EURUSD
The Euro is at the back foot in the near-term, as the price moves lower after recovery rally stalled at 1.3431, short of 1.3443 pivotal top. Subsequent weakness, which broke below psychological 1.34 support, also Fibonacci 61.8% of 1.3316/1.3431 upleg, sees risk of further easing and possible retest of near-term base above 1.33 handle. Negative hourly studies support the notion, however, range trading will remain in play while the price holds within current boundaries, with overextended daily technicals suggesting extended consolidation and only break above 1.3343/49 lower top / Fibonacci 38.2% of larger 1.3639./1.3316 descend, to signal stronger recovery attempt. Penetration of strong 1.33 support zone, on the other side, is expected to resume broader weakness off 1.3392, 08 May peak and extend the third wave from 1.3699 lower top of 01 July, towards its 100% Fibonacci expansion at 1.3209.
Res: 1.3375; 1.3401; 1.3431; 1.3443
Sup: 1.3331; 1.3300; 1.3250; 1.3209
GBPUSD
Cable maintains negative tone and resumes larger downtrend, which was interrupted by 1.6764/94 consolidation, with psychological 1.68 support now acting as immediate resistance and keeping the upside attempts limited. Fresh weakness is looking for retest of 1.67 zone higher base, to complete the bull-leg from 1.67 to 1.7189. Break below 1.67 support to open 1.6650, 200SMA. Prevailing negative tone supports the notion, with consolidative actions expected to interrupt bears. On the upside, 1.68 offers solid resistance and sustained break here would delay bears for possible attempt at 1.6885 lower top and breakpoint.
Res: 1.6794; 1.6827; 1.6862; 1.6885
Sup: 1.6736; 1.6691; 1.6657; 1.6600
USDJPY
The pair regained traction on hourly chart studies, as the price action stabilizes above 102 handle and approaches pivotal 102.45 lower top and Fibonacci 61.8% of 103.07/101.49 descend. Break here is required to confirm higher low formation at 101.49 and open 103 zone for test. Daily studies are positive and support the notion, with close above 200SMA, to confirm. Psychological 102 support and higher low, also near daily cloud top, should stay intact to maintain the structure.
Res: 102.45; 102.91; 103.07; 103.42
Sup: 102.22; 102.00; 101.69; 101.49
AUDUSD
The pair maintains overall negative structure, as bearish acceleration off 0.9372 lower top of 06 Aug, posted new low at 0.9237, on approach to strong 0.92 zone base. Brief upside attempts are expected to delay bears, which are aiming towards 0.92 higher base and 0.9180, Fibonacci 38.2% retracement of larger 0.8658/0.9503 bull phase, with loss of these supports expected to accelerate bears off 0.9503 peak. Consolidative action off 0.9237 low, was so far limited under 0.9288, Fibonacci 38.2% of 0.9372/0.9237 downleg, with more significant corrective action to be sparked on a break above 0.9372 lower top.
Res: 0.9266; 0.9285; 0.9320; 0.9372
Sup: 0.9237; 0.9200; 0.9180; 0.9165
The Euro is at the back foot in the near-term, as the price moves lower after recovery rally stalled at 1.3431, short of 1.3443 pivotal top. Subsequent weakness, which broke below psychological 1.34 support, also Fibonacci 61.8% of 1.3316/1.3431 upleg, sees risk of further easing and possible retest of near-term base above 1.33 handle. Negative hourly studies support the notion, however, range trading will remain in play while the price holds within current boundaries, with overextended daily technicals suggesting extended consolidation and only break above 1.3343/49 lower top / Fibonacci 38.2% of larger 1.3639./1.3316 descend, to signal stronger recovery attempt. Penetration of strong 1.33 support zone, on the other side, is expected to resume broader weakness off 1.3392, 08 May peak and extend the third wave from 1.3699 lower top of 01 July, towards its 100% Fibonacci expansion at 1.3209.
Res: 1.3375; 1.3401; 1.3431; 1.3443
Sup: 1.3331; 1.3300; 1.3250; 1.3209
GBPUSD
Cable maintains negative tone and resumes larger downtrend, which was interrupted by 1.6764/94 consolidation, with psychological 1.68 support now acting as immediate resistance and keeping the upside attempts limited. Fresh weakness is looking for retest of 1.67 zone higher base, to complete the bull-leg from 1.67 to 1.7189. Break below 1.67 support to open 1.6650, 200SMA. Prevailing negative tone supports the notion, with consolidative actions expected to interrupt bears. On the upside, 1.68 offers solid resistance and sustained break here would delay bears for possible attempt at 1.6885 lower top and breakpoint.
Res: 1.6794; 1.6827; 1.6862; 1.6885
Sup: 1.6736; 1.6691; 1.6657; 1.6600
USDJPY
The pair regained traction on hourly chart studies, as the price action stabilizes above 102 handle and approaches pivotal 102.45 lower top and Fibonacci 61.8% of 103.07/101.49 descend. Break here is required to confirm higher low formation at 101.49 and open 103 zone for test. Daily studies are positive and support the notion, with close above 200SMA, to confirm. Psychological 102 support and higher low, also near daily cloud top, should stay intact to maintain the structure.
Res: 102.45; 102.91; 103.07; 103.42
Sup: 102.22; 102.00; 101.69; 101.49
AUDUSD
The pair maintains overall negative structure, as bearish acceleration off 0.9372 lower top of 06 Aug, posted new low at 0.9237, on approach to strong 0.92 zone base. Brief upside attempts are expected to delay bears, which are aiming towards 0.92 higher base and 0.9180, Fibonacci 38.2% retracement of larger 0.8658/0.9503 bull phase, with loss of these supports expected to accelerate bears off 0.9503 peak. Consolidative action off 0.9237 low, was so far limited under 0.9288, Fibonacci 38.2% of 0.9372/0.9237 downleg, with more significant corrective action to be sparked on a break above 0.9372 lower top.
Res: 0.9266; 0.9285; 0.9320; 0.9372
Sup: 0.9237; 0.9200; 0.9180; 0.9165
Recommended Content
Editors’ Picks
EUR/USD holds firm above 1.0700 ahead of German inflation data
EUR/USD trades on a firm footing above 1.0700 early Monday. The pair stays underpinned by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 155.00 on likely Japanese intervention
USD/JPY is recovering ground after crashing to 155.00 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
Gold price bulls move to the sidelines as focus shifts to the crucial FOMC policy meeting
Gold price struggles to capitalize on its modest gains registered over the past two trading days and edges lower on the first day of a new week, albeit the downside remains cushioned.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.