EURUSD
The Euro holds negative tone, as weekly close in red and below Fibonacci 61.8% of larger 1.2042/1.3992 ascend, confirms strong bearish stance. Break below 1.27 support comes ticks away from 1.2660, Nov 2012 low, the last strong obstacle en-route towards 1.2042, which is expected to come in near-term focus on a break and close below 1.2660. The third wave, off 1.3699 lower top, met its 200% expansion target at 1.2675 and would look for further extension towards 1.2360, Fibonacci 261.8% expansion, ahead of 1.2042 target. Corrective actions on oversold near-term studies face initial resistance at 1.27 level and should be ideally capped under 1.2760 lower platform
Res: 1.2700; 1.2760; 1.2800; 1.2815
Sup: 1.2660; 1.2600; 1.2550; 1.2500
GBPUSD
Cable consolidates above fresh lows just above 1.62 support, following break below important 1.63 level and daily/weekly close below. Overall negative structure sees the downside favored, with key near-term term target at 1.6000, psychological support / 50% retracement of larger 1.4812/1.7189 ascend. The pair rides on the third wave, which commenced from 1.6413 lower top and is looking for 1.6175, its 100% Fibonacci expansion, then 1.6084, 138.2% expansion, ahead of 1.6050, 10 Sep low, on the way towards 1.6000 target. Corrective attempts should stay under 1.6300/40 barriers, to keep the structure intact.
Res: 1.6251; 1.6275; 1.6300; 1.6339
Sup: 1.6211; 1.6200; 1.6175; 1.6159
USDJPY
Near-term bulls are back in play after the price broke above 109.42, previous high, confirming an end of near-term consolidative phase. Price action is looking for test of near-term targets at psychological 110 and 110.66, Aug 2008 peak. Fresh action higher is signaled by last Friday’s bullish Engulfing Pattern, which suggests further upside. Extension above 110.66 to focus 112.67, Fibonacci 76.4% of 124.14/75.55 descend. Previous range tops offer initial support, ahead of 109, round-figure and 108.46, 26 Sep higher low, above which dips should find footstep.
Res: 109.73; 110.00; 110.66; 111.00
Sup: 109.42; 109.00; 108.46; 108.23
AUDUSD
The pair continues to trend lower, with 0.87, round-figure support, being cracked and the price met the next target at 0.8682, Fibonacci 100% expansion of the wave from 0.9110. Bears are looking for final push towards key 0.8658, low of 24 Jan, to mark full retracement of 0.8958/0.9503 ascend. The third wave could extend to 0.8519, its 138.2% expansion, once 0.8658 is taken out, however, oversold near-term technicals suggest a hesitation ahead of key 0.8658 support. Psychological 0.90 level, offers good resistance and should keep the upside attempts limited.
Res: 0.8746; 0.8810; 0.8829; 0.8895
Sup: 0.8682; 0.8658; 0.8600; 0.8550
The Euro holds negative tone, as weekly close in red and below Fibonacci 61.8% of larger 1.2042/1.3992 ascend, confirms strong bearish stance. Break below 1.27 support comes ticks away from 1.2660, Nov 2012 low, the last strong obstacle en-route towards 1.2042, which is expected to come in near-term focus on a break and close below 1.2660. The third wave, off 1.3699 lower top, met its 200% expansion target at 1.2675 and would look for further extension towards 1.2360, Fibonacci 261.8% expansion, ahead of 1.2042 target. Corrective actions on oversold near-term studies face initial resistance at 1.27 level and should be ideally capped under 1.2760 lower platform
Res: 1.2700; 1.2760; 1.2800; 1.2815
Sup: 1.2660; 1.2600; 1.2550; 1.2500
GBPUSD
Cable consolidates above fresh lows just above 1.62 support, following break below important 1.63 level and daily/weekly close below. Overall negative structure sees the downside favored, with key near-term term target at 1.6000, psychological support / 50% retracement of larger 1.4812/1.7189 ascend. The pair rides on the third wave, which commenced from 1.6413 lower top and is looking for 1.6175, its 100% Fibonacci expansion, then 1.6084, 138.2% expansion, ahead of 1.6050, 10 Sep low, on the way towards 1.6000 target. Corrective attempts should stay under 1.6300/40 barriers, to keep the structure intact.
Res: 1.6251; 1.6275; 1.6300; 1.6339
Sup: 1.6211; 1.6200; 1.6175; 1.6159
USDJPY
Near-term bulls are back in play after the price broke above 109.42, previous high, confirming an end of near-term consolidative phase. Price action is looking for test of near-term targets at psychological 110 and 110.66, Aug 2008 peak. Fresh action higher is signaled by last Friday’s bullish Engulfing Pattern, which suggests further upside. Extension above 110.66 to focus 112.67, Fibonacci 76.4% of 124.14/75.55 descend. Previous range tops offer initial support, ahead of 109, round-figure and 108.46, 26 Sep higher low, above which dips should find footstep.
Res: 109.73; 110.00; 110.66; 111.00
Sup: 109.42; 109.00; 108.46; 108.23
AUDUSD
The pair continues to trend lower, with 0.87, round-figure support, being cracked and the price met the next target at 0.8682, Fibonacci 100% expansion of the wave from 0.9110. Bears are looking for final push towards key 0.8658, low of 24 Jan, to mark full retracement of 0.8958/0.9503 ascend. The third wave could extend to 0.8519, its 138.2% expansion, once 0.8658 is taken out, however, oversold near-term technicals suggest a hesitation ahead of key 0.8658 support. Psychological 0.90 level, offers good resistance and should keep the upside attempts limited.
Res: 0.8746; 0.8810; 0.8829; 0.8895
Sup: 0.8682; 0.8658; 0.8600; 0.8550
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.