable came under increased pressure and slumped below 1.6690 higher base, on Sterling-negative data, released yesterday. Overall bears are confirmed by loss of strong support and target at 1.6690, with immediate target at 1.6657, 200SMA, being tested and psychological 1.66 support coming in focus. Oversold near-term conditions, however, are expected to interrupt bears for consolidative/corrective action, with psychological 1.67 barrier offering initial resistance, ahead of 1.6735, Fibonacci 38.2% of 1.6843/1.6668 downleg/hourly 55SMA and 1.6755, previous lows and descent’s mid-point, where rallies should be ideally capped.
Res: 1.6700; 1.6735; 1.6755; 1.6766
Sup: 1.6655; 1.6600; 1.6563; 1.6500
USDJPY
The pair remains supported and moves higher after eventually breaking above 102.45/47 lower top/Fibonacci barriers. Positive near-term studies favor further upside and eventual test of pivotal 103 resistance zone, with the notion being supported by reversal pattern, which is close to completion on a daily chart. Previous peaks and 200SMA at 102.30 zone should ideally contain corrective dips, with potential loss of 102 handle, to sideline bulls.
Res: 102.64; 102.91; 103.07; 103.42
Sup: 102.30; 102.07; 102.00; 101.69
AUDUSD
Pair’s overall structure remains negative, as bearish accelerationoff 0.9372, 06 Aug lower top, posted new low at 0.9237, on approach to strong0.92 zone base. Brief upside attempts are expected to delay bears, which are lookingfor test of 0.92 higher base and 0.9180,Fibonacci 38.2% retracement of larger 0.8658/0.9503 bull phase, with loss ofthese supports expected to accelerate bears off 0.9503 peak. Consolidativeaction off 0.9237 low has cracked psychological 0.93 barrier, also 50% retracementof 0.9372/0.9237, which may delay bears, however, only break above 0.9372 lowertop would signal near-term base and more significant corrective action.
Res: 0.9320; 0.9372; 0.9400; 0.9423
Sup: 0.9286; 0.9237; 0.9200; 0.9180
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.