EURUSD
The Euro extended corrective rally from 1.0530 higher low of 14 Apr, to crack key barrier at 1.08, daily 20SMA, on probe above hourly bull-channel upper boundary and extension to fresh high at 1.0816, yesterday. Today’s price action consolidates under 1.08 barrier, with positive tone persisting and supportive for fresh attempts higher. Daily studies are gaining bullish tone, with break of pivotal 20SMA at 1.08 and Fibonacci 61.8% of 1.1034/1.0519 at 1.0837, required to confirm and resume recovery. Otherwise, prolonged consolidation could be likely scenario. Daily Tenkan-sen line contained today’s dip to 1.0736 for now, protecting next pivotal supports at 1.0719/07, daily 10SMA / former top of 14 Apr / Fibonacci 38.2% retracement of 1.0530/1.0816 upleg. Only break and close below here would soften near-term tone and signal further easing.
Res: 1.0802; 1.0816; 1.0837; 1.0886
Sup: 1.0751; 1.0736; 1.0707; 1.0683
GBPUSD
Cable continues to trend higher, extending corrective rally from 1.4563, on the fourth consecutive positive daily close, marked by long green candles. Fresh extension above broken daily 20SMA that now underpins the rally at 1.4830 cracked the lower boundary of key resistance zone and breakpoint at 1.4970/1.5000. Bullish near-term studies and daily technicals gaining positive tone, support the price action for eventual break higher, to signal further recovery. However, hesitation on approach to pivotal barrier, cannot be ruled out, with consolidative phase, signaled by sideways moving hourly indicators. Bull-trendline off 1.4600, offers good support at 1.4877, ahead of 1.4810, hourly higher base and near Fibonacci 38.2% of 1.4563/1.4971 upleg, where extended dips should ideally find support.
Res: 1.4968; 1.5000; 1.5050; 1.5100
Sup: 1.4914; 1.4877; 1.4810; 1.4771
USDJPY
The pair remains under pressure, with signals of ending near-term price action consolidating above 118.78, lows of past two days, being given on fresh attempts lower and final test of 118.70, 03 Apr low. Yesterday’s repeated close in red, maintains bearish tone, however, long shadows of daily candle suggest hesitation on approach to key support at 118.31, 26 Mar low. With bearish setup on near-term and daily studies, consolidation is seen preceding eventual push towards 118.31 low, to fully retrace 118.31/120.83 upleg and signal fresh extension of pullback from 122.01peak. Initial resistance lies at 119.46, consolidation range top, ahead of 119.73, lower top of 15 Apr, where extended corrective attempts should be capped.
Res: 119.12; 119.46; 119.73; 120.10
Sup: 118.70; 118.31; 118.00; 117.35
AUDUSD
The pair maintains positive near-term tone, with yesterday’s acceleration to a fresh high at 0.7820 and daily close in long green candle and above 0.78 barrier, confirming near-term recovery phase. Formation of double-bottom at 0.7531/51 and extension above Fibonacci 61.8% retracement of 0.7936/0.7531 downleg, signals further recovery and attack at pivotal barrier and short-term consolidation top at 0.7936, break of which to confirm base and trigger stronger recovery action. Consolidative phase off fresh high at 0.7820 was so far contained at 0.7768, guarding 0.7730/18 supports, higher low of recovery rally from 0.7553, posted yesterday and Fibonacci 38.2% of 0.7553/0.7820 upleg, ahead of pivotal 0.77 support, daily 20SMA, loss of which to soften near-term tone.
Res: 0.7820; 0.7841; 0.7882; 0.7911
Sup: 0.7768; 0.7730; 0.7718; 0.7700
The Euro extended corrective rally from 1.0530 higher low of 14 Apr, to crack key barrier at 1.08, daily 20SMA, on probe above hourly bull-channel upper boundary and extension to fresh high at 1.0816, yesterday. Today’s price action consolidates under 1.08 barrier, with positive tone persisting and supportive for fresh attempts higher. Daily studies are gaining bullish tone, with break of pivotal 20SMA at 1.08 and Fibonacci 61.8% of 1.1034/1.0519 at 1.0837, required to confirm and resume recovery. Otherwise, prolonged consolidation could be likely scenario. Daily Tenkan-sen line contained today’s dip to 1.0736 for now, protecting next pivotal supports at 1.0719/07, daily 10SMA / former top of 14 Apr / Fibonacci 38.2% retracement of 1.0530/1.0816 upleg. Only break and close below here would soften near-term tone and signal further easing.
Res: 1.0802; 1.0816; 1.0837; 1.0886
Sup: 1.0751; 1.0736; 1.0707; 1.0683
GBPUSD
Cable continues to trend higher, extending corrective rally from 1.4563, on the fourth consecutive positive daily close, marked by long green candles. Fresh extension above broken daily 20SMA that now underpins the rally at 1.4830 cracked the lower boundary of key resistance zone and breakpoint at 1.4970/1.5000. Bullish near-term studies and daily technicals gaining positive tone, support the price action for eventual break higher, to signal further recovery. However, hesitation on approach to pivotal barrier, cannot be ruled out, with consolidative phase, signaled by sideways moving hourly indicators. Bull-trendline off 1.4600, offers good support at 1.4877, ahead of 1.4810, hourly higher base and near Fibonacci 38.2% of 1.4563/1.4971 upleg, where extended dips should ideally find support.
Res: 1.4968; 1.5000; 1.5050; 1.5100
Sup: 1.4914; 1.4877; 1.4810; 1.4771
USDJPY
The pair remains under pressure, with signals of ending near-term price action consolidating above 118.78, lows of past two days, being given on fresh attempts lower and final test of 118.70, 03 Apr low. Yesterday’s repeated close in red, maintains bearish tone, however, long shadows of daily candle suggest hesitation on approach to key support at 118.31, 26 Mar low. With bearish setup on near-term and daily studies, consolidation is seen preceding eventual push towards 118.31 low, to fully retrace 118.31/120.83 upleg and signal fresh extension of pullback from 122.01peak. Initial resistance lies at 119.46, consolidation range top, ahead of 119.73, lower top of 15 Apr, where extended corrective attempts should be capped.
Res: 119.12; 119.46; 119.73; 120.10
Sup: 118.70; 118.31; 118.00; 117.35
AUDUSD
The pair maintains positive near-term tone, with yesterday’s acceleration to a fresh high at 0.7820 and daily close in long green candle and above 0.78 barrier, confirming near-term recovery phase. Formation of double-bottom at 0.7531/51 and extension above Fibonacci 61.8% retracement of 0.7936/0.7531 downleg, signals further recovery and attack at pivotal barrier and short-term consolidation top at 0.7936, break of which to confirm base and trigger stronger recovery action. Consolidative phase off fresh high at 0.7820 was so far contained at 0.7768, guarding 0.7730/18 supports, higher low of recovery rally from 0.7553, posted yesterday and Fibonacci 38.2% of 0.7553/0.7820 upleg, ahead of pivotal 0.77 support, daily 20SMA, loss of which to soften near-term tone.
Res: 0.7820; 0.7841; 0.7882; 0.7911
Sup: 0.7768; 0.7730; 0.7718; 0.7700
Recommended Content
Editors’ Picks
EUR/USD advances toward 1.1200 on renewed US Dollar weakness
EUR/USD is extending gains toward 1.1200 on Friday, finding fresh demand near 1.1150. Risk sentiment improves and weighs on the US Dollar, allowing the pair to regain traction. The Greenback also reels from the pain of the dovish Fed outlook, with Fedspeak back on tap.
Gold price advances further beyond $2,600 mark, fresh record high
Gold price (XAU/USD) gains positive traction for the second successive day on Friday and advances to a fresh record high, beyond the $2,600 mark during the early European session.
USD/JPY recovers to 143.00 area during BoJ Governor Ueda's presser
USD/JPY stages a recovery toward 143.00 in the European morning following the initial pullback seen after the BoJ's decision to maintain status quo. In the post-meeting press conference, Governor Ueda reiterated that they will adjust the degree of easing if needed.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.