EURUSD
The Euro resumes reversal and establishes fresh direction lower after breaking below near-term congestion. The second consecutive close in red, confirms near-term bears are back to play, as extension of reversal from 1.2884 peak retraced over 61.8% of 1.2499/1.2887 corrective rally. Immediate target at 1.2603, higher lows of 10 Oct respectively, with break lower expected to re-focus key near-term support at 1.2499, low of 03 Oct. Descending daily 20SMA, offers initial resistance at 1.2690, ahead of 1.2700/30, former congestion lows and broken bull-trendline off 1.2499, below which corrective rallies should be ideally capped.
Res: 1.2690; 1.2700; 1.2730; 1.2758
Sup: 1.2612; 1.2603; 1.2582; 1.2541
GBPUSD
Cable accelerated lower and extended pullback from 1.6182, to approach psychological 1.60 support. This establishes fresh bears on 4-hour chart studies for further weakness and retracement of 1.5873/1.6182 ascend, as overall bears remain intact, after descending daily 20SMA limited upside attempts, keeping pivotal 1.6200/25 barrier intact. However, break and daily close below daily Tenkan-sen line at 1.6028 and psychological 1.6000 support, is required to confirm bearish resumption, which will be targeting 1.5991, Fibonacci 61.8% of 1.5873/1.6182 and 1.5939, higher low of 16 Oct, in extension, with full reversal of 1.2873/1.6182 ascend, expected to come on near-term agenda. Yesterday’s intraday high and consolidation top at 1.6076, offers initial resistance, ahead of 1.6100 and 1.6130 lower top, below which corrective rallies should ideally reverse. Alternative scenario requires break and close above 1.6225 breakpoint, to bring bulls back in play.
Res: 1.6076; 1.6100; 1.6130; 1.6182
Sup: 1.6010; 1.5991; 1.5939; 1.5900
USDJPY
The pair stabilizes above 107 support, as fresh attempts higher nearly fully retraced 170.38/106.23 corrective pullback, with daily 20SMA at 107.35, being tested so far. Near-term studies are turning bullish, which supports further action higher, however, weak daily studies see risk of repeated rejection at 107.50/63 breakpoint, lower top of 15 Oct / 50% of 109.89/105.18 descend / daily Kijun-sen line, which would signal prolonged consolidation above 106.23, before fresh push lower. Conversely, clear break above 107.50/60 hurdles, to confirm bullish resumption of recovery rally from 105.18, 15 Oct low
Res: 107.35; 107.50; 107.63; 108.00
Sup: 106.77; 106.60; 106.23; 106.11
AUDUSD
Near-term picture remains unchanged, as price action continues to move in a range trading. Near-term studies remain neutral and require trigger to break either side of the range, to establish fresh direction, with repeated Doji confirming indecision. However, overall bearish structure, favors resumption of larger downtrend from 0.9400 lower top, on completion of short-term consolidative phase. Only clear break above 0.89 breakpoint and range top would put larger bears on hold, for stronger correction of larger 0.94000/0.8641 descend.
Res: 0.8800; 0.8813; 0.8836; 0.8858
Sup: 0.8747; 0.8731; 0.8700; 0.8684
The Euro resumes reversal and establishes fresh direction lower after breaking below near-term congestion. The second consecutive close in red, confirms near-term bears are back to play, as extension of reversal from 1.2884 peak retraced over 61.8% of 1.2499/1.2887 corrective rally. Immediate target at 1.2603, higher lows of 10 Oct respectively, with break lower expected to re-focus key near-term support at 1.2499, low of 03 Oct. Descending daily 20SMA, offers initial resistance at 1.2690, ahead of 1.2700/30, former congestion lows and broken bull-trendline off 1.2499, below which corrective rallies should be ideally capped.
Res: 1.2690; 1.2700; 1.2730; 1.2758
Sup: 1.2612; 1.2603; 1.2582; 1.2541
GBPUSD
Cable accelerated lower and extended pullback from 1.6182, to approach psychological 1.60 support. This establishes fresh bears on 4-hour chart studies for further weakness and retracement of 1.5873/1.6182 ascend, as overall bears remain intact, after descending daily 20SMA limited upside attempts, keeping pivotal 1.6200/25 barrier intact. However, break and daily close below daily Tenkan-sen line at 1.6028 and psychological 1.6000 support, is required to confirm bearish resumption, which will be targeting 1.5991, Fibonacci 61.8% of 1.5873/1.6182 and 1.5939, higher low of 16 Oct, in extension, with full reversal of 1.2873/1.6182 ascend, expected to come on near-term agenda. Yesterday’s intraday high and consolidation top at 1.6076, offers initial resistance, ahead of 1.6100 and 1.6130 lower top, below which corrective rallies should ideally reverse. Alternative scenario requires break and close above 1.6225 breakpoint, to bring bulls back in play.
Res: 1.6076; 1.6100; 1.6130; 1.6182
Sup: 1.6010; 1.5991; 1.5939; 1.5900
USDJPY
The pair stabilizes above 107 support, as fresh attempts higher nearly fully retraced 170.38/106.23 corrective pullback, with daily 20SMA at 107.35, being tested so far. Near-term studies are turning bullish, which supports further action higher, however, weak daily studies see risk of repeated rejection at 107.50/63 breakpoint, lower top of 15 Oct / 50% of 109.89/105.18 descend / daily Kijun-sen line, which would signal prolonged consolidation above 106.23, before fresh push lower. Conversely, clear break above 107.50/60 hurdles, to confirm bullish resumption of recovery rally from 105.18, 15 Oct low
Res: 107.35; 107.50; 107.63; 108.00
Sup: 106.77; 106.60; 106.23; 106.11
AUDUSD
Near-term picture remains unchanged, as price action continues to move in a range trading. Near-term studies remain neutral and require trigger to break either side of the range, to establish fresh direction, with repeated Doji confirming indecision. However, overall bearish structure, favors resumption of larger downtrend from 0.9400 lower top, on completion of short-term consolidative phase. Only clear break above 0.89 breakpoint and range top would put larger bears on hold, for stronger correction of larger 0.94000/0.8641 descend.
Res: 0.8800; 0.8813; 0.8836; 0.8858
Sup: 0.8747; 0.8731; 0.8700; 0.8684
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early 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.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
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.