The pair resumes its short-term downtrend after the market digested US jobs data and fresh risk aversion pushed the price to five-week lows. Brief consolidation following yesterday’s sharp fall was limited under 1.2400 barrier, with negative short-term technical continuing to point lower, despite reaching extreme lows. Break below initial targets at 1.2300/1.2287 would be spark for further weakness towards 1.2150 and psychological 1.2000 support. Any corrective attempts should be capped by strong 1.2400/40 resistance zone, with weekly close below 1.2400 to confirm bearish stance.
Res: 1.2363, 1.2400, 1.2440, 1.2459
Sup: 1.2316, 1.2300, 1.2287, 1.2250
Near-term price action remains congested at 1.5500 zone, with negative tone dominating on hourly studies as brief bounce higher did not show much of recovery, being limited at 1.5550, broken bull trendline off 1.5267 and under 1.5564, 55 day EMA / 1.5573, strong static resistance. Subsequent reversal under descending hourly 20 day EMA and retest of 1.5500 zone, keeps negative tone in play for possible extension lower and test of 1.5484, 28 June low at 1.5470/61, 3-week range floor / Fib 61.8%, below which to accelerate losses towards 1.5400 zone. Only lift above 1.5600/20 would revive bulls.
Res: 1.5550, 1.5573, 1.5600, 1.5610
Sup: 1.5500, 1.5484, 1.5460, 1.5400
The price came under pressure again after release of US data, sliding down to 79.50, short-term range midpoint after losing trendline support at 79.73. This keeps the range’s upper boundary and breakpoint at 80.00, out of reach for now and turns near-term focus lower, as hourly studies break into negative territory. Also, 4H chart indicators approach the midlines that increase risk of possible revisit of range floor and downside breakpoint at 79.00 zone, along with 200 day MA. Break here will be bearish.
Res: 79.73, 80.00, 80.09, 80.21
Sup: 79.50, 79.40, 79.30, 79.12
Continues to trend higher, as the greenback appreciates across the board after rather disappointing US NFP data that sparked risk aversion and move into safe haven. As 0.9700 barrier has been cleared, price approaches key short-term resistance and our target at 0.9769, 01 June peak. Break here to open fresh bull-phase, as a part of broader uptrend off 0.9041, 01 May low and expose Fib 61.8% of long-term 1.1730/0.7067 descend at 0.9950. Today’s close above 0.9700 will be supportive.
Res: 0.9758, 0.9769, 0.9775, 0.9800
Sup: 0.9713, 0.9700, 0.9685, 0.9677