EURJPY
The pair regained strength and accelerated corrective rally from 137.48 low, posted on 10 July, after break above initial barrier and previous consolidation top at 138. The rally so far retraced over 61.8% of 138.74/137.48 downleg and 50% of larger 139.26/137.48 descend, turning positive hourly and improving 4-hour studies. However, risk of lower top formation and fresh weakness will stay in play, as larger picture outlook remains bearish and sees the downside at risk, while recovery rally holds below pivotal 138.74 lower top, reinforced by daily Kijun-sen line. Fresh weakness, in case of stall under 138.74, is expected to look for retest of previous key support at 137.70 and lowered fresh low at 137.48, at the first stage and resumption of larger downtrend for eventual full retracement of 136.21/143.78 upleg, on violation of 137.48 and psychological 137.00 support. Key near-term barrier and pivotal point lies at 139.26 and is reinforced by 55/200 death-cross under formation, with break here to confirm firmly bullish near-term stance.
Res: 138.56; 138.74; 139.00; 139.26
Sup: 138.20; 138.00; 137.80; 137.67
GBPJPY
The pair extended near-term corrective phase, off 175.33 peak and retraced over 38.2% of 169.52/175.33 rally, with near-term footstep being found at 173 zone. However, corrective rallies were so far limited under 174 handle and keep near-term technicals weak for more significant recovery, which requires fresh extension above 174 and regain 174.11, 10 July lower top and Fibonacci 61.8% of entire fall from 175.33 peak, to confirm higher low and shift focus higher. Otherwise, fresh low at 172.93, is likely to remain near-term target, loss of which to open fresh extension of pullback from 175.3 peak.
Res: 173.77; 179.98; 174.00; 174.41
Sup: 173.18; 172.93; 172.34; 172.00
EURGBP
The pair extends near-term corrective phase off 0.7913 low of 07 July, where larger downtrend found support, just ahead of psychological 0.79 support. Near-term studies, improved on fresh strength above initial barrier at 0.7967, favor further recovery, after the pair left higher low at 0.7932 and focus immediate barrier at 0.7982, Fibonacci 61.8% and psychological 0.8000 resistance, before larger bears take control again. Only break above pivotal 0.9030 lower platform, would further delay overall bears.
Res: 0.7982; 0.8000; 0.8030; 0.8075
Sup: 0.7921; 0.7913; 0.7886; 0.7811
AUD/NZD
The pair trades in near-term consolidative mode, after fresh bearish extension below psychological 1.07 handle fully retraced of 1.0644/1.1030 upleg, to find temporary footstep at 1.0619. Consolidative action was so far limited and expected to precede resumption of larger downtrend towards initial and psychological 1.06 support, on the way to short-term target at 1.0534, 12 March higher low. Bearish studies favor further weakness, while only extension of corrective rallies above initial 1.07 barrier and1.0730 lower top, would sideline immediate bears and expose key near-term key barrier and break point at 1.0830 zone.
Res: 1.0670; 1.0700; 1.0730; 1.0744
Sup: 1.0635; 1.0619; 1.0600; 1.0550
The pair regained strength and accelerated corrective rally from 137.48 low, posted on 10 July, after break above initial barrier and previous consolidation top at 138. The rally so far retraced over 61.8% of 138.74/137.48 downleg and 50% of larger 139.26/137.48 descend, turning positive hourly and improving 4-hour studies. However, risk of lower top formation and fresh weakness will stay in play, as larger picture outlook remains bearish and sees the downside at risk, while recovery rally holds below pivotal 138.74 lower top, reinforced by daily Kijun-sen line. Fresh weakness, in case of stall under 138.74, is expected to look for retest of previous key support at 137.70 and lowered fresh low at 137.48, at the first stage and resumption of larger downtrend for eventual full retracement of 136.21/143.78 upleg, on violation of 137.48 and psychological 137.00 support. Key near-term barrier and pivotal point lies at 139.26 and is reinforced by 55/200 death-cross under formation, with break here to confirm firmly bullish near-term stance.
Res: 138.56; 138.74; 139.00; 139.26
Sup: 138.20; 138.00; 137.80; 137.67
GBPJPY
The pair extended near-term corrective phase, off 175.33 peak and retraced over 38.2% of 169.52/175.33 rally, with near-term footstep being found at 173 zone. However, corrective rallies were so far limited under 174 handle and keep near-term technicals weak for more significant recovery, which requires fresh extension above 174 and regain 174.11, 10 July lower top and Fibonacci 61.8% of entire fall from 175.33 peak, to confirm higher low and shift focus higher. Otherwise, fresh low at 172.93, is likely to remain near-term target, loss of which to open fresh extension of pullback from 175.3 peak.
Res: 173.77; 179.98; 174.00; 174.41
Sup: 173.18; 172.93; 172.34; 172.00
EURGBP
The pair extends near-term corrective phase off 0.7913 low of 07 July, where larger downtrend found support, just ahead of psychological 0.79 support. Near-term studies, improved on fresh strength above initial barrier at 0.7967, favor further recovery, after the pair left higher low at 0.7932 and focus immediate barrier at 0.7982, Fibonacci 61.8% and psychological 0.8000 resistance, before larger bears take control again. Only break above pivotal 0.9030 lower platform, would further delay overall bears.
Res: 0.7982; 0.8000; 0.8030; 0.8075
Sup: 0.7921; 0.7913; 0.7886; 0.7811
AUD/NZD
The pair trades in near-term consolidative mode, after fresh bearish extension below psychological 1.07 handle fully retraced of 1.0644/1.1030 upleg, to find temporary footstep at 1.0619. Consolidative action was so far limited and expected to precede resumption of larger downtrend towards initial and psychological 1.06 support, on the way to short-term target at 1.0534, 12 March higher low. Bearish studies favor further weakness, while only extension of corrective rallies above initial 1.07 barrier and1.0730 lower top, would sideline immediate bears and expose key near-term key barrier and break point at 1.0830 zone.
Res: 1.0670; 1.0700; 1.0730; 1.0744
Sup: 1.0635; 1.0619; 1.0600; 1.0550
Recommended Content
Editors’ Picks
AUD/USD trades with mild positive bias near 0.6700, RBA Meeting Minutes eyed
The AUD/USD trades with a mild positive bias near 0.6695 during the early Asian session on Monday. The weaker US Dollar provides some support to the pair. The markets remain unconvinced that the Fed will pivot earlier than previously expected.
EUR/USD gains ground above 1.0850, focus on Fedspeak
The EUR/USD pair trades on a stronger note around 1.0875 on Monday during the early Asian trading hours. The uptick in the major pair is bolstered by the softer Greenback. The Federal Reserve’s Bostic, Barr, Waller, Jefferson, and Mester are scheduled to speak on Monday.
Gold gains ground above $2,400, eyes on Fedspeak
Gold price gathers strength around $2,415 during the early Asian session on Monday. The softer US inflation data in April provides some support to the yellow metal. Meanwhile, the USD Index edges lower to 104.50, losing 0.03% on the day.
AI tokens could really ahead of Nvidia earnings
Native cryptocurrencies of several blockchain projects using Artificial Intelligence could register gains in the coming week as the market prepares for NVIDIA earnings report.
Week ahead: Flash PMIs, UK and Japan CPIs in focus. RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.