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
GBPUSD
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
USDJPY
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
AUDUSD
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
Recommended Content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD depreciates on risk aversion amid a stronger US Dollar
AUD/USD extends its losses for the second successive session on Friday. However, market activity is expected to be subdued due to light trading on Good Friday. Meanwhile, the US Dollar strengthens as recent data indicates annualized economic expansion in the United States, driven by consumer spending.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts
Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.