EURUSD
The Euro consolidates above 1.35 base / trendline support, which was cracked last Friday, on a spike to 1.3489. Te break was short-lived, with near-term indecision confirmed by double Doji candle. Mixed near-term studies confirm the sideways mode, as hourlies gained some strength and retraced 38.2% of 1.3639/1.3496 descend, while 4-hour structure remains negative. This sees corrective attempts limited, as larger picture remains bearish and favor eventual clear break of pivotal 1.35/1.3475 support zone, to trigger fresh weakness. Former lows that form layers of resistances between 1.3465 and 1.3485, should serve as solid resistances, before the pair commences fresh leg lower. Alternatively, lift above 1.36 handle would delay attempts at 1.35 base for stronger recovery, with pivotal barriers at 1.3639/49 lower tops.
Res: 1.3538; 1.3563; 1.3575; 1.3585
Sup: 1.3522; 1.3502; 1.3489; 1.3475
GBPUSD
Cable holds negative near-term tone, as corrective phase off fresh high at 1.7189, fully retraced 1.7057/1.7189 upleg and extended weakness to 1.7034, fresh low, posted last Friday. This sees scope for fresh attempts lower and test of psychological 1.7000 support, as lower timeframe’s studies turned bearish after false break higher, with corrective rallies seen ahead of fresh weakness and ideally to be capped at 1.7100/10 zone, lower top and 38.2% / 50% retracement of 1.7189/1.7034 descend. Loss of 1.70 handle, also Fibonacci 38.2%, to open way for further retracement of 1.6697/1.7189 upleg.
Res: 1.7100; 1.7115; 1.7148; 1.7166
Sup: 1.7075; 1.7057; 1.7034; 1.7000
USDJPY
The pair maintains overall negative tone after recovery rejection at 101.78 failed to test pivotal 101.85/102 barriers and fresh weakness retested 101.05 low. Downside pressure persists and sees eventual push below psychological 101 support, for test of critical 100.81/74 support, below which to commence fresh bear-leg, resumption of larger downmove off 105.43, 02 Jan peak. Corrective rally was so far capped at 101.43, 50% of 101.78/101.07 descend, with more significant results, requiring break above 101.85/102 hurdles, to sideline overall bears.
Res: 101.43; 101.56; 101.78; 101.85
Sup: 101.18; 101.05; 100.81; 100.74
AUDUSD
The pair trades in near-term range mode after upside attempts were limited at 0.94 zone, with the downside being protected strong 0.9320 support and short-term base, also daily cloud top. Improved near-term studies on a rally from marginally higher low at 0.9334, keep the price at the upper part of the range, with attempts above 0.94 handle seen in play in the near-term. Break higher requires confirmation on regain of 0.9454 spike high, to confirm break into the upper part of short-term 0.9320/0.9503 range and open key 0.9503 peak for retest.
Res: 0.9408; 0.9436; 0.9454; 0.9503
Sup: 0.9327; 0.9320; 0.9300; 0.9250
The Euro consolidates above 1.35 base / trendline support, which was cracked last Friday, on a spike to 1.3489. Te break was short-lived, with near-term indecision confirmed by double Doji candle. Mixed near-term studies confirm the sideways mode, as hourlies gained some strength and retraced 38.2% of 1.3639/1.3496 descend, while 4-hour structure remains negative. This sees corrective attempts limited, as larger picture remains bearish and favor eventual clear break of pivotal 1.35/1.3475 support zone, to trigger fresh weakness. Former lows that form layers of resistances between 1.3465 and 1.3485, should serve as solid resistances, before the pair commences fresh leg lower. Alternatively, lift above 1.36 handle would delay attempts at 1.35 base for stronger recovery, with pivotal barriers at 1.3639/49 lower tops.
Res: 1.3538; 1.3563; 1.3575; 1.3585
Sup: 1.3522; 1.3502; 1.3489; 1.3475
GBPUSD
Cable holds negative near-term tone, as corrective phase off fresh high at 1.7189, fully retraced 1.7057/1.7189 upleg and extended weakness to 1.7034, fresh low, posted last Friday. This sees scope for fresh attempts lower and test of psychological 1.7000 support, as lower timeframe’s studies turned bearish after false break higher, with corrective rallies seen ahead of fresh weakness and ideally to be capped at 1.7100/10 zone, lower top and 38.2% / 50% retracement of 1.7189/1.7034 descend. Loss of 1.70 handle, also Fibonacci 38.2%, to open way for further retracement of 1.6697/1.7189 upleg.
Res: 1.7100; 1.7115; 1.7148; 1.7166
Sup: 1.7075; 1.7057; 1.7034; 1.7000
USDJPY
The pair maintains overall negative tone after recovery rejection at 101.78 failed to test pivotal 101.85/102 barriers and fresh weakness retested 101.05 low. Downside pressure persists and sees eventual push below psychological 101 support, for test of critical 100.81/74 support, below which to commence fresh bear-leg, resumption of larger downmove off 105.43, 02 Jan peak. Corrective rally was so far capped at 101.43, 50% of 101.78/101.07 descend, with more significant results, requiring break above 101.85/102 hurdles, to sideline overall bears.
Res: 101.43; 101.56; 101.78; 101.85
Sup: 101.18; 101.05; 100.81; 100.74
AUDUSD
The pair trades in near-term range mode after upside attempts were limited at 0.94 zone, with the downside being protected strong 0.9320 support and short-term base, also daily cloud top. Improved near-term studies on a rally from marginally higher low at 0.9334, keep the price at the upper part of the range, with attempts above 0.94 handle seen in play in the near-term. Break higher requires confirmation on regain of 0.9454 spike high, to confirm break into the upper part of short-term 0.9320/0.9503 range and open key 0.9503 peak for retest.
Res: 0.9408; 0.9436; 0.9454; 0.9503
Sup: 0.9327; 0.9320; 0.9300; 0.9250
Recommended Content
Editors’ Picks
AUD/USD retargets the 0.6600 barrier and above
AUD/USD extended its positive streak for the sixth session in a row at the beginning of the week, managing to retest the transitory 100-day SMA near 0.6580 on the back of the solid performance of the commodity complex.
EUR/USD keeps the bullish bias above 1.0700
EUR/USD rapidly set aside Friday’s decline and regained strong upside traction in response to the marked retracement in the Greenback following the still-unconfirmed FX intervention by the Japanese MoF.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Bitcoin price dips to $62K range despite growing international BTC validation via spot ETFs
Bitcoin (BTC) price closed down for four weeks in a row, based on the weekly chart, and could be on track for another red candle this week. The last time it did this was in the middle of the bear market when it fell by 42% within a span of nine weeks.
Japan intervention: Will it work?
Dear Japan Intervenes in the Yen for the first time since November 2022 Will it work? Have we seen a top in USDJPY? Let's go through the charts.