EURUSD
Near-term price action comes under pressure again, after corrective attempts off yesterday’s fresh one-month low at 1.0519, stalled at 1.06 zone, where solid resistance has established. Renewed weakness shifts focus towards 1.0519 and psychological 1.05 support, with key target at 1.0461, 13 Mar low, seen in extension. Completion of 1.0461/1.1050 corrective phase, to extend bear-leg that commenced off 1.1034/50 double-top, with parity level being in short-term focus. Yesterday’s long-legged daily candle, suggests hesitation on approach to key supports, however, daily close in red and bearish setup of daily studies, keeps the downside under pressure. Hourly 20EMA offers initial resistance at 1.0565, also 4-hour Tenkan-sen line, ahead of strong 1.0600/15 zone, which is expected to cap. Extended corrective attempts should be ideally limited under former low at 1.0711, also Fibonacci 38.2% retracement of 1.1034/1.0519 downleg.
Res: 1.0565; 1.0609; 1.0634; 1.0683
Sup: 1.0519; 1.0500; 1.0461; 1.0400
GBPUSD
Cable trades in near-term consolidative phase above fresh low at 1.4563, as bears hesitate after completing 1.4633/1.5160 corrective phase. Yesterday’s positive close confirms the notion, as hourly technicals turned positive. However, overall tone remains bearish and sees limited upside action, before fresh push lower. Former congestion low at 1.4737, marks strong resistance, along with daily Tenkan-sen line / 10SMA at 1.4771, where extended rallies should be capped and only break here would sideline bears. The pair continues to focus short-term targets at 1.4371, Fibonacci 76.4% of 1.3501/1.7189 rally and 1.4344/1.4230, lows of June/May 2010.
Res: 1.4690; 1.4737; 1.4771; 1.4815
Sup: 1.4563; 1.4500; 1.4450; 1.4400
USDJPY
The pair loses traction and accelerates lower, following loss of pivotal 120 support, after yesterday’s bumpy ride that initially posted fresh high at 120.83 and subsequent dip to 119.70. Downside risk increases, as the price extends lower and violates important support at 119.63, 08 Apr trough / daily Ichimoku cloud top, also near Fibonacci 61.8% retracement of 118.70/120.83 upleg, with break here to confirm reversal. Bearish hourly studies and 4-hour indicators heading south and standing on the breakpoint, favor further easing. Daily close below 119.63 handle, to confirm bearish resumption. Otherwise, prolonged consolidation would precede fresh push lower. Former support at 120.00 and broken bull-trendline at 120.30, marks pivotal barriers.
Res: 120.00; 120.30; 120.42; 120.72
Sup: 119.61; 119.20; 118.90; 118.70
AUDUSD
The pair consolidates yesterday’s fall that dipped to 0.7551, confirming an end of corrective phase from 0.7531 low that was capped at 0.7736. Yesterday’s close in long red candle, confirms negative near-term stance, along with bearish technicals of lower timeframes. Upside attempts off 0.7551 low were so far capped at 0.7622, Fibonacci 38.2% retracement of 0.7736/0.7551 downleg, where rallies should be ideally capped. Otherwise, extended correction would focus 50% retracement at 0.7644 and more significant 0.7665, Fibonacci 61.8% retracement level and lower top of 13 Apr, break of which to sideline attempts at key near-term support at 0.7531, 02 Apr fresh 6-year low.
Res: 0.7622; 0.7644; 0.7665; 0.7700
Sup: 0.7574; 0.7551; 0.7531; 0.7500
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