EURUSD
The Euro trades in a corrective mode off fresh low at 1.3789, where strong support, 50% retracement of 1.3671/1.3904 / broken bear-trendline off 1.3965 peak, contained reversal off 1.3965 for now. Consolidative action broke above initial 1.3832, yesterday’s recovery rally peak and Fibonacci 38.2% retracement of 1.3904/1.3789 pullback, to retrace 50% so far, on extension to 1.3850. Improving hourly studies support further advance towards pivotal 1.3860, weekly highs and Fibonacci 61.8% retracement of 1.3904/1.3789, above which to confirm higher low formation and look for retest of key 1.3904 peak, after filling Monday’s gap. Bullish daily studies support scenario. Session low at 1.3805, also higher low of ascend from 1.3789, should keep the downside protected. Alternative scenario requires loss of 1.3805 and more significant 1.3789 support to bring bears back in play for extension of the downmove from 1.3904, 11 Apr peak.
Res: 1.3860; 1.3879; 1.3904; 1.3941
Sup: 1.3832; 1.3805; 1.3789; 1.3760
GBPUSD
Cable completed near-term corrective phase off 1.6819, as the pullback was generally contained at 1.6700 zone, broken bear-channel resistance line, excluding yesterday’s short-lived spike lower to 1.6657. Near-term bulls are fully in play for eventual break above 1.6819/21 peak, clearance of which to signal an end of short-term congestion and resume larger bull-trend towards 1.6900, round-figure, above which to expose interim barrier at 1.6957, Fibonacci 138.2% projection, en-route to psychological 1.7000 resistance. Larger picture bullish structure is supportive. Corrective actions should be ideally contained above 1.6750, previous congestion tops.
Res: 1.6821; 1.6850; 1.6900; 1.6957
Sup: 1.6790; 1.6750; 1.6718; 1.6700
USDJPY
The pair is gaining traction after break above initial 102.00/15 barriers improves near-term structure and signals basing attempt. Break above the next hurdle at 102.38, Fibonacci 38.2% retracement of 104.11/101.31 is requires to sideline downside risk and open way for further recovery towards 102.71, 50% retracement and psychological 103 barrier, also Fibonacci 61.8% retracement and reinforced by double MA’s bear-cross. Weak daily studies see corrective action limited and only break above 103 barrier is required to bring bulls fully in play.
Res: 102.38; 102.7; 103.00; 103.29
Sup: 102.00; 101.80; 101.50; 101.31
AUDUSD
The pair came under pressure after extension below near-term consolidation floor and 38.2% retracement of 0.9204/0.9460 upleg at 0.9360, also broken channel resistance line extended pullback to 0.9331, 50% retracement of 0.9204/0.9460 upleg. Negative hourlies and 4-hour indicators breaking into negative territory, keep the downside favored in the near-term, with completion of consolidative phase expected to trigger further weakness. Return and possible break of pivotal 0.9300 support, Fibonacci 61.8% retracement / previous peaks of 28 Mar / 01 Apr, to confirm reversal and mark near-term top at 0.9460. Reversing daily indicators favor the scenario, with clear break below 0.93 handle, required to confirm.
Res: 0.9383; 0.9400; 0.9424; 0.9460
Sup: 0.9331; 0.9300; 0.9253; 0.9204
The Euro trades in a corrective mode off fresh low at 1.3789, where strong support, 50% retracement of 1.3671/1.3904 / broken bear-trendline off 1.3965 peak, contained reversal off 1.3965 for now. Consolidative action broke above initial 1.3832, yesterday’s recovery rally peak and Fibonacci 38.2% retracement of 1.3904/1.3789 pullback, to retrace 50% so far, on extension to 1.3850. Improving hourly studies support further advance towards pivotal 1.3860, weekly highs and Fibonacci 61.8% retracement of 1.3904/1.3789, above which to confirm higher low formation and look for retest of key 1.3904 peak, after filling Monday’s gap. Bullish daily studies support scenario. Session low at 1.3805, also higher low of ascend from 1.3789, should keep the downside protected. Alternative scenario requires loss of 1.3805 and more significant 1.3789 support to bring bears back in play for extension of the downmove from 1.3904, 11 Apr peak.
Res: 1.3860; 1.3879; 1.3904; 1.3941
Sup: 1.3832; 1.3805; 1.3789; 1.3760
GBPUSD
Cable completed near-term corrective phase off 1.6819, as the pullback was generally contained at 1.6700 zone, broken bear-channel resistance line, excluding yesterday’s short-lived spike lower to 1.6657. Near-term bulls are fully in play for eventual break above 1.6819/21 peak, clearance of which to signal an end of short-term congestion and resume larger bull-trend towards 1.6900, round-figure, above which to expose interim barrier at 1.6957, Fibonacci 138.2% projection, en-route to psychological 1.7000 resistance. Larger picture bullish structure is supportive. Corrective actions should be ideally contained above 1.6750, previous congestion tops.
Res: 1.6821; 1.6850; 1.6900; 1.6957
Sup: 1.6790; 1.6750; 1.6718; 1.6700
USDJPY
The pair is gaining traction after break above initial 102.00/15 barriers improves near-term structure and signals basing attempt. Break above the next hurdle at 102.38, Fibonacci 38.2% retracement of 104.11/101.31 is requires to sideline downside risk and open way for further recovery towards 102.71, 50% retracement and psychological 103 barrier, also Fibonacci 61.8% retracement and reinforced by double MA’s bear-cross. Weak daily studies see corrective action limited and only break above 103 barrier is required to bring bulls fully in play.
Res: 102.38; 102.7; 103.00; 103.29
Sup: 102.00; 101.80; 101.50; 101.31
AUDUSD
The pair came under pressure after extension below near-term consolidation floor and 38.2% retracement of 0.9204/0.9460 upleg at 0.9360, also broken channel resistance line extended pullback to 0.9331, 50% retracement of 0.9204/0.9460 upleg. Negative hourlies and 4-hour indicators breaking into negative territory, keep the downside favored in the near-term, with completion of consolidative phase expected to trigger further weakness. Return and possible break of pivotal 0.9300 support, Fibonacci 61.8% retracement / previous peaks of 28 Mar / 01 Apr, to confirm reversal and mark near-term top at 0.9460. Reversing daily indicators favor the scenario, with clear break below 0.93 handle, required to confirm.
Res: 0.9383; 0.9400; 0.9424; 0.9460
Sup: 0.9331; 0.9300; 0.9253; 0.9204
Recommended Content
Editors’ Picks
EUR/USD hovers near 1.0700 ahead of US data
EUR/USD struggles to build on Wednesday's gains and fluctuates in a tight channel near 1.0700 on Thursday. The US Dollar holds its ground following the Fed-inspired decline as market focus shifts to mid-tier US data releases.
GBP/USD holds steady above 1.2500 following Wednesday's rebound
GBP/USD stays in a consolidation phase slightly above 1.2500 on Thursday after closing in the green on Wednesday. A mixed market mood caps the GBP/USD upside ahead of Unit Labor Costs and Jobless Claims data from the US.
Gold retreats to $2,300 despite falling US yields
Gold stays under bearish pressure and trades deep in negative territory at around $2,300 on Thursday. The benchmark 10-year US Treasury bond edges lower following the Fed's policy decisions but XAU/USD struggles to find a foothold.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.