AUDUSD below daily cloud base on overnight's fresh acceleration

EURUSD

Euro extended losses further yesterday and posted fresh low at 1.0818, but dips were short-lived. Subsequent bounce returned to magnetic 1.09 zone, but daily action remained capped by 55SMA at 1.0928, guarding more significant daily Ichimoku cloud top at 1.0955. While the latter stays intact, near-term outlook is expected to remain bearish and look for fresh attempts towards next target, daily Ichimoku cloud base at 1.0750. The notion is supported by daily indicators breaking into negative territory and expanding 20d Bollinger bands.. Alternative scenario requires break above cloud top and regain of weekly highs at 1.10 zone, to sideline immediate downside threats.

Res: 1.0928; 1.0955; 1.1008; 1.1058
Sup: 1.0888; 1.0860; 1.0818; 1.0800





GBPUSD

The pair remains under pressure and closed in red, with fresh weakness testing psychological 1.53 support and fresh low of descend from 1.5813 peak. Daily close below Fibonacci 61.8% of 1.5086/1.5813 at 1.5364, confirms downside pressure, however, long-legged daily candle of yesterday, suggest hesitation. The notion is also supported by false break below initial 1.5335 support, Fibonacci 38.2% of 1.4563/1.5813 rally that would signal prolonged consolidation, before fresh attempts lower. South-heading daily indicators maintain pressure, with momentum studies in the negative territory. Yesterday’s top at 1.5435 and former base at 1.5445, mark initial barriers, ahead of pivotal daily 20SMA at 1.5462, above which to signal correction. Key near-term barrier lies at 1.5552, daily 10/200SMA’s death cross.


Res: 1.5400; 1.5445; 1.5462; 1.5505
Sup: 1.5335; 1.5300; 1.5258; 1.5234







USDJPY

The pair remains well supported and resumes strong acceleration that probed above psychological 124 barrier yesterday and cracked key long-term target at 124.14, June 2007 peak, on today’s rallies. Fresh high was posted at 124.30, Fibonacci 161.8% projection of bounce from 118.31, former consolidation floor, with next target at 125.71, 200% projection. Consolidation on overbought near-term conditions is under way, with session low / 4-hour Tenkan-sen at 123.48, marking initial support, ahead of 123.20, Fibonacci 38.2% of 121.43/124.30 upleg and hourly higher base at 122.80, also near 50% retracement. Bulls continue to travel higher, despite overbought daily studies that warn of stronger correction, however, no reversal signal being generated yet.

Res: 124.00; 124.30; 125.00; 125.71
Sup: 123.48; 123.20; 122.85; 122.52






AUDUSD

Renewed weakness today posted fresh low at 0.7669 and attempts again below daily Ichimoku cloud base, on overnight’s fresh acceleration lower. Yesterday’s long-legged daily candle signaled hesitation, as the price closed above cracked cloud base. Strong bearish setup of daily studies favors further downside and looks for full retracement of 0.7531/0.8161 ascend, as the pair cracked 0.7680, Fibonacci 76.4% retracement, with no significant obstacles seen en-route. Highs of the session and yesterday, mark initial resistances at 0.7760/67, also Fibonacci 38.2% of 0.7930/0.7669, below which price action is expected to be capped, to keep intact of daily 55SMA at 0.7791 and daily 100SMA at 0.7826.

Res: 0.7715; 0.7734; 0.7767; 0.7791
Sup: 0.7669; 0.7650; 0.7600; 0.7570