EURUSD
The Euro continues to trade in consolidative phase, under fresh high at 1.1712, posted on 24 Aug. Dips were so far contained by broken bear-trendline that connects Feb/May peaks at 1.1532/1.1465 and just above Fibonacci 38.2% 1.0844/1.1712 upleg at 1.1381 that marks the first breakpoint and guards 200SMA at 1.1323. Below here, next significant support lies at 1.1278, daily Kijun-sen line / 50% of 1.0844/1.1712 rally, where extended dips should find ground. Near-term studies are in neutral/positive mode, while break of daily Stochastic from overbought zone, gives bearish signal and keeps near-term risk shifted lower. Asian high at 1.1560, marks initial resistance, ahead of yesterday’s top at 1.1620, regain of which to re-focus 1.17 zone.
Res: 1.1560; 1.1620; 1.1712; 1.1752
Sup: 1.1395; 1.1381; 1.1350; 1.1278
GBPUSD
Cable maintains overall bullish setup, despite yesterday’s close in red, as the pair hit marginally higher high at 1.5816 and dips were so far contained by pivotal daily Tenkan-sen line support, currently at 1.5688 and above rising daily 10SMA at 1.5668. While the latter holds, near-term focus will stay shifted towards initial 1.5801/16 barrier, with key resistance at 1.5928, seen in extension. Conversely break lower to delay bulls for test of next breakpoint at 1.5619, daily 20SMA, loss of which to neutralize bulls.
Res: 1.5713; 1.5763; 1.5801; 1.5816
Sup: 1.5688; 1.5668; 1.5619; 1.5573
USDJPY
The pair remains in consolidative phase above Monday’s spike low at 116.13, following yesterday’s failure to hold recovery above 120 barrier, where rallies were capped by daily Tenkan-sen at 120.38. Subsequent pullback found support at 118.44, signaling stabilization and possible recovery extension. The notion is supported by bullish break of daily Stochastic from oversold zone. Regain of 120 barrier and sustained break higher, is seen as minimum requirement for further recovery action, with break above 200SMA at 120.67, needed to confirm. Otherwise, prolonged consolidation, would be likely near-term scenario, with increased downside risk, expected on loss of initial 118.44/24 supports, Low of today and yesterday.
Res: 119.81; 120.38; 120.67; 121.00
Sup: 119.00; 118.44; 118.24; 117.78
AUDUSD
The pair remains at the back foot, as yesterday’s trade ended in red, with long upper shadow of daily candle, signaling strong selling pressure. Upside attempts that stalled at 0.7248 yesterday, show that recovery actions are limited for now and strong bearish tone that dominates on all timeframes, is eyeing next target, psychological 0.7000 support. Immediate bears may be delayed by oversold conditions, in favor of prolonged consolidation, but upside is expected to stay limited, while pivotal Kijun-sen, currently at 0.7236 and yesterday’s recovery high at 0.7248, stay intact.
Res: 0.7151; 0.7216; 0.7236; 0.7248
Sup: 0.7094; 0.7036; 0.7000; 0.6950
The Euro continues to trade in consolidative phase, under fresh high at 1.1712, posted on 24 Aug. Dips were so far contained by broken bear-trendline that connects Feb/May peaks at 1.1532/1.1465 and just above Fibonacci 38.2% 1.0844/1.1712 upleg at 1.1381 that marks the first breakpoint and guards 200SMA at 1.1323. Below here, next significant support lies at 1.1278, daily Kijun-sen line / 50% of 1.0844/1.1712 rally, where extended dips should find ground. Near-term studies are in neutral/positive mode, while break of daily Stochastic from overbought zone, gives bearish signal and keeps near-term risk shifted lower. Asian high at 1.1560, marks initial resistance, ahead of yesterday’s top at 1.1620, regain of which to re-focus 1.17 zone.
Res: 1.1560; 1.1620; 1.1712; 1.1752
Sup: 1.1395; 1.1381; 1.1350; 1.1278
GBPUSD
Cable maintains overall bullish setup, despite yesterday’s close in red, as the pair hit marginally higher high at 1.5816 and dips were so far contained by pivotal daily Tenkan-sen line support, currently at 1.5688 and above rising daily 10SMA at 1.5668. While the latter holds, near-term focus will stay shifted towards initial 1.5801/16 barrier, with key resistance at 1.5928, seen in extension. Conversely break lower to delay bulls for test of next breakpoint at 1.5619, daily 20SMA, loss of which to neutralize bulls.
Res: 1.5713; 1.5763; 1.5801; 1.5816
Sup: 1.5688; 1.5668; 1.5619; 1.5573
USDJPY
The pair remains in consolidative phase above Monday’s spike low at 116.13, following yesterday’s failure to hold recovery above 120 barrier, where rallies were capped by daily Tenkan-sen at 120.38. Subsequent pullback found support at 118.44, signaling stabilization and possible recovery extension. The notion is supported by bullish break of daily Stochastic from oversold zone. Regain of 120 barrier and sustained break higher, is seen as minimum requirement for further recovery action, with break above 200SMA at 120.67, needed to confirm. Otherwise, prolonged consolidation, would be likely near-term scenario, with increased downside risk, expected on loss of initial 118.44/24 supports, Low of today and yesterday.
Res: 119.81; 120.38; 120.67; 121.00
Sup: 119.00; 118.44; 118.24; 117.78
AUDUSD
The pair remains at the back foot, as yesterday’s trade ended in red, with long upper shadow of daily candle, signaling strong selling pressure. Upside attempts that stalled at 0.7248 yesterday, show that recovery actions are limited for now and strong bearish tone that dominates on all timeframes, is eyeing next target, psychological 0.7000 support. Immediate bears may be delayed by oversold conditions, in favor of prolonged consolidation, but upside is expected to stay limited, while pivotal Kijun-sen, currently at 0.7236 and yesterday’s recovery high at 0.7248, stay intact.
Res: 0.7151; 0.7216; 0.7236; 0.7248
Sup: 0.7094; 0.7036; 0.7000; 0.6950
Recommended Content
Editors’ Picks
EUR/USD stays weak near 1.0700 ahead of key EU inflation, GDP data
EUR/USD is keeping the red near 1.0700, undermined by a broad US Dollar rebound and a mixed market mood early Tuesday. Germany's Retail Sales rebound fail to impress the Euro ahead of key Eurozone inflation and GDP data releases.
GBP/USD remains pressured toward 1.2500 on US Dollar rebound
GBP/USD is extending losses toward 1.2500 in European trading on Tuesday. A cautious risk tone and a decent US Dollar comeback weigh negatively on the pair. The focus now shifts to mid-tier US data amid a data-light UK docket.
Gold struggle with $2,330 extends, as focus shifts to Fed decision
Gold price is looking to build on to the previous downside early Tuesday, as traders continue to take profits off the table in the lead-up to the US Federal Reserve (Fed) interest rate decision due on Wednesday.
BNB price risks a 10% drop as Binance founder and ex-CEO Changpeng Zhao eyes Tuesday sentencing
Binance Coin price is dumping, with the one-day chart showing a defined downtrend. While the broader market continues to bleed, things could get worse for BNB price ahead of Binance executive Changpeng Zhao sentencing on Tuesday, April 30.
Data fuels China optimism
China's factory activity has expanded for a second consecutive month, marking the best streak in over a year and fueling optimism for the sustainability of the world's second-largest economy's recovery.