EURUSD
The Euro maintains negative tone and trends lower, with fresh one-year low being posted at 1.3149. Near-term price action keeps focus on targets at targets at 1.3103, Sep 2013 higher low and 1.3022, Fibonacci 138.2% expansion of the wave from 1.3699, with psychological 1.3000 in extension. Oversold conditions, however, suggest corrective action ahead of fresh weakness, with week’s high at 1.3213, offering solid resistance and expected to cap, to keep immediate bears intact. Otherwise, filling the gap of week’s opening, on extension higher, would signal stronger corrective rally towards 1.3240, Fibonacci 61.8% retracement of 1.3295/1.3149 descend / 21 Aug low and 1.3261, lower top, above which to open key 1.3295, 22 Aug high.
Res: 1.3213; 1.3240; 1.3261; 1.3295
Sup: 1.3149; 1.3103; 1.3050; 1.3022
GBPUSD
Cable came under pressure and fully reversed near-term corrective rally off 1.6534, which stalled at strong 1.66 resistance zone. Overall negative structure favors fresh weakness, which is going to focus psychological 1.6500, support and 1.6464, 24 Mar low, as immediate targets, once temporary base at 1.6534 is broken. However, subsequent bounce off 1.6534, signals prolonged sideways trading, with 1.66 barrier expected to cap. Only break here would confirm near-term base and signal stronger recovery action.
Res: 1.6600; 1.6622; 1.6651; 1.6677
Sup: 1.6534; 1.6500; 1.6464; 1.6400
USDJPY
The pair maintains overall bullish tone, as fresh bulls cracked key 104.11, 04 Apr peak, the last obstacle on the way to 105.43, 02 Jan peak. Near-term price action moves in consolidative mode, with attempts below initial 104 support, being so far contained at 103.70 zone and extended pullback to face supports at 103.50, 22 Aug low and 103.20, Fibonacci 38.2% of 101.49/104.26 upleg, where dips should be contained, to keep bulls intact.
Res: 104.16; 104.26; 104.50; 104.83
Sup: 103.70; 103.50; 103.20; 103.07
AUDUSD
Near-term bulls returned to play, as the price fully retraced corrective 0.9327/0.9269 descend, with probe above 0.9327, opening 0.9342, 19 Aug high and key 0.9372, peak of 06 Aug. Positively aligned near-term technicals favor further upside, as daily studies are building up bullish momentum. However, break above 0.9372 is required to confirm base at 0.9237 for more significant correction of 0.9503/0.9237 descend. Otherwise, prolonged sideways trade could be expected in the near-term, in case of failure to break 0.9372 barrier. Minor higher base at 0.9290 offers initial support and should ideally hold dips, to maintain bullish scenario.
Res: 0.9342; 0.9372; 0.9400; 0.9440
Sup: 0.9308; 0.9290; 0.9270; 0.9237
The Euro maintains negative tone and trends lower, with fresh one-year low being posted at 1.3149. Near-term price action keeps focus on targets at targets at 1.3103, Sep 2013 higher low and 1.3022, Fibonacci 138.2% expansion of the wave from 1.3699, with psychological 1.3000 in extension. Oversold conditions, however, suggest corrective action ahead of fresh weakness, with week’s high at 1.3213, offering solid resistance and expected to cap, to keep immediate bears intact. Otherwise, filling the gap of week’s opening, on extension higher, would signal stronger corrective rally towards 1.3240, Fibonacci 61.8% retracement of 1.3295/1.3149 descend / 21 Aug low and 1.3261, lower top, above which to open key 1.3295, 22 Aug high.
Res: 1.3213; 1.3240; 1.3261; 1.3295
Sup: 1.3149; 1.3103; 1.3050; 1.3022
GBPUSD
Cable came under pressure and fully reversed near-term corrective rally off 1.6534, which stalled at strong 1.66 resistance zone. Overall negative structure favors fresh weakness, which is going to focus psychological 1.6500, support and 1.6464, 24 Mar low, as immediate targets, once temporary base at 1.6534 is broken. However, subsequent bounce off 1.6534, signals prolonged sideways trading, with 1.66 barrier expected to cap. Only break here would confirm near-term base and signal stronger recovery action.
Res: 1.6600; 1.6622; 1.6651; 1.6677
Sup: 1.6534; 1.6500; 1.6464; 1.6400
USDJPY
The pair maintains overall bullish tone, as fresh bulls cracked key 104.11, 04 Apr peak, the last obstacle on the way to 105.43, 02 Jan peak. Near-term price action moves in consolidative mode, with attempts below initial 104 support, being so far contained at 103.70 zone and extended pullback to face supports at 103.50, 22 Aug low and 103.20, Fibonacci 38.2% of 101.49/104.26 upleg, where dips should be contained, to keep bulls intact.
Res: 104.16; 104.26; 104.50; 104.83
Sup: 103.70; 103.50; 103.20; 103.07
AUDUSD
Near-term bulls returned to play, as the price fully retraced corrective 0.9327/0.9269 descend, with probe above 0.9327, opening 0.9342, 19 Aug high and key 0.9372, peak of 06 Aug. Positively aligned near-term technicals favor further upside, as daily studies are building up bullish momentum. However, break above 0.9372 is required to confirm base at 0.9237 for more significant correction of 0.9503/0.9237 descend. Otherwise, prolonged sideways trade could be expected in the near-term, in case of failure to break 0.9372 barrier. Minor higher base at 0.9290 offers initial support and should ideally hold dips, to maintain bullish scenario.
Res: 0.9342; 0.9372; 0.9400; 0.9440
Sup: 0.9308; 0.9290; 0.9270; 0.9237
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