EURUSD
The Euro trades in near-term sideways mode, with near-term action moving in narrowing range, after recovery rejection at 1.1421and subsequent easing being contained at 1.1260, 50% of 1.1096/1.1421. Action remains capped by daily 10SMA and Tenkan-sen, holding below which, keeps the downside vulnerable. Bearish extension could be expected on clear break below 1.1260 range floor, with confirmation seen on a slide below 1220 higher base and Fibonacci 61.8% retracement of 1.1096/1.1421 rally, to re-focus fresh low of 26 Jan at 1.1096 and next target at psychological 1.1000 support. Conversely, close above daily 10SMA and Tenkan-sen, is required to avert downside risk and signal fresh upside action, with break of pivotal 1.1421, 27 Jan high and 1.1458, 16 Jan former low, to confirm bullish acceleration..
Res: 1.1366; 1.1387; 1.1421; 1.1458
Sup: 1.1277; 1.1260; 1.1220; 1.1172
GBPUSD
Cable holds neutral near-term tone, confirmed by Friday’s Doji, suggesting further consolidation above fresh low at 1.4950, posted on 23 Jan. However, overall picture remains bearish and sees scope for fresh attempts lower, on completion of near-term consolidative phase, as the action remains capped by descending daily 20SMA. Only close above here and violation of pivotal 1.5221/67 barriers, would neutralize downside risk of fresh extension of larger downtrend towards 2013 higher base at 1.4830/12.
Res: 1.5094; 1.5160; 1.5221; 1.5267
Sup: 1.5016; 1.4950; 1.4910; 1.4830
USDJPY
Near-term price action weakens after one-week sideways trading, confirmed by weekly Doji, was cracked on week’s gap-lower opening, which broke below 117.20 range floor and dipped to 116.86, where support was found. Subsequent bounce that filled today’s gap and cracked Fibonacci 61.8% retracement of 118.47/116.86 downleg, on extension to 118.86 so far, averts immediate downside risk and signals further consolidation. However, bearish tone that dominates on all timeframes, is expected to keep the downside vulnerable, while the price hold below pivotal barriers of daily 20SMA at 118.00 and daily cloud top at 118.43. Only close above here to confirm further recovery and neutralize risk of retesting pivotal 115.83 and 115.55 supports.
Res: 117.86; 118.00; 118.43; 118.64
Sup: 117.20; 116.86; 116.55; 115.83
AUDUSD
The pair remains bearish overall, with near-term price action trading in consolidative phase, off fresh low at 0.7718, where bears found temporary footstep, ahead of 0.7700, July 2009 low and near-term target. Weekly close below Fibonacci 61.8% at 0.7945, confirms bearish structure and sees scope for resumption of larger downmove, once consolidative phase is completed. Stronger corrective action, however, should hold below descending daily 10SMA, currently at 0.7924, to keep the structure intact. Only break and close above here, would signal further corrective action. Near-term price action is likely to hold within limited range, as the pair awaits tomorrow’s RBA’s rate decision.
Res: 0.7800; 0.7856; 0.7906; 0.7940
Sup: 0.7730; 0.7718; 0.7700; 0.7650
The Euro trades in near-term sideways mode, with near-term action moving in narrowing range, after recovery rejection at 1.1421and subsequent easing being contained at 1.1260, 50% of 1.1096/1.1421. Action remains capped by daily 10SMA and Tenkan-sen, holding below which, keeps the downside vulnerable. Bearish extension could be expected on clear break below 1.1260 range floor, with confirmation seen on a slide below 1220 higher base and Fibonacci 61.8% retracement of 1.1096/1.1421 rally, to re-focus fresh low of 26 Jan at 1.1096 and next target at psychological 1.1000 support. Conversely, close above daily 10SMA and Tenkan-sen, is required to avert downside risk and signal fresh upside action, with break of pivotal 1.1421, 27 Jan high and 1.1458, 16 Jan former low, to confirm bullish acceleration..
Res: 1.1366; 1.1387; 1.1421; 1.1458
Sup: 1.1277; 1.1260; 1.1220; 1.1172
GBPUSD
Cable holds neutral near-term tone, confirmed by Friday’s Doji, suggesting further consolidation above fresh low at 1.4950, posted on 23 Jan. However, overall picture remains bearish and sees scope for fresh attempts lower, on completion of near-term consolidative phase, as the action remains capped by descending daily 20SMA. Only close above here and violation of pivotal 1.5221/67 barriers, would neutralize downside risk of fresh extension of larger downtrend towards 2013 higher base at 1.4830/12.
Res: 1.5094; 1.5160; 1.5221; 1.5267
Sup: 1.5016; 1.4950; 1.4910; 1.4830
USDJPY
Near-term price action weakens after one-week sideways trading, confirmed by weekly Doji, was cracked on week’s gap-lower opening, which broke below 117.20 range floor and dipped to 116.86, where support was found. Subsequent bounce that filled today’s gap and cracked Fibonacci 61.8% retracement of 118.47/116.86 downleg, on extension to 118.86 so far, averts immediate downside risk and signals further consolidation. However, bearish tone that dominates on all timeframes, is expected to keep the downside vulnerable, while the price hold below pivotal barriers of daily 20SMA at 118.00 and daily cloud top at 118.43. Only close above here to confirm further recovery and neutralize risk of retesting pivotal 115.83 and 115.55 supports.
Res: 117.86; 118.00; 118.43; 118.64
Sup: 117.20; 116.86; 116.55; 115.83
AUDUSD
The pair remains bearish overall, with near-term price action trading in consolidative phase, off fresh low at 0.7718, where bears found temporary footstep, ahead of 0.7700, July 2009 low and near-term target. Weekly close below Fibonacci 61.8% at 0.7945, confirms bearish structure and sees scope for resumption of larger downmove, once consolidative phase is completed. Stronger corrective action, however, should hold below descending daily 10SMA, currently at 0.7924, to keep the structure intact. Only break and close above here, would signal further corrective action. Near-term price action is likely to hold within limited range, as the pair awaits tomorrow’s RBA’s rate decision.
Res: 0.7800; 0.7856; 0.7906; 0.7940
Sup: 0.7730; 0.7718; 0.7700; 0.7650
Recommended Content
Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.