Cable-near-term focus at 1.4230, 2009 low

EURUSD
The Euro continues to trade between 1.08/1.0967congestion, after last Friday’s extended recovery rally stalled on approach to psychological 1.10 barrier. Subsequent strong pullback, which continued today, reversed the most of Friday’s rally, keeping intact pivotal daily cloud top resistance at 1.10 zone.
However, hourly uptrend from 1.08, defined by bull-trendline, connecting 1.0800/33 lows, which also contained pullback from Friday’s rejection. Temporary support was found at 1.0872, trendline support / hourly Ichimoku cloud base.
Near-term studies are mixed, while setup of daily technicals is neutral, suggesting that the pair would spend coming sessions within previously established range.
Negative near-term scenario requires break below 1.0872 handle, reinforced by daily 10SMA at 1.0862, to look for return to pivotal 1.08 support and congestion floor.
Conversely, return above 1.09 barrier, also daily 30SMA, would sideline existing downside pressure and possibly look for fresh upside attempts

Res: 1.0900; 1.0926; 1.0967; 1.0983
Sup: 1.0872; 1.0833; 1.0800; 1.0780






GBPUSD

Cable consolidates above fresh low at 1.4243, posted overnight, which lies just ticks above short-term target at 1.4230, Apr 2010 low that also indicates Fibonacci 161.8% expansion of extended wave C, which commenced from 1.4943, 24 Dec lower top.
Firmly bearish technicals favor final attempt through 1.4230 handle, to open way towards 1.3500, low of Jan 2009. The notion is supported by Friday’s sharp fall, which closed below 1.4371, Fibonacci 76.4% retracement of 1.3500/1.7189, 2009/2014 ascend.
Narrow consolidation is under way and so far holds below initial barrier at 1.4350, low of 12 jan, which guards hourly Ichimoku cloud, spanned between 1.4400/15, break of which would signal stronger correction, before fresh bear-leg.

Res: 1.4320; 1.4350; 1.4415; 1.4473
Sup: 1.4243; 1.4230; 1.4163; 1.4060







USDJPY

The pair bounces off last Friday’s low at 116.49, showing hesitation on approach to key med-term support at 116.13, low of 24 Aug 2015, also the upper boundary of strong 116.13/115.56 support zone and breakpoint.
Last Friday’s trade ended in long bearish candle, signaling renewed bear-pressure, after completion of 116.67/118.36 correction. On the other side, past week’s action was shaped in Doji, which indicates indecision on approach to breakpoint zone, but also shows persisting selling pressure, signaled by candle’s long upper shadow.
Extended corrective attempts should be ideally capped under 117.80, falling daily 10SMA and base of thin hourly Ichimoku cloud, before bears re-assert for final attack at key 116.13/115.56 support zone.


Res: 117.47; 117.80; 118.00; 118.26
Sup: 117.00; 116.49; 116.13; 115.72






AUDUSD

The pair eventually broke below key med-term support at 0.6906, low of Sep 2015, above which 0.6906/0.7383 consolidation started.
Last Friday’s close below 0.6906, confirms an end of multi-month consolidation phase and signals fresh leg lower, extension of larger downtrend, which commenced from 1.1079, peak of 2011.
Friday’s close in long red candle and the second consecutive weekly bearish close, signal resumption of broader downtrend.
Limited upside attempts on oversold daily studies, could be anticipated, with 0.6925, 11 Jan low and floor of past week’s consolidation, so far capping rallies and guarding falling daily 10SMA at 0.6985.
Only sustained break above last week’s consolidation range top at 0.7046 would neutralize immediate downside risk.


Res: 0.6925; 0.6985; 0.7016; 0.7046
Sup: 0.6825; 0.6773; 0.6724; 0.6611