EURUSD
The Euro left long bearish candle yesterday, after bears from fresh 1.1712 high, accelerated and probed below psychological 1.13 support. The pair also broke and closed few ticks below 200SMA, currently at 1.1322 that gives another negative signal. Yesterday’s fall was contained at 1.1290, just above Fibonacci 61.8% of 1.1015/1.1712 upleg and daily Tenkan-sen / 10SMA at 1.1278/73 that reinforces this pivotal support zone, which is seen as ideal reversal point of corrective pullback from 1.1712 peak. Return above 200SMA is seen as initial positive signal, with extension above broken bear-trendline, currently at 1.1396, required to signal higher low formation and ease downside risk. However, daily Stochastic is still heading south and keeps in play risk of renewed attempts at pivotal 1.1270/90 support zone.
Res: 1.1396; 1.1451; 1.1500; 1.1551
Sup: 1.1322; 1.1290; 1.1273; 1.1212
GBPUSD
Near-term bullish structure is neutralized, as the pair fell sharply yesterday, leaving long red daily candle that marks the biggest daily loss since May 2015. Yesterday’s fall found temporary footstep at 1.5450, with focus at key 1.5423 support, low of 07 Aug, to complete 1.5423/1.5816 upleg. Violation of the latter, would trigger further weakness and expose next significant support at 1.5368, 200SMA. Daily indicators are entering negative territory, with setup of daily MA’s turning bearish and shifting near-term focus lower. Oversold near-term conditions suggest corrective action, with narrow daily Ichimoku cloud offering initial resistances at 1.5548/73 and extended rallies to be ideally capped at 1.56 zone, daily 20SMA / near 38.2% of 1.5816/1.5450 fall.
Res: 1.5500; 1.5548; 1.5573; 1.5600
Sup: 1.5450; 1.5423; 1.5400; 1.5368
USDJPY
The pair continues to move higher and looks for attack at the upper boundary of near-term consolidation range at 120.38, which is reinforced by daily Tenkan-sen line and followed by 200SMA at 120.69. Near-term price action is back above 120 handle, with bullishly aligned near-term technicals, seeing scope for eventual break above range’s top. The notion is supported by reversal of daily RSI / slow Stochastic from oversold zone. Hourly higher low at 118.90, marks initial support, ahead of pivotal 118.44, yesterday’s low and floor of near-term consolidation range. Repeated upside rejection, would signal prolonged sideways mode.
Res: 120.38; 120.69; 121.00; 121.78
Sup: 118.90; 118.44; 118.24; 117.78
AUDUSD
The pair holds in near-term directionless mode, confirmed by yesterday’s Doji. Extended consolidation above fresh multi-year low, is seen as favored near-term scenario, with limited upside attempts, seen preceding fresh bears, for final attack at psychological 0.7000 target, as overall structure remains firmly bearish. Falling daily 10SMA marks first pivot at 0.7260, ahead of 20SMA at 0.7306 and only sustained break would sideline immediate downside risk.
Res: 0.7150; 0.7212; 0.7260; 0.7306
Sup: 0.7097; 0.7068; 0.7036; 0.7000
Recommended Content
Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.