EURUSD
The Euro rallied above near-term breakpoint at 1.1027/34, Fibonacci 61.8% retracement of 1.1378/1.0461 18 Mar, post-Fed spike high, signaling resumption of near-term corrective rally from 1.0461, low of 13 Mar. Near-term technicals remain positive and support further upside attempts, with yesterday’s positive close above broken daily Kijun-sen line, supporting the notion. Close above 1.1034 barrier to confirm and open 1.1071, Fibonacci 61.8% of 1.1449/1.0461 descend and 1.1096, previous low 26 Jan. Hourly higher base at 1.0950, reinforced by daily Kijun-sen line, offers initial support, ahead of 1.0890 zone, former consolidation floor and near Fibonacci 38.2% of 1.0461/1.1050 rally and 1.0850, daily 20SMA, above which extended corrective action should be ideally contained.
Res: 1.1050; 1.1071; 1.1096; 1.1150
Sup: 1.1000; 1.0950; 1.0890; 1.0850
GBPUSD
Consolidation remains dominating near-term theme for Cable, as the price action holds within narrowing range, trading in directionless mode. Studies of lower timeframes are neutral and see scope for prolonged consolidative action, while overall picture remains bearish. Rally above initial resistance at 1.4900, daily Tenkan-sen line, shifts near-term focus towards range’s upper boundary at 1.50 zone, reinforced by falling daily 20SMA, with close above here required to bring near-term bulls back to play. On the downside, daily 10SMA offers immediate support at 1.4849, ahead of consolidation floor at 1.4830, loss of which to turn near-term picture negative.
Res: 1.4987; 1.5008; 1.5048; 1.5085
Sup: 1.4900; 1.4849; 1.4830; 1.4800
USDJPY
The pair came under increased pressure today, after two-day consolidation and accelerated through initial supports at 119.20, former lows and 119.06, daily 55SMA, also taking out daily 100SMA at 118.72 and breaking below daily Ichimoku cloud. Near-term studies hold firm bearish tone, along with bearish setup of daily indicators, supporting further weakness. Fresh acceleration approached next target and strong support at 118.22, mid-Feb higher base and Fibonacci 61.8% retracement of 115.83/122.01 rally, below which to confirm reversal from 122.01 peak. However, corrective action on oversold near-term studies, is expected to interrupt descend. Former consolidation lows at 119.20 offer initial resistance, ahead of psychological 120 barrier and pivotal 120.36, 10/20SMA’s bear cross.
Res: 118.61; 119.20; 119.65; 120.00
Sup: 118.22; 118.00; 117.30; 116.86
AUDUSD
The pair averts immediate downside risk, seen on crack of psychological 0.78 support, as fresh rally signals formation of higher low at 0.7799, for renewed attempt at pivotal 0.7936 barrier, high of 24 Mar. The price penetrated again daily Ichimoku cloud, with regain of yesterday’s high at 0.7902, required to confirm reversal. Positively aligned daily studies support the notion of break and close above 0.7936 high, to confirm recovery and open 0.8012, Fibonacci 61.8 retracement of 0.8293/0.7558 descend. Session low at 0.7799 marks initial support, while only break below daily bullish 10/20SMA’s cross at 0.7737, would neutralize near-term bulls.
Res: 0.7902; 0.7936; 0.7989; 0.8012
Sup: 0.7850; 0.7835; 0.7799; 0.7761
The Euro rallied above near-term breakpoint at 1.1027/34, Fibonacci 61.8% retracement of 1.1378/1.0461 18 Mar, post-Fed spike high, signaling resumption of near-term corrective rally from 1.0461, low of 13 Mar. Near-term technicals remain positive and support further upside attempts, with yesterday’s positive close above broken daily Kijun-sen line, supporting the notion. Close above 1.1034 barrier to confirm and open 1.1071, Fibonacci 61.8% of 1.1449/1.0461 descend and 1.1096, previous low 26 Jan. Hourly higher base at 1.0950, reinforced by daily Kijun-sen line, offers initial support, ahead of 1.0890 zone, former consolidation floor and near Fibonacci 38.2% of 1.0461/1.1050 rally and 1.0850, daily 20SMA, above which extended corrective action should be ideally contained.
Res: 1.1050; 1.1071; 1.1096; 1.1150
Sup: 1.1000; 1.0950; 1.0890; 1.0850
GBPUSD
Consolidation remains dominating near-term theme for Cable, as the price action holds within narrowing range, trading in directionless mode. Studies of lower timeframes are neutral and see scope for prolonged consolidative action, while overall picture remains bearish. Rally above initial resistance at 1.4900, daily Tenkan-sen line, shifts near-term focus towards range’s upper boundary at 1.50 zone, reinforced by falling daily 20SMA, with close above here required to bring near-term bulls back to play. On the downside, daily 10SMA offers immediate support at 1.4849, ahead of consolidation floor at 1.4830, loss of which to turn near-term picture negative.
Res: 1.4987; 1.5008; 1.5048; 1.5085
Sup: 1.4900; 1.4849; 1.4830; 1.4800
USDJPY
The pair came under increased pressure today, after two-day consolidation and accelerated through initial supports at 119.20, former lows and 119.06, daily 55SMA, also taking out daily 100SMA at 118.72 and breaking below daily Ichimoku cloud. Near-term studies hold firm bearish tone, along with bearish setup of daily indicators, supporting further weakness. Fresh acceleration approached next target and strong support at 118.22, mid-Feb higher base and Fibonacci 61.8% retracement of 115.83/122.01 rally, below which to confirm reversal from 122.01 peak. However, corrective action on oversold near-term studies, is expected to interrupt descend. Former consolidation lows at 119.20 offer initial resistance, ahead of psychological 120 barrier and pivotal 120.36, 10/20SMA’s bear cross.
Res: 118.61; 119.20; 119.65; 120.00
Sup: 118.22; 118.00; 117.30; 116.86
AUDUSD
The pair averts immediate downside risk, seen on crack of psychological 0.78 support, as fresh rally signals formation of higher low at 0.7799, for renewed attempt at pivotal 0.7936 barrier, high of 24 Mar. The price penetrated again daily Ichimoku cloud, with regain of yesterday’s high at 0.7902, required to confirm reversal. Positively aligned daily studies support the notion of break and close above 0.7936 high, to confirm recovery and open 0.8012, Fibonacci 61.8 retracement of 0.8293/0.7558 descend. Session low at 0.7799 marks initial support, while only break below daily bullish 10/20SMA’s cross at 0.7737, would neutralize near-term bulls.
Res: 0.7902; 0.7936; 0.7989; 0.8012
Sup: 0.7850; 0.7835; 0.7799; 0.7761
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