EURUSD
The Euro traded within narrow range in Asia, awaiting today’s EU summit, as Greek drama is continuing. Yesterday’s recovery action covered overnight’s gap but rallies were capped by daily Ichimoku cloud top. The price remains in the cloud, showing uncertainty ahead key decisions. The pair remains under pressure overall, with bearish setup of daily studies, suggesting fresh attempts lower. Daily Ichimoku cloud base at 1.0992 is the last obstacle on the way to key supports at 1.0967/52 lows of yesterday and 29 June. Violation of these supports would spark fresh acceleration lower and extend pullback from 1.1434, lower top of 18 June. Daily cloud top at 1.1077, offers immediate resistance, ahead of 1.1114/26, daily Tenkan-sen / 10SMA, which is expected to cap extended upticks and keep near-term bears in play. Otherwise, break here would provide near-term relief for further retracement of 1.1276/1.0952 downleg. Next pivotal barrier, descending daily 20SMA lies at 1.1208.
Res: 1.1057; 1.1094; 1.1126; 1.1151
Sup: 1.1006, 1.0992; 1.0967; 1.0952
GBPUSD
Cable is congested within 100-pips span, range marked by yesterday’s hi/low, following rally from 1.5528 low that filled yesterday’s gap, but recovery stalled at 1.5626, neutralizing recovery attempts for now. Signals of near and short-term studies remain mixed and suggest further consolidation, before establishing fresh direction. Yesterday’s low at 1.5528 is the initial support, ahead of strong 1.5440/60 zone, where daily Ichimoku cloud top / Fibonacci 61.8% of 1.5168/1.5928 rally and daily 200SMA, mark a breakpoint and break here is needed to bring bears fully in play. On the upside, daily Tenkan-sen and 10SMA, mark initial barrier at 1.5658 , followed by daily 20SMA at1.5775 and sustained break here to signal fresh upside attempts.
Res: 1.5603; 1.5626; 1.5658; 1.5681
Sup: 1.5541; 1.5528; 1.5500; 1.5460
USDJPY
Near-term price action hesitates under yesterday’s high at 122.91, where swift recovery from 121.83 low, posted after gap-lower open, stalled. Neutral near-term tone supports prolonged consolidation. On the daily chat, however, signals are mixed. Near-term price action remains supported by rising daily Ichimoku cloud, top of which currently lies at 122.21, while descending daily Tenkan-sen at 122.90, offers initial resistance, followed by descending daily 20SMA at 123.14 that marks pivotal barrier. Break here is required to confirm recovery and signal further upside. Daily tone remains weak and repeated failures under 20SMA, would increase downside risk.
Res: 122.91; 123.14; 123.70; 124.00
Sup: 122.56; 122.21; 121.83; 121.53
AUDUSD
The pair consolidates above fresh multi-year low at 0.7460, posted yesterday, with near-term price action holding in narrow range. Overall picture remains firmly bearish and expects fresh acceleration lower, after former strong support and short-term consolidation floor at 0.7531, was lost. Near-term consolidation to precede fresh leg lower that would look for next target at 0.7204, Fibonacci 76.4% of multi-year 0.6007/1.1079 rally. However, caution is required, as daily studies are approaching oversold territory. Yesterday’s high and consolidation top at 0.7530, offers initial resistance, ahead of former base at 0.7600, which is expected to cap extended rallies.
Res: 0.7500; 0.7530; 0.7600; 0.7647
Sup: 0.7460; 0.7400; 0.7350; 0.7300
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