EURUSD eyes 1.1500/29 breakpoints for fresh bullish extension

EURUSD

The Euro probes above 1.1463 barrier (former high of 12 Apr), on today’s fresh bullish extension of the upleg from 1.1213 (25 Apr low).
Long daily bullish candle and strong weekly bullish close, signal further upside action, which eyes next target at 1.1495 (15 Oct 2015 peak).
Daily technicals maintain firm bullish tone and favor final attack at 1.1495 barrier and next strong resistance at 1.1529 (weekly Ichimoku cloud top), above which to open way towards 1.1700 zone.
Overbought daily slow Stochastic suggests corrective action ahead, but no bearish signal being generated yet.
Dip-buying scenario remains favored, with initial support at 1.1446 (session low), followed by 1.1400 (round-figure support) and 1.1375 (rising 5SMA), with Friday’s low at 1.1345 (reinforced by daily Tenkan-sen line), expected to contain extended dips.

Res: 1.1495; 1.1529; 1.1558; 1.1600
Sup: 1.1446; 1.1400; 1.1375; 1.1345







GBPUSD

Cable trades in near-term consolidation phase within 1.4580/1.4668 range, after Friday’s long-legged Doji candle signaled hesitation at 1.4665 barrier (04 Feb former high), which was cracked on Friday.
Overall structure remains firmly bullish and favors extension above 1.4665, towards next barrier at 1.4701 (Fibonacci 61.8% of 1.5237/1.3834 descend), close above which will signal extension towards 1.4906 (Fibo 76.4% retracement).
The notion is supported by strong weekly / monthly bullish close.
Near-term range floor at 1.4580 marks initial support, ahead of hourly higher base at 1.4520, which is expected to hold possible stronger dips.

Res: 1.4635; 1.4668; 1.4701; 1.4750
Sup: 1.4580; 1.4520; 1.4470; 1.4416





USDJPY

The pair entered narrow near-term consolidation just above psychological 106.00 support, which was approached of fresh overnight’s bearish acceleration.
Strong bearish pressure persists, as the pair left long red candle on all larger timeframes (daily / weekly / monthly), signaling dollar’s further depreciation.
Friday’s close below double-Fibonacci support at 106.71 / 63 (Fibo 76.4% of 100.81 / 125.84 upleg / Fibo 38.2% of 75.55/125.84), generated fresh bearish signal, along with weekly Bearish Engulfing.
Fresh bearish acceleration will look for 105.18 (15 Oct 2014 trough), with extension towards 100.80 (weekly higher base), not ruled out.
Corrective actions could be anticipated in the near-term, as daily studies are oversold, with former gase at 106.70, marking initial resistance and extended upticks expected to hold below 109.20 (falling daily 20SMA).

Res: 107.60; 108.32; 109.20; 109.67
Sup: 106.00; 105.50; 105.20; 104.10






AUDUSD

Aussie continues to trade within near-term congestion, entrenched within 0.7568 / 0.7666 range, which is seen as consolidation of last week’s sharp fall to 0.7546, where the pair found temporary footstep.
Overall structure remains bearish, with daily MA’s in bearish setup and 20SMA capping consolidation for now, seeing scope for extension of pullback from 0.7833 (21 Apr peak), towards next strong support zone at 0.7500/0.7490 (daily Ichimoku cloud top / daily higher base), which guards breakpoint at 0.7448 (Fibo 38.2% of 0.6825/0.7833 recovery rally.
Initial resistance lies at 0.7629 (Fibo 38.2% of 0.7763/0.7546 downleg, followed by 0.7666 (range top) and 0.7680 (Fibo 61.8% retracement), which is expected to cap upticks.
Key barrier and breakpoint lies at 0.7763 (26 /27 Apr highs / hourly double top) and only break here would neutralize near-term bears.

Res: 0.7629; 0.7666; 0.7680; 0.7712
Sup: 0.7590; 0.7568; 0.7546; 0.7490