EURUSD
The Euro closed in red on Friday, after posting marginally higher high at 1.1288, where rally stalled on approach to descending daily 100SMA. Subsequent pullback is resuming lower, after losing initial footstep at 1.1173, above which, near-term consolidation occurred. Hourly studies are losing traction, signaling extended correction, as 4-hour indicators emerged from overbought territory. Ideal reversal points lay at 1.1109/1.1070, Fibonacci 38.2% retracement of 1.0818/1.1288 upleg / 29/30 Apr higher base, where fresh attempts higher are expected to commence, as studies of larger timeframes remain bullish and notion supported by strong weekly positive close. Otherwise, acceleration below pivotal 1.1050/34, former breakpoints, would sideline upside attempts and signal further easing.
Res: 1.1223; 1.1288; 1.1330; 1.1378
Sup: 1.1109; 1.1070; 1.1050; 1.1035
GBPUSD
Cable enters near-term consolidative phase above fresh low at 1.5112, posted last Friday, where two-day pullback from 1.5496 upside rejection, found temporary footstep. Friday’s acceleration that left long red daily candle, confirms negative near-term tone, as reversal approached pivotal support at 1.51 zone, daily Ichimoku cloud top / Fibonacci 61.8% retracement of 1.4854/1.5496 upleg, loss of which could trigger further corrective easing. However, overall bulls remain intact and see scope for renewed attempts towards key short-term barrier at 1.5551, 26 Feb peak, after completion of corrective phase. Only loss of psychological 1.50 support, reinforced by daily 20SMA, would neutralize and shift focus lower.
Res: 1.5173; 1.5202; 1.5257; 1.5300
Sup: 1.5112; 1.5095; 1.5051; 1.5000
USDJPY
The pair broke above pivotal 120.08 barrier, 23 Apr high, extending two-day recovery rally off 118.50 base. Positive daily/weekly close is seen supportive for fresh attempts at short-term range top at 120.83, for break above the range, confirmed by repeated monthly Doji. The price attempts to hold gains above daily cloud top at 120.00 and maintain improving tone of daily studies, with widening daily 20d Bollingers, supporting scenario. Also, bullish tone, established on near-term studies, supports further upside attempts. Extended correction under 120 handle, to face 119.85, former high, ahead of 119.60, Fibonacci 38.2% of 118.48/120.27 upleg, where dips should be ideally contained.
Res: 120.27; 120.43; 120.83; 121.19
Sup: 120.00; 118.85; 119.60; 119.30
AUDUSD
The Aussie is at the back foot, as three-day reversal from fresh recovery top at 0.8073, dipped below 50% retracement of 0.7551/0.8073 rally, finding temporary footstep at 0.78 handle, where daily Kijun-sen contained acceleration for now. Near-term studies turned bearish and see risk of further easing that will expose pivotal supports at 0.7768/50, daily 20SMA / daily cloud base / Fibonacci 61.8%, below which to confirm reversal and turn near-term focus lower. Weekly close in Doji with long upper shadow, confirms recovery’s hesitation, however, monthly bullish engulfing pattern, would signal further recovery, after completion of near-term corrective phase.
Res: 0.7843; 0.7861; 0.7918; 0.7975
Sup: 0.7800; 0.7773; 0.7750; 0.7709
The Euro closed in red on Friday, after posting marginally higher high at 1.1288, where rally stalled on approach to descending daily 100SMA. Subsequent pullback is resuming lower, after losing initial footstep at 1.1173, above which, near-term consolidation occurred. Hourly studies are losing traction, signaling extended correction, as 4-hour indicators emerged from overbought territory. Ideal reversal points lay at 1.1109/1.1070, Fibonacci 38.2% retracement of 1.0818/1.1288 upleg / 29/30 Apr higher base, where fresh attempts higher are expected to commence, as studies of larger timeframes remain bullish and notion supported by strong weekly positive close. Otherwise, acceleration below pivotal 1.1050/34, former breakpoints, would sideline upside attempts and signal further easing.
Res: 1.1223; 1.1288; 1.1330; 1.1378
Sup: 1.1109; 1.1070; 1.1050; 1.1035
GBPUSD
Cable enters near-term consolidative phase above fresh low at 1.5112, posted last Friday, where two-day pullback from 1.5496 upside rejection, found temporary footstep. Friday’s acceleration that left long red daily candle, confirms negative near-term tone, as reversal approached pivotal support at 1.51 zone, daily Ichimoku cloud top / Fibonacci 61.8% retracement of 1.4854/1.5496 upleg, loss of which could trigger further corrective easing. However, overall bulls remain intact and see scope for renewed attempts towards key short-term barrier at 1.5551, 26 Feb peak, after completion of corrective phase. Only loss of psychological 1.50 support, reinforced by daily 20SMA, would neutralize and shift focus lower.
Res: 1.5173; 1.5202; 1.5257; 1.5300
Sup: 1.5112; 1.5095; 1.5051; 1.5000
USDJPY
The pair broke above pivotal 120.08 barrier, 23 Apr high, extending two-day recovery rally off 118.50 base. Positive daily/weekly close is seen supportive for fresh attempts at short-term range top at 120.83, for break above the range, confirmed by repeated monthly Doji. The price attempts to hold gains above daily cloud top at 120.00 and maintain improving tone of daily studies, with widening daily 20d Bollingers, supporting scenario. Also, bullish tone, established on near-term studies, supports further upside attempts. Extended correction under 120 handle, to face 119.85, former high, ahead of 119.60, Fibonacci 38.2% of 118.48/120.27 upleg, where dips should be ideally contained.
Res: 120.27; 120.43; 120.83; 121.19
Sup: 120.00; 118.85; 119.60; 119.30
AUDUSD
The Aussie is at the back foot, as three-day reversal from fresh recovery top at 0.8073, dipped below 50% retracement of 0.7551/0.8073 rally, finding temporary footstep at 0.78 handle, where daily Kijun-sen contained acceleration for now. Near-term studies turned bearish and see risk of further easing that will expose pivotal supports at 0.7768/50, daily 20SMA / daily cloud base / Fibonacci 61.8%, below which to confirm reversal and turn near-term focus lower. Weekly close in Doji with long upper shadow, confirms recovery’s hesitation, however, monthly bullish engulfing pattern, would signal further recovery, after completion of near-term corrective phase.
Res: 0.7843; 0.7861; 0.7918; 0.7975
Sup: 0.7800; 0.7773; 0.7750; 0.7709
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