EURUSD
Euro remains at the back foot in near-term trading, as renewed worries about Greece, put the pair under pressure at the start of the week. Friday’s rejection at psychological 1.10 barrier, reinforced by falling daily 10SMA, triggered fresh acceleration lower that broke below daily Ichimoku cloud at 1.0955, also taking out trendline support at 1.0940, to test 1.0890, Fibonacci 61.8% of 1.0818/1.1004 upleg, so far. Today’s fresh weakness neutralizes hopes of stronger recovery, signaled by formation of Three White Soldiers reversal pattern and reverses near-term focus lower. Monthly close in red also confirms Euro’s negative stance. Weak near-term studies favor break below temporary footstep at 1.0890, for extension towards 28. May’s hourly trough at 1.0865, to open key 1.0818 support, low of 27 May, for resumption of larger bears from 1.1465, 15 May peak. Bounce off 1.0890, fresh session low, is seen as corrective and expected to find ceiling at 1.0947/55, broken bull-trendline, off 1.0818 low / daily Ichimoku cloud top. Only regain of 1.10 pivot would sideline fresh downside threats.
Res: 1.0929; 1.0955; 1.0966; 1.1004
Sup: 1.0890; 1.0865; 1.0818; 1.0782
GBPUSD
Today’s fresh acceleration lower resumes Sterling’s larger downmove that commenced from 1.5813 and leaves hourly lower platform at 1.53 zone, last Friday’s / today’s consolidation top, extending losses to psychological 1.52 support, so far. Negative near-term stance is confirmed by six daily closes in red and the second weekly close in long red candle. Bearish structure is seen on all timeframes and maintains downside risk towards initial target at 1.5188, 50% retracement of 1.4563/1.5813 rally, break of which and daily 100/55 SMA’s at 1.5160/1.5130, to open way for full retracement of 1.5086/1.5813 upleg and extension towards daily Ichimoku cloud top at 1.5057. Initial resistance lies at 1.53 lower platform, ahead of 1.5335, former 38.2% retracement support, now resistance, also Friday’s top, where corrective rallies should be capped.
Res: 1.5234; 1.5300; 1.5335; 1.5387
Sup: 1.5188; 1.5160; 1.5130; 1.5100
USDJPY
The pair trades around 124 handle, being entrenched within near-term 123.60/124.44 consolidative range that followed last week’s extension that posted fresh 12.5 year peak at 124.44. Strong bullish weekly and monthly close, signals that the latest acceleration from 118.87 is not over and the pair could extend bulls further. Pause in recent strong rally cannot be ruled out, as daily studies are overbought, however, no reversal signals being generated yet, as daily momentum studies and MACD are still heading north, while RSI and Stochastic are in sideways mode, holding in overbought zone and 20d Bollinger bands remain expanded. Ideally, initial support and range floor at 123.60, should contain, to prevent further easing towards next supports at 123.30, 26/27 May former top, also Fibonacci 38.2% of 121.43/124.44 upleg and 122.76/58, 27 May higher low and Fibonacci 61.8% of 121.43/124.44. Resumption of larger uptrend through 124.44, to open psychological 125 barrier and in extension, 125.54, 200% Fibonacci projection of bounce from 118.50, former consolidation floor.
Res: 124.33; 124.44; 125.00; 125.54
Sup: 123.60; 123.30; 122.76; 122.58
AUDUSD
Near-term price action comes under pressure and focuses 0.7615, 28 May fresh low of strong acceleration from 0.8161, 14 May peak, after near-term consolidation’s top 0.7672, stayed intact on today’s attempts higher. The pair maintains strong bearish tone, confirmed by past week’s and monthly close in long red candles. Friday’s Doji could be a signal of temporary hesitation on approach to key short-term support at 0.7531, 02 Apr low, to complete corrective 0.7531/0.8161 phase and signal resumption of broader downtrend. Peak of last Friday at 0.7672, remains initial barrier, with violation here to expose more significant daily Ichimoku cloud base at 0.7715, below which corrective attempts should be capped.
Res: 0.7672; 0.7711; 0.7767; 0.7810
Sup: 0.7615; 0.7570; 0.7553; 0.7531
Euro remains at the back foot in near-term trading, as renewed worries about Greece, put the pair under pressure at the start of the week. Friday’s rejection at psychological 1.10 barrier, reinforced by falling daily 10SMA, triggered fresh acceleration lower that broke below daily Ichimoku cloud at 1.0955, also taking out trendline support at 1.0940, to test 1.0890, Fibonacci 61.8% of 1.0818/1.1004 upleg, so far. Today’s fresh weakness neutralizes hopes of stronger recovery, signaled by formation of Three White Soldiers reversal pattern and reverses near-term focus lower. Monthly close in red also confirms Euro’s negative stance. Weak near-term studies favor break below temporary footstep at 1.0890, for extension towards 28. May’s hourly trough at 1.0865, to open key 1.0818 support, low of 27 May, for resumption of larger bears from 1.1465, 15 May peak. Bounce off 1.0890, fresh session low, is seen as corrective and expected to find ceiling at 1.0947/55, broken bull-trendline, off 1.0818 low / daily Ichimoku cloud top. Only regain of 1.10 pivot would sideline fresh downside threats.
Res: 1.0929; 1.0955; 1.0966; 1.1004
Sup: 1.0890; 1.0865; 1.0818; 1.0782
GBPUSD
Today’s fresh acceleration lower resumes Sterling’s larger downmove that commenced from 1.5813 and leaves hourly lower platform at 1.53 zone, last Friday’s / today’s consolidation top, extending losses to psychological 1.52 support, so far. Negative near-term stance is confirmed by six daily closes in red and the second weekly close in long red candle. Bearish structure is seen on all timeframes and maintains downside risk towards initial target at 1.5188, 50% retracement of 1.4563/1.5813 rally, break of which and daily 100/55 SMA’s at 1.5160/1.5130, to open way for full retracement of 1.5086/1.5813 upleg and extension towards daily Ichimoku cloud top at 1.5057. Initial resistance lies at 1.53 lower platform, ahead of 1.5335, former 38.2% retracement support, now resistance, also Friday’s top, where corrective rallies should be capped.
Res: 1.5234; 1.5300; 1.5335; 1.5387
Sup: 1.5188; 1.5160; 1.5130; 1.5100
USDJPY
The pair trades around 124 handle, being entrenched within near-term 123.60/124.44 consolidative range that followed last week’s extension that posted fresh 12.5 year peak at 124.44. Strong bullish weekly and monthly close, signals that the latest acceleration from 118.87 is not over and the pair could extend bulls further. Pause in recent strong rally cannot be ruled out, as daily studies are overbought, however, no reversal signals being generated yet, as daily momentum studies and MACD are still heading north, while RSI and Stochastic are in sideways mode, holding in overbought zone and 20d Bollinger bands remain expanded. Ideally, initial support and range floor at 123.60, should contain, to prevent further easing towards next supports at 123.30, 26/27 May former top, also Fibonacci 38.2% of 121.43/124.44 upleg and 122.76/58, 27 May higher low and Fibonacci 61.8% of 121.43/124.44. Resumption of larger uptrend through 124.44, to open psychological 125 barrier and in extension, 125.54, 200% Fibonacci projection of bounce from 118.50, former consolidation floor.
Res: 124.33; 124.44; 125.00; 125.54
Sup: 123.60; 123.30; 122.76; 122.58
AUDUSD
Near-term price action comes under pressure and focuses 0.7615, 28 May fresh low of strong acceleration from 0.8161, 14 May peak, after near-term consolidation’s top 0.7672, stayed intact on today’s attempts higher. The pair maintains strong bearish tone, confirmed by past week’s and monthly close in long red candles. Friday’s Doji could be a signal of temporary hesitation on approach to key short-term support at 0.7531, 02 Apr low, to complete corrective 0.7531/0.8161 phase and signal resumption of broader downtrend. Peak of last Friday at 0.7672, remains initial barrier, with violation here to expose more significant daily Ichimoku cloud base at 0.7715, below which corrective attempts should be capped.
Res: 0.7672; 0.7711; 0.7767; 0.7810
Sup: 0.7615; 0.7570; 0.7553; 0.7531
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