EURUSD - close above daily cloud top signals further upside. Targets at 1.1400 and 1.1458/65 eyed

EURUSD

The Euro maintains strong bullish sentiment, gained by dovish Fed minutes last week, with Friday’s strong rally that closed above daily Ichimoku cloud top and strong bullish weekly close, being supportive for further upside. The pair penetrated weekly cloud base and looks for psychological 1.1400 barrier, also 50% of 1.1712/1.1086 fall, which was approached on Friday’s rally. Break higher to expose other significant barriers at 1.1458/65, peaks of 18 Sep / 15 May, also near 1.1473, Fibonacci 61.8% of 1.1725/1.1086 descend.
Near-term price action consolidates within 1.1351/86 range, above broken 4-hour bull-channel’s upper boundary art 1.1335, with fresh upside attempts being favored by bullish near-term studies. Daily technicals are also bullishly aligned and support scenario.
Layers of strong supports, between 1.1351 and 1.1315, consolidation low / daily cloud top, are expected to contain extended dips, to keep near-term bulls intact.


Res: 1.1386; 1.1400; 1.1458; 1.1473
Sup: 1.1351; 1.1335; 1.1315; 1.1260







GBPUSD

Cable rallies from strong 1.53 support zone, reinforced by daily 20 SMA and 200SMA, which previously marked breakpoint resistance and was retested on today’s opening. Bullishly aligned near-term studies, favor retest of fresh high at 1.5381, 50% retracement of 1.5656/1.5105 downleg / daily Kijun-sen line, where rallies found temporary resistance.
Strong rally in Asia that extends at the beginning of European trading, is looking to offset negative signals, given by Friday’s red daily candle, with long upper shadow.
Strong bullish weekly close, signaled reversal and supports further recovery.
Sustained break above 1.5381 and psychological 1.54 barrier, is needed to confirm and expose next targets at 1.5432/46 area, descending daily 55SMA / Fibonacci 61.8% of 1.5656/1.5105 downleg.
Only reversal and close below 1.53 support, would sideline bullish attempts.

Res: 1.5381; 1.5400; 1.5446; 1.5500
Sup: 1.5325; 1.5300; 1.5260; 1.5225






USDJPY

The pair remains within the triangle and being capped by thin 120.32/120.70 daily Ichimoku cloud, trading within narrow range. Last Friday’s bullish close did not have impact on near-term action, as the pair closed under daily cloud base. Near-term technicals remain in neutral mode, while daily studies are negatively aligned. Sustained break above daily cloud and regain of 200SMA at 120.86, are needed to revive bulls and neutralize bearish scenario, which requires slide below triangle support at 119.70 and violation of 119 zone, short-term congestion floor.

Res: 120.33; 120.55; 120.70; 120.86
Sup: 120.07; 119.70; 119.23; 119.05







AUDUSD

Aussie continues to trend higher, on bullish acceleration from 0.6935 higher base, on eight consecutive bullish daily closes, which were shaped in long bullish weekly candle that marks the strongest weekly gains since Sep 2013.
Today’s fresh acceleration higher, emerges above thick daily cloud top at 0.7328, giving strong bullish signal for further retracement of larger 0.8161/0.6906, May / Aug 2015 descend.
Psychological 0.74 barrier, also Fibonacci 138.2% projection of the rally from 0.6935, is focused, with extension to 0.7435, 11 Aug lower top, seen in extension.
Bulls are so far unaffected by overbought 4-hour and daily conditions, however, consolidative phase should be anticipated, before recovery resumption above 0.7435 pivot.
Daily cloud top, offers initial support at 0.7328, followed by session low at 0.7300 and former double-top at 0.7273/78.

Res: 0.7366; 0.7409; 0.7435; 0.7490
Sup: 0.7328; 0.7300; 0.7273; 0.7206