EURUSD
The Euro remains negative and extends the third wave which commenced from 1.3699, 01 July lower top. The pair so far met its target at 1.3620, Fibonacci 138.2% expansion, above which near-term price action stabilizes within narrow range. The second week closing in red, confirms negative structure and favors further downside. Immediate target lies at 1.34, round figure support and Nov 2013 higher lows, ahead of 1.3380, Fibonacci 161.8% expansion, with acceleration on a loss of the latter to open 1.3247, Fibonacci 38.2% retracement of one year rally from 1.2042 to 1.3992. Oversold near-term studies, suggest consolidative / corrective action, with daily RSI also in the negative territory and MACD being extended, supporting the notion. Confirmation of stronger correction requires rally above 1.35, initial resistance zone and lower top at 1.3547.
Res: 1.3450; 1.3480; 1.3500; 1.3530
Sup: 1.3420; 1.3400; 1.3380; 1.3350
GBPUSD
Cable remains under pressure and continues to trend lower, after acceleration through psychological 1.7000 support posted marginally lower low at 1.6959, on consolidative attempt, on oversold near-term conditions. Initial barrier at psychological 1.7000 level, so far capped consolidative actions, maintaining overall negative tone. Penetration through 1.7000 is required to delay attempts below 1.6959 and 1.6934, mid-point of 1.6697/1.7189 rally / daily cloud top, for further retracement. Alternative scenario is expected to activate on a break above 1.7000 barrier and open resistance layers at 1.7030/60 and psychological 1.71000 level.
Res: 1.7000; 1.7025; 1.7050; 1.7093
Sup: 1.6959; 1.6950; 1.6934; 1.6900
USDJPY
The pair maintains positive near-term tone and came ticks away from psychological 102 barrier, after acceleration above near-term 101.30/60 consolidative phase, also broke 101.78/85 lower tops, also 20/200 and 55/200 death crosses. Sustained break above 102 barrier, reinforced by 200SMA, is required to confirm bullish resumption and expose next pivotal barrier at 102.25, 03 July lower top. Positive near-term studies support the notion, however, still weak daily conditions require caution while the price holds below 102 barrier.
Res: 102.00; 102.25; 102.35; 102.78
Sup: 101.71; 101.60; 101.30; 101.05
AUDUSD
The pair’s near-term price action is at the back foot, after recovery attempt off 0.9334 higher low stalled at 0.9468, after failing to capitalize on a break above 0.9454, which was expected to open way for final attack at key 0.9503, 01 July low. Instead, downside acceleration, which probed below psychological 0.94 handle, retraced 61.8% of 0.9334/0.9468 upleg, weakening near-term structure and signaling prolonged 0.9503/0.9320 range trading. However, daily indicators at their midlines could increase downside risk and risk return to very strong 0.9320 base, loss of which is expected to accelerate lower and expose another strong support and higher base at 0.92 zone.
Res: 0.9400; 0.9422; 0.9447; 0.9468
Sup: 0.9386; 0.9378; 0.9358; 0.9327
The Euro remains negative and extends the third wave which commenced from 1.3699, 01 July lower top. The pair so far met its target at 1.3620, Fibonacci 138.2% expansion, above which near-term price action stabilizes within narrow range. The second week closing in red, confirms negative structure and favors further downside. Immediate target lies at 1.34, round figure support and Nov 2013 higher lows, ahead of 1.3380, Fibonacci 161.8% expansion, with acceleration on a loss of the latter to open 1.3247, Fibonacci 38.2% retracement of one year rally from 1.2042 to 1.3992. Oversold near-term studies, suggest consolidative / corrective action, with daily RSI also in the negative territory and MACD being extended, supporting the notion. Confirmation of stronger correction requires rally above 1.35, initial resistance zone and lower top at 1.3547.
Res: 1.3450; 1.3480; 1.3500; 1.3530
Sup: 1.3420; 1.3400; 1.3380; 1.3350
GBPUSD
Cable remains under pressure and continues to trend lower, after acceleration through psychological 1.7000 support posted marginally lower low at 1.6959, on consolidative attempt, on oversold near-term conditions. Initial barrier at psychological 1.7000 level, so far capped consolidative actions, maintaining overall negative tone. Penetration through 1.7000 is required to delay attempts below 1.6959 and 1.6934, mid-point of 1.6697/1.7189 rally / daily cloud top, for further retracement. Alternative scenario is expected to activate on a break above 1.7000 barrier and open resistance layers at 1.7030/60 and psychological 1.71000 level.
Res: 1.7000; 1.7025; 1.7050; 1.7093
Sup: 1.6959; 1.6950; 1.6934; 1.6900
USDJPY
The pair maintains positive near-term tone and came ticks away from psychological 102 barrier, after acceleration above near-term 101.30/60 consolidative phase, also broke 101.78/85 lower tops, also 20/200 and 55/200 death crosses. Sustained break above 102 barrier, reinforced by 200SMA, is required to confirm bullish resumption and expose next pivotal barrier at 102.25, 03 July lower top. Positive near-term studies support the notion, however, still weak daily conditions require caution while the price holds below 102 barrier.
Res: 102.00; 102.25; 102.35; 102.78
Sup: 101.71; 101.60; 101.30; 101.05
AUDUSD
The pair’s near-term price action is at the back foot, after recovery attempt off 0.9334 higher low stalled at 0.9468, after failing to capitalize on a break above 0.9454, which was expected to open way for final attack at key 0.9503, 01 July low. Instead, downside acceleration, which probed below psychological 0.94 handle, retraced 61.8% of 0.9334/0.9468 upleg, weakening near-term structure and signaling prolonged 0.9503/0.9320 range trading. However, daily indicators at their midlines could increase downside risk and risk return to very strong 0.9320 base, loss of which is expected to accelerate lower and expose another strong support and higher base at 0.92 zone.
Res: 0.9400; 0.9422; 0.9447; 0.9468
Sup: 0.9386; 0.9378; 0.9358; 0.9327
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