EURUSD
The Euro extended corrective rally from 1.0530 higher low of 14 Apr, to crack key barrier at 1.08, daily 20SMA, on probe above hourly bull-channel upper boundary and extension to fresh high at 1.0816, yesterday. Today’s price action consolidates under 1.08 barrier, with positive tone persisting and supportive for fresh attempts higher. Daily studies are gaining bullish tone, with break of pivotal 20SMA at 1.08 and Fibonacci 61.8% of 1.1034/1.0519 at 1.0837, required to confirm and resume recovery. Otherwise, prolonged consolidation could be likely scenario. Daily Tenkan-sen line contained today’s dip to 1.0736 for now, protecting next pivotal supports at 1.0719/07, daily 10SMA / former top of 14 Apr / Fibonacci 38.2% retracement of 1.0530/1.0816 upleg. Only break and close below here would soften near-term tone and signal further easing.
Res: 1.0802; 1.0816; 1.0837; 1.0886
Sup: 1.0751; 1.0736; 1.0707; 1.0683
GBPUSD
Cable continues to trend higher, extending corrective rally from 1.4563, on the fourth consecutive positive daily close, marked by long green candles. Fresh extension above broken daily 20SMA that now underpins the rally at 1.4830 cracked the lower boundary of key resistance zone and breakpoint at 1.4970/1.5000. Bullish near-term studies and daily technicals gaining positive tone, support the price action for eventual break higher, to signal further recovery. However, hesitation on approach to pivotal barrier, cannot be ruled out, with consolidative phase, signaled by sideways moving hourly indicators. Bull-trendline off 1.4600, offers good support at 1.4877, ahead of 1.4810, hourly higher base and near Fibonacci 38.2% of 1.4563/1.4971 upleg, where extended dips should ideally find support.
Res: 1.4968; 1.5000; 1.5050; 1.5100
Sup: 1.4914; 1.4877; 1.4810; 1.4771
USDJPY
The pair remains under pressure, with signals of ending near-term price action consolidating above 118.78, lows of past two days, being given on fresh attempts lower and final test of 118.70, 03 Apr low. Yesterday’s repeated close in red, maintains bearish tone, however, long shadows of daily candle suggest hesitation on approach to key support at 118.31, 26 Mar low. With bearish setup on near-term and daily studies, consolidation is seen preceding eventual push towards 118.31 low, to fully retrace 118.31/120.83 upleg and signal fresh extension of pullback from 122.01peak. Initial resistance lies at 119.46, consolidation range top, ahead of 119.73, lower top of 15 Apr, where extended corrective attempts should be capped.
Res: 119.12; 119.46; 119.73; 120.10
Sup: 118.70; 118.31; 118.00; 117.35
AUDUSD
The pair maintains positive near-term tone, with yesterday’s acceleration to a fresh high at 0.7820 and daily close in long green candle and above 0.78 barrier, confirming near-term recovery phase. Formation of double-bottom at 0.7531/51 and extension above Fibonacci 61.8% retracement of 0.7936/0.7531 downleg, signals further recovery and attack at pivotal barrier and short-term consolidation top at 0.7936, break of which to confirm base and trigger stronger recovery action. Consolidative phase off fresh high at 0.7820 was so far contained at 0.7768, guarding 0.7730/18 supports, higher low of recovery rally from 0.7553, posted yesterday and Fibonacci 38.2% of 0.7553/0.7820 upleg, ahead of pivotal 0.77 support, daily 20SMA, loss of which to soften near-term tone.
Res: 0.7820; 0.7841; 0.7882; 0.7911
Sup: 0.7768; 0.7730; 0.7718; 0.7700
The Euro extended corrective rally from 1.0530 higher low of 14 Apr, to crack key barrier at 1.08, daily 20SMA, on probe above hourly bull-channel upper boundary and extension to fresh high at 1.0816, yesterday. Today’s price action consolidates under 1.08 barrier, with positive tone persisting and supportive for fresh attempts higher. Daily studies are gaining bullish tone, with break of pivotal 20SMA at 1.08 and Fibonacci 61.8% of 1.1034/1.0519 at 1.0837, required to confirm and resume recovery. Otherwise, prolonged consolidation could be likely scenario. Daily Tenkan-sen line contained today’s dip to 1.0736 for now, protecting next pivotal supports at 1.0719/07, daily 10SMA / former top of 14 Apr / Fibonacci 38.2% retracement of 1.0530/1.0816 upleg. Only break and close below here would soften near-term tone and signal further easing.
Res: 1.0802; 1.0816; 1.0837; 1.0886
Sup: 1.0751; 1.0736; 1.0707; 1.0683
GBPUSD
Cable continues to trend higher, extending corrective rally from 1.4563, on the fourth consecutive positive daily close, marked by long green candles. Fresh extension above broken daily 20SMA that now underpins the rally at 1.4830 cracked the lower boundary of key resistance zone and breakpoint at 1.4970/1.5000. Bullish near-term studies and daily technicals gaining positive tone, support the price action for eventual break higher, to signal further recovery. However, hesitation on approach to pivotal barrier, cannot be ruled out, with consolidative phase, signaled by sideways moving hourly indicators. Bull-trendline off 1.4600, offers good support at 1.4877, ahead of 1.4810, hourly higher base and near Fibonacci 38.2% of 1.4563/1.4971 upleg, where extended dips should ideally find support.
Res: 1.4968; 1.5000; 1.5050; 1.5100
Sup: 1.4914; 1.4877; 1.4810; 1.4771
USDJPY
The pair remains under pressure, with signals of ending near-term price action consolidating above 118.78, lows of past two days, being given on fresh attempts lower and final test of 118.70, 03 Apr low. Yesterday’s repeated close in red, maintains bearish tone, however, long shadows of daily candle suggest hesitation on approach to key support at 118.31, 26 Mar low. With bearish setup on near-term and daily studies, consolidation is seen preceding eventual push towards 118.31 low, to fully retrace 118.31/120.83 upleg and signal fresh extension of pullback from 122.01peak. Initial resistance lies at 119.46, consolidation range top, ahead of 119.73, lower top of 15 Apr, where extended corrective attempts should be capped.
Res: 119.12; 119.46; 119.73; 120.10
Sup: 118.70; 118.31; 118.00; 117.35
AUDUSD
The pair maintains positive near-term tone, with yesterday’s acceleration to a fresh high at 0.7820 and daily close in long green candle and above 0.78 barrier, confirming near-term recovery phase. Formation of double-bottom at 0.7531/51 and extension above Fibonacci 61.8% retracement of 0.7936/0.7531 downleg, signals further recovery and attack at pivotal barrier and short-term consolidation top at 0.7936, break of which to confirm base and trigger stronger recovery action. Consolidative phase off fresh high at 0.7820 was so far contained at 0.7768, guarding 0.7730/18 supports, higher low of recovery rally from 0.7553, posted yesterday and Fibonacci 38.2% of 0.7553/0.7820 upleg, ahead of pivotal 0.77 support, daily 20SMA, loss of which to soften near-term tone.
Res: 0.7820; 0.7841; 0.7882; 0.7911
Sup: 0.7768; 0.7730; 0.7718; 0.7700
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.