AUDUSD holds positive near-term sentiment for test of pivotal 0.9372


The Euro returned to more familiar levels around 1.3350/70, after repeated failure at 1.34 barrier, maintaining neutral near-term stance, confirmed by double-Doji candles. Extended sideways phase is expected to precede fresh leg lower, which requires break below 1.3330 base to open psychological 1.33 support and 1.3247, Fibonacci 38.2% of 1.2042/1.3392 ascend and 1.3209, Fibonacci 100% expansion of the wave from 1.3699, in extension. On the upside, sustained break above 1.34 barrier is required to neutralize, while clearance of 1.3443 lower top is required to spark stronger correction.

Res: 1.3372; 1.3406; 1.3414; 1.3431
Sup: 1.3347; 1.3331; 1.3300; 1.3250



Cable maintains bearish tone and consolidates above fresh low at 1.6655, posted yesterday, when the pair met its next target, 200SMA. With yesterday’s trade ending in Doji candle shape, further consolidation is seen as likely scenario. Also, oversold conditions on 4-hour chart support the notion, with psychological 1.67 barrier offering initial resistance, ahead of 1.6735, Fibonacci 38.2% of 1.6843/1.6668 downleg/hourly 55SMA and 1.6755, previous lows and descent’s mid-point, where rallies should be ideally capped.

Res: 1.6700; 1.6727; 1.6755; 1.6766
Sup: 1.6668; 1.6655; 1.6600; 1.6563



The pair trades in near-term consolidative mode after fresh bulls posted new low at 102.64. Pullback off 102.64 high was contained at 102.30 support, previous peaks and 200SMA, with fresh push higher being under way. As bullish tone on lower timeframes remains in play, favored scenario sees extension above 102.64 for eventual test of pivotal 103 resistance zone. Only Bearish extension below 102 handle would sideline bulls.

Res: 102.64; 102.91; 103.07; 103.42
Sup: 102.30; 102.07; 102.00; 101.69



The pair trades in near-term corrective phase off 0.9237, 08 Aug fresh low, with near-term structure being bullish, as the rally retraced over 61.8% of 0.9372/0.9237 downleg, on extension above 0.93 barrier. However, overall structure remains negative, as bearish acceleration off 0.9372, 06 Aug lower top, is looking for test of strong 0.9200/ 0.9180 support zone, short-term higher base and Fibonacci 38.2% retracement of larger 0.8658/0.9503 rally, once corrective action is completed. Only regain and break above 0.9372 lower top would sideline larger bears and allow for stronger bounce.

Res: 0.9332; 0.9356; 0.9372; 0.9400
Sup: 0.9306; 0.9286; 0.9254; 0.9237


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