EURUSD
The Euro holds within consolidative range for almost one month, after bounce from fresh nearly 12-year low at 1.1096 was capped at 1.1532. The price remains entrenched within narrowed range of 1.1280/1.1450, with neutral near-term technicals and flat daily 10/20SMA’s / Tenkan-sen line and contracting 20d Bollingers, favoring further sideways trade. Initial support and range floor at 1.1280, guards more significant 1.1260 higher base and Fibonacci 61.8% retracement of 1.1096/1.1532 rally, loss of which is required to revive bears and signal acceleration of larger picture’s downtrend towards key 1.1096 support. Alternatively, violation of the range top at 1.1450 to expose pivotal 1.1532 barrier, for possible extended corrective action.
Res: 1.1387; 1.1400; 1.1428; 1.1450
Sup: 1.1334; 1.1300; 1.1287; 1.1260
GBPUSD
Cable remains supported and extended rally to a fresh 2-month high at 1.5551, after break and close above daily Ichimoku cloud top. Yesterday’s long green candle bullish signal, with price action approaching daily 100SMA at 1.5576, en-route towards pivotal 1.5618 lower top of 31 Dec 2014. Strong bullish setup of daily technicals, favors further upside, with rising 10SMA and Tenkan-sen line underpinning the action, however, overbought conditions of near-term studies, suggest correction before fresh attempt higher. Corrective easing should be ideally contained at 1.5470 zone, Fibonacci 38.2% of 1.5330/1.5551 upleg, also25 Feb trough and previous highs of 23/24 Feb, to keep bulls intact.
Res: 1.5551; 1.5576; 1.5585; 1.5618
Sup: 1.5500; 1.5470; 1.5430; 1.5400
USDJPY
The pair remains in near-term directionless mode, following false break above 119.40 barrier, consolidating around 119 handle. Tone of near-term studies remains neutral, as well as daily picture that shows price entrenched between sideways-moving Kijun-sen and Tenkan-sen lines, which mark initial support / resistance at 118.66 and 119.00. Support is also reinforced by ascending daily 20SMA and break here to expose pivotal support at 118.25, higher base and daily Ichimoku cloud top. On the upside, sustained break above 119.00 is required to shift focus higher, for renewed attempt through pivotal 119.40 barrier, break of which to signal resumption of recovery leg from 118.25 and open barriers at 120.00 and 120.46.
Res: 119.08; 119.40; 119.82; 120.00
Sup: 118.66; 118.25; 118.00; 117.71
AUDUSD
The pair corrected rally that peaked at 0.7900 yesterday, where descending daily Kijun-sen line capped the acceleration. Corrective pullback found footstep at 0.7840 zone, near Fibonacci 38.2% retracement of 0.7738/0.7899 rally, seen as ideal reversal point. Support zone is reinforced by rising daily Tenkan-sen at 0.7820. Fresh recovery rally recovered the most of corrective pullback and shifted near-term focus higher again. Break above 0.7900 barrier to open immediate targets at psychological 0.8000 barrier and 0.8023, lower top of 28 Jan, ahead of 0.8071, Fibonacci 38.2% of 0.8794/0.7624 descend. Only close below daily 20SMA at 0.7800 would undermine near-term bulls.
Res: 0.7900; 0.7950; 0.8000; 0.8023
Sup: 0.7860; 0.7837; 0.7820; 0.7800
The Euro holds within consolidative range for almost one month, after bounce from fresh nearly 12-year low at 1.1096 was capped at 1.1532. The price remains entrenched within narrowed range of 1.1280/1.1450, with neutral near-term technicals and flat daily 10/20SMA’s / Tenkan-sen line and contracting 20d Bollingers, favoring further sideways trade. Initial support and range floor at 1.1280, guards more significant 1.1260 higher base and Fibonacci 61.8% retracement of 1.1096/1.1532 rally, loss of which is required to revive bears and signal acceleration of larger picture’s downtrend towards key 1.1096 support. Alternatively, violation of the range top at 1.1450 to expose pivotal 1.1532 barrier, for possible extended corrective action.
Res: 1.1387; 1.1400; 1.1428; 1.1450
Sup: 1.1334; 1.1300; 1.1287; 1.1260
GBPUSD
Cable remains supported and extended rally to a fresh 2-month high at 1.5551, after break and close above daily Ichimoku cloud top. Yesterday’s long green candle bullish signal, with price action approaching daily 100SMA at 1.5576, en-route towards pivotal 1.5618 lower top of 31 Dec 2014. Strong bullish setup of daily technicals, favors further upside, with rising 10SMA and Tenkan-sen line underpinning the action, however, overbought conditions of near-term studies, suggest correction before fresh attempt higher. Corrective easing should be ideally contained at 1.5470 zone, Fibonacci 38.2% of 1.5330/1.5551 upleg, also25 Feb trough and previous highs of 23/24 Feb, to keep bulls intact.
Res: 1.5551; 1.5576; 1.5585; 1.5618
Sup: 1.5500; 1.5470; 1.5430; 1.5400
USDJPY
The pair remains in near-term directionless mode, following false break above 119.40 barrier, consolidating around 119 handle. Tone of near-term studies remains neutral, as well as daily picture that shows price entrenched between sideways-moving Kijun-sen and Tenkan-sen lines, which mark initial support / resistance at 118.66 and 119.00. Support is also reinforced by ascending daily 20SMA and break here to expose pivotal support at 118.25, higher base and daily Ichimoku cloud top. On the upside, sustained break above 119.00 is required to shift focus higher, for renewed attempt through pivotal 119.40 barrier, break of which to signal resumption of recovery leg from 118.25 and open barriers at 120.00 and 120.46.
Res: 119.08; 119.40; 119.82; 120.00
Sup: 118.66; 118.25; 118.00; 117.71
AUDUSD
The pair corrected rally that peaked at 0.7900 yesterday, where descending daily Kijun-sen line capped the acceleration. Corrective pullback found footstep at 0.7840 zone, near Fibonacci 38.2% retracement of 0.7738/0.7899 rally, seen as ideal reversal point. Support zone is reinforced by rising daily Tenkan-sen at 0.7820. Fresh recovery rally recovered the most of corrective pullback and shifted near-term focus higher again. Break above 0.7900 barrier to open immediate targets at psychological 0.8000 barrier and 0.8023, lower top of 28 Jan, ahead of 0.8071, Fibonacci 38.2% of 0.8794/0.7624 descend. Only close below daily 20SMA at 0.7800 would undermine near-term bulls.
Res: 0.7900; 0.7950; 0.8000; 0.8023
Sup: 0.7860; 0.7837; 0.7820; 0.7800
Recommended Content
Editors’ Picks
AUD/USD remains firm above 0.6600 ahead of RBA
AUD/USD maintains its bullish bias well and sound on Monday, extending the multi-session recovery past the 0.6600 barrier ahead of the key interest rate decision by the RBA.
EUR/USD propped up near 1.0750 ahead of European Retail Sales
EUR/USD churned around 1.0770 to kick off the new trading week, with the pair rising after better-than-expected Purchasing Managers Index figures early Monday before settling into familiar chart territory above 1.0750 ahead of Tuesday’s pan-European Retail Sales figures.
Gold holds on to modest gains around $2,320
Gold trades decisively higher on the day above $2,320 in the American session. Retreating US Treasury bond yields after weaker-than-expected US employment data and escalating geopolitical tensions help XAU/USD stretch higher.
Bitcoin price holds above $63K as MicroStrategy tops BTC ownership list
Bitcoin (BTC) price recorded a rather bold two days this past weekend in a surge that saw millions in positions liquidated. However, the week is off to a calm start with altcoins sucking liquidity from the BTC market.
RBA expected to leave key interest rate on hold as inflation lingers
Interest rate in Australia will likely stay unchanged at 4.35%. Reserve Bank of Australia Governor Michele Bullock to keep her options open. Australian Dollar bullish case to be supported by a hawkish RBA.