EURUSD
The Euro remains in near-term range and trades in the range’s lower part, after recovery attempts failed to complete Monday’s gap and rally stalled at pivotal 1.3220 barrier, last week’s low. Fresh weakness nearly fully reversed corrective rally off 1.3149, threatening break lower and extension of larger downtrend, as sentiment turned negative and near-term technicals hold bearish tone. Fresh weakness below 1.3149 to open immediate target at 1.3103, Sep 2013 trough, ahead of double-Fibonacci support at 1.3020 zone, 50% retracement of 138.2% expansion of the wave from 1.3699. However, overextended daily conditions may cause prolonged consolidative phase, while clear break above 1.3220 is required to spark fresh recovery action.
Res: 1.3185; 1.3200; 1.3220; 1.3240
Sup: 1.3149; 1.3103; 1.3050; 1.3020
GBPUSD
Cable near-term studies are regaining traction, as bounce off 1.6534 low attacks again strong 1.66 barrier. Rallies were so far by descending 4-hour 55SMA at 1.6610, with sustained break here, required to confirm basing attempt and further improve upside-heading 4-hour studies for push towards pivotal 1.6677/85, 20 Aug lower top / 200SMA and possible extension to the key near-term barrier at 1.6735 lower platform. However, overall negative tone sees current movements as corrective action and failure to clear 1.6735 barrier, would keep in play scenario of lower top formation and fresh weakness which is expected to follow.
Res: 1.6610; 1.6622; 1.6651; 1.6677
Sup: 1.6565; 1.6534; 1.6500; 1.6464
USDJPY
The pair remains in near-term corrective phase, off fresh high at 104.26, posted on 25 Aug, after fresh bulls cracked key 104.11, 04 Apr peak, the last obstacle en-route to 105.43, 02 Jan peak. Corrective easing establishes below initial 104 support, with 103.50, 22 Aug low and 103.20, Fibonacci 38.2% of 101.49/104.26 upleg, seen as next significant supports, with extended pullback to be contained above 103 zone, previous peaks and psychological support, to keep overall bulls in play.
Res: 103.86; 104.00; 104.16; 104.26
Sup: 103.50; 103.20; 103.07; 102.67
AUDUSD
Near-term tone remains bullish, as the pair tested pivotal 0.9372, lower top of 06 Aug and 50% of 0.9503/0.9237 descend. Break above here is required to confirm base at 0.9237 for more significant correction of 0.9503/0.9237 descend, with 0.94 psychological barrier / 61.8% retracement and 0.9415 lower top, seen as immediate targets. Consolidative phase is expected fresh eventual push through 0.9372. Otherwise, prolonged sideways trade could be expected in the near-term, in case of failure to break 0.9372 barrier. Initial support at 0.9349, so far holds, with extension lower to face ahead of 0.9326/20 higher base/ previous range tops/Fibonacci 38.2% of 0.9236/0.9372 upleg, where pullbacks should find solid support.
Res: 0.9358; 0.9372; 0.9400; 0.9440
Sup: 0.9349; 0.9326; 0.9320; 0.9308
The Euro remains in near-term range and trades in the range’s lower part, after recovery attempts failed to complete Monday’s gap and rally stalled at pivotal 1.3220 barrier, last week’s low. Fresh weakness nearly fully reversed corrective rally off 1.3149, threatening break lower and extension of larger downtrend, as sentiment turned negative and near-term technicals hold bearish tone. Fresh weakness below 1.3149 to open immediate target at 1.3103, Sep 2013 trough, ahead of double-Fibonacci support at 1.3020 zone, 50% retracement of 138.2% expansion of the wave from 1.3699. However, overextended daily conditions may cause prolonged consolidative phase, while clear break above 1.3220 is required to spark fresh recovery action.
Res: 1.3185; 1.3200; 1.3220; 1.3240
Sup: 1.3149; 1.3103; 1.3050; 1.3020
GBPUSD
Cable near-term studies are regaining traction, as bounce off 1.6534 low attacks again strong 1.66 barrier. Rallies were so far by descending 4-hour 55SMA at 1.6610, with sustained break here, required to confirm basing attempt and further improve upside-heading 4-hour studies for push towards pivotal 1.6677/85, 20 Aug lower top / 200SMA and possible extension to the key near-term barrier at 1.6735 lower platform. However, overall negative tone sees current movements as corrective action and failure to clear 1.6735 barrier, would keep in play scenario of lower top formation and fresh weakness which is expected to follow.
Res: 1.6610; 1.6622; 1.6651; 1.6677
Sup: 1.6565; 1.6534; 1.6500; 1.6464
USDJPY
The pair remains in near-term corrective phase, off fresh high at 104.26, posted on 25 Aug, after fresh bulls cracked key 104.11, 04 Apr peak, the last obstacle en-route to 105.43, 02 Jan peak. Corrective easing establishes below initial 104 support, with 103.50, 22 Aug low and 103.20, Fibonacci 38.2% of 101.49/104.26 upleg, seen as next significant supports, with extended pullback to be contained above 103 zone, previous peaks and psychological support, to keep overall bulls in play.
Res: 103.86; 104.00; 104.16; 104.26
Sup: 103.50; 103.20; 103.07; 102.67
AUDUSD
Near-term tone remains bullish, as the pair tested pivotal 0.9372, lower top of 06 Aug and 50% of 0.9503/0.9237 descend. Break above here is required to confirm base at 0.9237 for more significant correction of 0.9503/0.9237 descend, with 0.94 psychological barrier / 61.8% retracement and 0.9415 lower top, seen as immediate targets. Consolidative phase is expected fresh eventual push through 0.9372. Otherwise, prolonged sideways trade could be expected in the near-term, in case of failure to break 0.9372 barrier. Initial support at 0.9349, so far holds, with extension lower to face ahead of 0.9326/20 higher base/ previous range tops/Fibonacci 38.2% of 0.9236/0.9372 upleg, where pullbacks should find solid support.
Res: 0.9358; 0.9372; 0.9400; 0.9440
Sup: 0.9349; 0.9326; 0.9320; 0.9308
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