EURUSD
Yesterday’s fresh acceleration and final push through key 1.3676 barrier, as well as probing psychological 1.37 resistance, signals completion of 1.3676/1.3511 descend. The pair is poised to commence fresh leg higher and extend recovery phase off 1.35 base, once near-term correction on overbought conditions is completed. As the price retraced so far 38.2% of 1.3992/1.3501 decline, break above 1.37 barrier, reinforced by 4-hour 55SMA, is expected to open 1.3737, 100SMA / daily cloud base and 1.3747, 50% retracement, with further extension seen towards psychological 1.38 barrier, also Fibonacci 61.8% retracement. Previous peaks at 1.3650 zone, also 38.2% retracement of 1.3573/1.3696 upleg, should ideally contain corrective dips, while only break below 1.3573/63 higher base, is expected to neutralize bulls.
Res: 1.3700; 1.3737; 1.3747; 1.3800
Sup: 1.3650; 1.3630; 1.3600; 1.3573
GBPUSD
Cable maintains overall positive tone and resumes gains on fresh acceleration through previous peak at 1.7061, to test so far levels above psychological 1.71 barrier. Completion of near-term consolidative phase, continues larger uptrend and eyes round figure barrier at 1.7200. However, overbought near-term studies suggest a break, with previous peak at 1.7061, offering initial support and dips to be contained at psychological 1.70 support. Alternatively, violation of 1.6950 higher low and current consolidation bottom, also Fibonacci 38.2% retracement of 1.6697/1.7113 upleg, to sideline near-term bulls.
Res: 1.7113; 1.7150; 1.7200; 1.7250
Sup: 1.7061; 1.7000; 1.6950; 1.6920
USDJPY
The pair remains under pressure and consolidates recent losses on approach to 101.10/00 support zone. Overall negative structure favors eventual push through psychological 101 support and retest of key 101.81/74, short-term range floor levels. Break below multi-month congestion to open fresh leg lower, part of larger descend off 105.43, 2013 peak and expose psychological 100 support, next. Previous supports at 101.59/80 zone, now offer immediate barriers and so far limit the upside, ahead of lower tops at 102.15/18, where stronger corrective rallies are expected to be capped.
Res: 101.59; 101.73; 101.86; 102.15
Sup: 101.22; 101.10; 101.00; 100.81
AUDUSD
The pair cracked near-term top at 0.9443 and attempts above congestion tops, resuming larger upleg off 0.92 higher base. This opens way for final retest of key 0.9460, 10 Apr peak, clearance of which to complete short –term consolidative 0.9460/0.9200 phase and resume larger uptrend off 0.8658, 19 Jan annual low. Positive overall picture, supports further upside, with immediate supports laying at 0.9400/0.9385 and stronger pullbacks to be contained above 0.9320 higher base.
Res: 0.9460; 0.9500; 0.9526; 0.9550
Sup: 0.9400; 0.9385; 0.9350; 0.9320
Yesterday’s fresh acceleration and final push through key 1.3676 barrier, as well as probing psychological 1.37 resistance, signals completion of 1.3676/1.3511 descend. The pair is poised to commence fresh leg higher and extend recovery phase off 1.35 base, once near-term correction on overbought conditions is completed. As the price retraced so far 38.2% of 1.3992/1.3501 decline, break above 1.37 barrier, reinforced by 4-hour 55SMA, is expected to open 1.3737, 100SMA / daily cloud base and 1.3747, 50% retracement, with further extension seen towards psychological 1.38 barrier, also Fibonacci 61.8% retracement. Previous peaks at 1.3650 zone, also 38.2% retracement of 1.3573/1.3696 upleg, should ideally contain corrective dips, while only break below 1.3573/63 higher base, is expected to neutralize bulls.
Res: 1.3700; 1.3737; 1.3747; 1.3800
Sup: 1.3650; 1.3630; 1.3600; 1.3573
GBPUSD
Cable maintains overall positive tone and resumes gains on fresh acceleration through previous peak at 1.7061, to test so far levels above psychological 1.71 barrier. Completion of near-term consolidative phase, continues larger uptrend and eyes round figure barrier at 1.7200. However, overbought near-term studies suggest a break, with previous peak at 1.7061, offering initial support and dips to be contained at psychological 1.70 support. Alternatively, violation of 1.6950 higher low and current consolidation bottom, also Fibonacci 38.2% retracement of 1.6697/1.7113 upleg, to sideline near-term bulls.
Res: 1.7113; 1.7150; 1.7200; 1.7250
Sup: 1.7061; 1.7000; 1.6950; 1.6920
USDJPY
The pair remains under pressure and consolidates recent losses on approach to 101.10/00 support zone. Overall negative structure favors eventual push through psychological 101 support and retest of key 101.81/74, short-term range floor levels. Break below multi-month congestion to open fresh leg lower, part of larger descend off 105.43, 2013 peak and expose psychological 100 support, next. Previous supports at 101.59/80 zone, now offer immediate barriers and so far limit the upside, ahead of lower tops at 102.15/18, where stronger corrective rallies are expected to be capped.
Res: 101.59; 101.73; 101.86; 102.15
Sup: 101.22; 101.10; 101.00; 100.81
AUDUSD
The pair cracked near-term top at 0.9443 and attempts above congestion tops, resuming larger upleg off 0.92 higher base. This opens way for final retest of key 0.9460, 10 Apr peak, clearance of which to complete short –term consolidative 0.9460/0.9200 phase and resume larger uptrend off 0.8658, 19 Jan annual low. Positive overall picture, supports further upside, with immediate supports laying at 0.9400/0.9385 and stronger pullbacks to be contained above 0.9320 higher base.
Res: 0.9460; 0.9500; 0.9526; 0.9550
Sup: 0.9400; 0.9385; 0.9350; 0.9320
Recommended Content
Editors’ Picks
AUD/USD: Uptrend remains capped by 0.6650
AUD/USD could not sustain the multi-session march north and faltered once again ahead of the 0.6650 region on the back of the strong rebound in the Greenback and the prevailing risk-off mood.
EUR/USD meets a tough barrier around 1.0800
The resurgence of the bid bias in the Greenback weighed on the risk-linked assets and motivated EUR/USD to retreat to the 1.0750 region after another failed attempt to retest the 1.0800 zone.
Gold eases toward $2,310 amid a better market mood
After falling to $2,310 in the early European session, Gold recovered to the $2,310 area in the second half of the day. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% and helps XAU/USD find support.
Bitcoin price coils up for 20% climb, Standard Chartered forecasts more gains for BTC
Bitcoin (BTC) price remains devoid of directional bias, trading sideways as part of a horizontal chop. However, this may be short-lived as BTC price action consolidates in a bullish reversal pattern on the one-day time frame.
What does stagflation mean for commodity prices?
What a difference a quarter makes. The Federal Reserve rang in 2024 with a bout of optimism that inflation was coming down to their 2% target. But that optimism has now evaporated as the reality of stickier-than-expected inflation becomes more evident.