The pair gains strength at the beginning of the European session, after rather quiet Asian session trading moved around 1.2350 level. Surge through the upper boundaries of short-term range at 1.2380/1.2400, signals the fresh direction, after being entrenched within 1.2250/1.2380, one-week range. Immediate focus turns towards key short-term barrier at 1.2441, 06/07 Aug double top, break of which is required resume recovery off 1.2042, 24 July low and expose psychological 1.2500 barrier. However, overbought hourly conditions see potential for a pause of current rally, with previous resistances at 1.2400/1.2380, now being reverted to initial supports.
Res: 1.2415, 1.2441, 1.2474, 1.2500
Sup: 1.2400, 1.2380, 1.2367, 1.2340
Cable moves above 200 day SMA and 1.5743, previous high, after making base at 1.5670 zone. As the latest rally dented key med-term barrier and range top at 1.5760/70 zone, the upside remains favored, as indicators on a daily chart moved into positive territory, with break here to open fresh bull phase and expose 1.5800 next. Near-term price action may be delayed by corrective pullback, as hourly studies enter overbought zone. Supports lie at 1.5743; 1.5716 and 1.5700, while only loss of 1.5670 higher base and trendline support would sideline bulls.
Res: 1.5760, 1.5766, 1.5776, 1.5800
Sup: 1.5743, 1.5716, 1.5700, 1.5670
Near-term corrective easing off 79.65 on overbought hourly conditions is attempting to base at initial 79.30 support, also Fib 23.6% of 78.15/79.65 rally and 20 day EMA, As hourly indicators started to point higher, regain of 79.65 is required to confirm higher low and resume short-term bulls towards our next target and psychological barrier at 80.00. Day’s low at 79.25, now acts as initial support, ahead of more significant 79.10/78.90 zone, where Fib 38.2% and 50% levels, reinforced by ascending 55 day EMA, lie.
Res: 79.56, 79.65, 79.94, 80.09
Sup: 79.25, 79.08, 79.00, 78.90
The pair remains under pressure, as fresh weakness accelerated on a break below higher base at 0.9700. As short-term structure remains negative, immediate focus turns towards 0.9655, key short support / Fib 61.8% of 0.9461/0.9970 ascend and trigger for possible extension of broader reversal from 0.9970, 24 July peak. Previous range floor and support at 0.9700, now offers initial resistance
Res: 0.9700, 0.9730, 0.9747, 0.9771
Sup: 0.9655, 0.9600, 0.9550, 0.9500