EURUSD bounces on profit-taking, overall picture remains bearish

EURUSD

The Euro remains under pressure and retested yesterday’s low at 1.0629, which lies ticks above 16 Apr low at 1.0622, the last obstacle on the way to psychological 1.0600 support.
Near-term price action bounces from fresh lows, on profit-taking rally, which is expected to precede fresh attempts lower.
Initial barriers lay at 1.0680/90, hourly lower platform / falling hourly Ichimoku cloud base, which should ideally cap. However, break here would signal hourly double-bottom formation and allow for further recovery towards 1.0735, falling daily 10SMA / hourly Ichimoku cloud top and 1.0760, daily Tenkan-sen / hourly double top and Fibo 61.8% of 1.0828/1.0629 downleg, where extended rallies should be limited.

Res: 1.0690; 1.0735; 1.0760; 1.0800
Sup: 1.0648; 1.0629; 1.0600; 1.0560






GBPUSD

Near-term price action establishes in consolidative range, between 1.5153 and 1.5262, after yesterday’s extension lower was contained at 1.5153. Subsequent bounce kept near-term bulls alive, with fresh attempts at range’s upper boundary, reinforced by falling daily 20SMA, being under way.
However, downside risk remains in play, as setup of daily MA’s is bearish and daily indicators hold in the negative territory.
Prolonged consolidation ahead of fresh weakness is seen as favored near-term scenario, with break below yesterday’s low and consolidation floor, required to confirm fresh bears.
Alternative scenario requires break above strong resistance zone, defined by daily 20 /30 / 200SMA’s and daily Ichimoku cloud base, which lies between 1.5267 and 1.5340, to revive larger bulls and trigger stronger recovery.

Res: 1.5262; 1.5267; 1.5313; 1.5340
Sup: 1.5186; 1.5153; 1.5105; 1.5085








USDJPY

The pair enters near-term consolidation, following strong two-day rally that peaked at 123.47. This could be seen as hesitation ahead of key near-term barrier at 123.59, 09 Nov peak, which remains in near-term focus.
Strong bullish setup of daily technical studies, supports attack at 123.59, break of which to expose 124.14, June 2007 peak.
Meantime, narrow consolidation has established within 123.47/123.17 range, with range floor marking Fibonacci 23.6% of 122.20/123.47 rally.
Descending near-term indicators suggest that there is more room for correction, on violation of 123.17 handle.
However, extended dips are expected to hold above next layer of strong supports at 122.98/122.80, Fibonacci 38.2% / top of thick 4-hour Ichimoku cloud, to keep near-term bulls intact.
Downside breakpoint lies at 122.60, 16 Nov low.

Res: 123.47; 123.59; 124.14; 124.50
Sup: 123.20; 122.98; 122.80; 122.37







AUDUSD

The pair trades in near-term congestion, defined by yesterday’s 0.7071/0.7138 range, following downside rejection at 0.7071 and subsequent bounce that stayed capped by descending daily 20SMA and bear-trendline off 0.7380 peak.
Near-term studies turned into neutral mode and suggest further directionless trading, ahead of renewed attempts lower, supported by negative daily studies.
Renewed attempts through yesterday’s low at 0.7071, also Fibonacci 61.8% of 0.7014/0.7156 upleg, will confirm an end of recovery attempts and re-open 0.7014/00 targets for test.
Price action moves within 4-hour Ichimoku cloud, with cloud boundaries at 0.707 and 0.7118, marking initial supp/res.

Res: 0.7138; 0.7156; 0.7170; 0.7188
Sup: 0.7087; 0.7071; 0.7048; 0.7014