GBPUSD accelerates lower after end of near-term range trading

EURUSD

The Euro remains under pressure and establishes under 1.07 handle, following yesterday’s acceleration that ended day in long red candle and closed below former trough at 1.0711, posted on 31 Mar. Confirmation of double-top at 1.1050/34, opens way for further acceleration lower, as the price approaches next target at 1.0600, Fibonacci 76.4% of 1.0461/1.1050, with break here to open interim supports at 1.0588 and 1.0512, Fibonacci 138.2% and 161.8% projection of the downleg from 1.1034 and expose key short-term support at 1.0461, low of 13 Mar, for full retracement of 1.0461/1.1050 corrective rally. Technicals are bearish on all timeframes and supports further downside, with oversold conditions of near-term studies, expected to interrupt descend with corrective rallies. Immediate resistance lies at former higher base at 1.0711, ahead of 1.08, previous low of 07 Apr, reinforced by daily 10/20SMA’s bear-cross, which is expected to cap extended rallies.

Res: 1.0683; 1.0711; 1.0777; 1.0800
Sup: 1.0600; 1.0588; 1.0512; 1.0461




GBPUSD

Near-term bears came fully in play, as fresh acceleration lower followed repeated rejection under pivotal 1.50 barrier and eventually broke below 1.4737, 01 Apr low and near-term range floor. Confirmation of an end of near-term sideways-trading phase, signals fresh weakness that looks for extension to key short-term support at 1.4633, low of 18 Mar, to confirm completion of short-term corrective phase and resumption of larger downtrend. Yesterday’s close in long red candle, confirms bearish stance, as the pair is poised for strong weekly negative close that supports the notion. Setup of near-term studies remains negative, along with overall bearish picture. Former range base at 1.4737, marks initial resistance, ahead of 1.48 zone, broken bull-trendline, reinforced by descending daily 10SMA, expected to cap extended rallies.

Res: 1.4723; 1.4737; 1.4800; 1.4834
Sup: 1.4633; 1.4600; 1.4550; 1.4500





USDJPY

The pair maintains positive near-term tone and holds firm above psychological 120 support, with fresh high being posted at 120.72, on yesterday’s acceleration higher. The pair focuses immediate targets at 120.98, Fibonacci 138.2% projection of the upleg from 118.70, ahead of lower top at 121.19 and 121.36, Fibonacci 161.8% projection, regain of which to open way for retest of key 122.01 barrier, peak of 10 Mar. Daily indicators are breaking into positive territory and support further rallies. Corrective actions should be ideally contained at 120.00 support, reinforced by daily 20SMA.

Res: 120.72; 120.98; 121.36; 121.50
Sup: 120.26; 120.00; 119.84; 119.63





AUDUSD

The pair consolidates around 0.77 handle, after yesterday’s fresh extension higher eventually cracked important 0.7734 barrier, 50% retracement of 0.7936/0.7531 downleg / daily Kijun-sen line. Near-term studies remain positively aligned and signal further upside attempts, however, caution is required, as yesterday’s trading ended in Doji and again closed below daily 20SMA. This could be a signal of recovery rally stall, which could confirm the notion, in case of fresh easing and close below 0.7635, daily 10SMA / Tenkan-sen line, as overall picture remains bearish. Otherwise, fresh attempts higher and close above 0.7734, to confirm near-term bulls and trigger further recovery towards next strong barrier at 0.7782, Fibonacci 61.8% retracement / daily Ichimoku cloud base.

Res: 0.7700; 0.7720; 0.7736; 0.7782
Sup: 0.7658; 0.7635; 0.7593; 0.7575