EURUSD
The downside remains pressured and the pair resumes lower, after completing yesterday’s 1.0957/1.1008 consolidation. Break and daily close below psychological 1.1000 handle and below daily Ichimoku cloud top, confirms negative stance. Fresh weakness was triggered after hitting stops, parked under yesterday’s low and so far tested daily 55SMA. The pair eyes next target at 1.0880, Fibonacci 61.8% retracement of 1.0519/1.1465 rally, with further acceleration lower, capable of travelling to daily Ichimoku cloud base at 1.0734. Daily indicators at their midlines and expanding 20d Bollingers, confirm negative signal. Former support at 1.1000, now marks strong resistance, reinforced by weekly Tenkan-sen, which is expected to ideally cap.
Res: 1.0957; 1.1008; 1.1062; 1.1100
Sup: 1.0880; 1.0858; 1.0800; 1.0734
GBPUSD
The pair probes below pivotal 1.5445 base, after yesterday’s 50-pips consolidation was held above 1.5445 breakpoint. Sustained break lower to confirm lower top at 1.5698 and resume correction from 1.5813 peak. Acceleration below psychological 1.54 support, to open 1.5338, Fibonacci 38.2% of 1.4563/1.5813, also daily Kijun-sen line. Daily 20SMA offers initial resistance at 1.5470, ahead of 4-hour Ichimoku cloud base at 1.5487 that capped yesterday’s action. Key barrier lies at 1.5574, daily 200SMA and only reversal above here would neutralize near-term bears.
Res: 1.5470; 1.5487; 1.5505; 1.5528
Sup: 1.5429; 1.5400; 1.5364; 1.5333
USDJPY
Fresh strength resumes towards key 122.01 barrier, after completion of yesterday’s 121.76/43 consolidation. Strong bearish tone supports final push through 122.01 barrier, with resumption of larger uptrend to focus targets at 123.66, July 2007 high and key long-term barrier at 124.14, June 2007 peak. Strong bullish setup on daily chart, supports further upside. Overbought near-term studies warn of further consolidation, before final break higher. Yesterday’s low and former 20 May peak at 121.43/46, mark initial support, with extended dips to be contained above 120.62, 22 May low.
Res: 122.01; 122.30; 122.81; 123.00
Sup: 121.76; 121.43; 121.00; 120.83
AUDUSD
The pair consolidates above fresh low at 0.7802, with yesterday’s long-legged Doji, signaling a pause in descend from 0.8161. Near-term price action is entrenched within narrow range and so far capped by daily 100SMA at 0.7835. Sustained break here would be an initial signal of correction. Fresh upside action to expose breakpoints at 0.7911/26, trendline resistance / daily 20SMA. Otherwise, expect narrow consolidation to precede fresh leg lower, with initial targets at 0.7791/72, daily 55SMA / Fibonacci 61.8% retracement of 0.7531/0.8161 ascend.
Res: 0.7838; 0.7860; 0.7911; 0.7930
Sup: 0.7802; 0.7790; 0.7772; 0.7736
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