USDJPY holds below daily cloud base. Key 118.31 support in n/t focus

EURUSD

The Euro ended past week in positive mode, following four consecutive positive daily closes and break and close above daily 20SMA at 1.0791. Last Friday’s rallies extended to 1.0847 high, after cracking 1.0837, Fibonacci 61.8% retracement of 1.1034/1.0519 descend. Near-term consolidation is under way, with Friday’s lows at 1.0736/32 and Fibonacci 38.2% of 1.0519/1.0847 rally at 1.0722, marking initial support, where consolidative action should be ideally contained, to keep bullish tone on near-term studies intact for fresh attempts higher. Extension above Friday’s peak at 1.0847, to open next significant barrier at 1.0905, daily Ichimoku cloud base, penetration of which to open way for possible return to key barriers at 1.1034/50, tops of 06 Apr / 26 Mar. Daily indicators are heading north and support further upside. Daily Kijun-sen line marks initial support at 1.0764, ahead of 1.0732/22, loss of which to delay immediate bulls and allow for stronger correction towards 1.0683 and 1.0644, 50% and 61.8% retracement of 1.0519/1.0847 upleg, with break of the latter to neutralize near-term bulls.

Res: 1.0822; 1.0847; 1.0886; 1.0905
Sup: 1.0764; 1.0732; 1.0683; 1.0644




GBPUSD

Cable eventually cracked key 1.50 barrier, on Friday’s spike to 1.5051, but failing to close above 1.50. However, weekly bullish engulfing, gives strong reversal signal, despite hesitation to clearly break pivotal 1.50 barrier that resulted in last Friday’s daily candle with long upper shadow. Near-term studies remain bullish, with positive setup of daily technicals, suggesting renewed attempts higher. Friday’s lows that created near-term base, offer initial support at 1.4915 and should ideally contain. Otherwise, stronger correction would be likely near-term scenario, with extended dips, expected to hold above sideways-moving daily 20SMA, currently at 1.4832, to keep the structure intact, while close below here would soften near-term tone and sideline attempts higher.

Res: 1.4982; 1.5008; 1.5051; 1.5100
Sup: 1.4914; 1.4865; 1.4832; 1.4810




USDJPY

The pair remains under pressure and resumes descend off 120.83 peak, after last Friday’s hesitation and close at daily cloud base that resulted in long-legged daily Doji candle. Today’s fresh acceleration lower heads towards key short-term support at 118.31, return to which to complete 118.31/120.83 bull-phase and confirm lower top at 120.83, for further extension of larger descend from 122.01 peak. Bears continue to dominate on all timeframes, with formation of daily 20/55SMA’s bear cross at 119.60 confirming negative structure. Daily cloud base at 118.92 marks initial resistance, ahead of daily 20SMA at 119.57, where corrective attempts should be capped.

Res: 118.92; 119.25; 119.57; 119.73
Sup: 118.31; 118.00; 117.35; 117.00




AUDUSD

Positive weekly close keeps the upside in focus for further recovery attempts, however last Friday’s close in red suggests consolidative action that is expected to precede fresh attempts higher. The pair holds positive near-term tone, after today’s open with gap higher and price action above 0.78 handle. Fresh attempts above Friday’s high at 0.7841, also Fibonacci 76.4% of 0.7936/0.7531 descend, to confirm bullish resumption towards key short-term barrier at 0.7936, peak of 26 Mar. Only loss of Friday’s low and consolidation range floor at 0.7757, would delay and signal stronger correction that should hold above 0.7696, daily 20SMA, to keep positive structure intact.

Res: 0.7825; 0.7841; 0.7882; 0.7911
Sup: 0.7789; 0.7757; 0.7732; 0.7696