Cable cracked psychological 1.50 support; bear-channel support at 1.49 eyed

EURUSD

The Euro cracks 1.0564, near-term base floor, signaling resumption of larger downtrend, which was interrupted by brief 1.0564/1.0636 consolidation.
Overall structure remains bearish and supports further weakness towards immediate target at 1.0519, 13 Apr low and key support at 1.0461, Mar 2015 yearly low.
Falling daily 10SMA, which maintains downtrend since mid-Oct, offers initial resistance at 1.0635, which is expected to cap upside attempts.
Session high and hourly Ichimoku cloud base at 1.0593/1.0609, offer initial layer of resistances, ahead of hourly cloud top at 1.0626, which reinforces strong resistance of 10SMA and last Friday’s high.

Res: 1.0600; 1.0633; 1.0690; 1.0712
Sup: 1.0519; 1.0500; 1.0461; 1.0400








GBPUSD

Cable cracks psychological 1.50 support, on today’s extension of the third wave that commenced from 1.5130 lower top.
Strong bearish weekly close, which also occurred below 1.5085, Fibonacci 61.8% of 1.4563/1.5928, Apr-June 2015 recovery, along with probe below strong 1.5025/00 support zone, gives bearish signals. Sustained break below 1.50 handle, will expose next supports at 1.4900, med-term bear channel support and 1.4870, Fibonacci 100% expansion of the wave C from 1.5130.
The pair is also on track for strong bearish monthly close, with Bearish Engulfing, forming on monthly chart, giving additional bearish signal.


Res: 1.5048; 1.5100; 1.5133; 1.5153
Sup: 1.4978; 1.4936; 1.4900; 1.4870;








USDJPY

The pair probes above near-term congestion tops / daily 10SMA and psychological barrier at 123 zone, signaling confirmation of near-term higher base at 122.24 and stronger upside attempts.
Firm bullish structure of daily chart studies, suggests an end of corrective phase from 123.74 top and renewed attacks at 123.74, for resumption of larger upleg from 116.13, 23 Aug correction low.
The pair is on track for strong monthly bullish close, which is seen supportive for final push towards key barriers at 125.26/84, Aug / Jun peaks.
Ascending daily 20SMA contained overnight’s action and offers initial support at 122.70, guarding pivots at 122.24/20, lows of 25/16 Nov 2015.

Res: 123.17; 123.59; 123.74; 124.50
Sup: 122.70; 122.20; 122.02; 121.75







USDTRY

The pair extends above pivotal 2.9301 barrier, marking full retracement 2.9301/2.8152 descend, on strong one-week rally.
Long bullish weekly candle, which engulfs previous two-week fall, gives strong bullish signal, as break above 2.9301, confirms higher low at 2.8152 and reversal from 2.7575, 01 Nov correction low.
The pair is on track for strong monthly bullish close, which confirms the notion.
Fresh extension higher came ticks ahead of daily cloud top at 2.9390, with thin daily cloud seen easy to be cleared, for extension towards next targets, lower tops at 2.9426 and 2.9631.
Firm bullish setup on daily studies, supports further advance, however, caution on overbought daily slow Stochastic, which turned in sideways mode, signaling hesitation ahead of initial 2.9390/2.9426 barriers.
Expect corrective dips to be ideally contained above 2.89, Fibonacci 38.2% of 2.8158/2.9358 rally, reinforced by rising daily 100SMA.

Res: 2.9358; 2.9390; 2.9426; 2.9630
Sup: 2.9075; 2.9000; 2.8758; 2.8616