EURJPY
The pair’s hourly outlook turned positive after weakening the structure on last Friday’s rally to137.60 and quick reversal which erased gains and probed levels below 137 handle.
Return above the later, requires daily close above, to confirm fresh bulls for renewed attempt at 137.60, interim barrier, en-route towards key 138.01, 01 Aug lower top, with momentum-gaining daily studies, supporting the notion. Break here to confirm resumption of recovery rally from 135.71 and sideline larger bears from 145.67, 27 Dec 2013 peak. Conversely, fresh weakness and daily close below 137 handle, would weaken near-term structure again.
Res: 137.60; 137.89; 138.01; 138.25
Sup: 136.95; 136.75; 136.60; 136.35
GBPJPY
Hourly studies are gaining traction, as bulls revived on corrective rally from 170.40, last Friday’s low, where the downleg off 172.56 lower top was contained by 200SMA. Upside extension above initial barrier at 171.42, 15 Aug high, which so far retraced over 50% of 172.56/170.40 descend, keeps near-term focus at the upside. However, caution is required as 4-hour structure is still weak, with fresh gains above 171.74, Fibonacci 61.8%, required to confirm bullish stance for eventual push towards 172.43, daily Ichimoku cloud base / daily 20/100SMA bear cross and lower top at 172.56, regain of which to confirm bottom at 170.40 and look for more significant retracement of 175.33/170.40 descend. Otherwise, lower top under top formation under 172.56, would be likely scenario, as larger picture bears remain in play, following close in red for six weeks in a row.
Res: 171.74; 172.00; 172.42; 172.56
Sup: 171.42; 171.00; 170.63; 170.40
EURGBP
The pair enters near-term corrective phase after losing initial support and consolidative floor at 0.8000 zone. Weakened hourly structure pushes the price towards 0.7990, Fibonacci 38.2% of 0.7920/0.8034 upleg, with further easing not ruled out, as 4-hour studies are in descending mode and reversal signaled by last Friday’s inside day candle. Extended pullback, which requires daily close below 0.80 handle, should be ideally contained above 0.7965, Fibonacci 61.8% of 0.7920/0.8034 upleg, to keep larger bulls in play for fresh extension of recovery rally from 0.7871, as the price has already cracked pivotal 0.8031 barrier, lower top of 25 June 2014.
Res: 0.8012; 0.8034; 0.8056; 0.8080
Sup: 0.7990; 0.7865; 0.7947; 0.7920
AUD/NZD
Near-term range price action still lacks direction and trades within 1.0920/1.1050 range, with psychological 1.1000 barrier limiting the upside for now. Neutral near-term studies see scope for extended sideways trading, however, larger picture remains bullish and favors further upside, after completion of consolidative phase, with break above 1.1049 peak, expected to open psychological 1.1100 barrier and 1.1160, Fibonacci 61.8% retracement of 1.15761.0488 descend. Triple golden cross at 1.0850 zone, 20/200; 55/200 and 100/200SMA, underpins the action.
Res: 1.0995; 1.1021; 1.1049; 1.1100
Sup: 1.0971; 1.0954; 1.0940; 1.0920
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