EURUSD cracks 1.13 barrier on fresh bullish acceleration

EURUSD
The Euro resumes rally above former top at 1.1243, after two-day consolidation. Shallow dips, contained at 1.1085 and yesterday’s bullish daily candle, signaled fresh strength.
Traders are also betting on dollar-negative comments from Fed Chief Yellen, which boosts single currency.
Obstacles at 1.1243, former top and 1.1264, Fibo 76.4% of 1.1494/1.0519 descend are cracked, with daily close above, needed to confirm bullish resumption.
Regain of levels above 1.1350, would unlock key short-term resistance at 1.1494, 15 Oct 2015 peak.
Technicals maintain firm bearish tone, ignoring for now overbought daily Slow Stochastic and looking for 1.1350, 22 Oct pre ECB meeting, where sharp two-legged fall to 1.0705 commenced.
Daily low at 1.1160 offers initial support, ahead of yesterday’s low at 1.1085, which guards breakpoints at 1.1054/40, 200SMA / weekly Ichimoku cloud base.


Res: 1.1300; 1.1350; 1.1385; 1.1458
Sup: 1.1200; 1.1160; 1.1085; 1.1054






GBPUSD

Cable trades in near-term sideways mode, holding within 1.4350/1.4485 congestion and consolidating past three-day strong fall from 1.4665, 04 Feb recovery top, which was contained by daily 20SMA at 1.4350, for now.
Today’s directionless trading was shaped so far in long-legged Doji and capped by falling daily 30SMA, currently at 1.4447, which caps past two-day action, despite being cracked on unsuccessful upside attempts.
Also, descending hourly Ichimoku cloud reinforces barrier at 1.4457, where cloud’s base lies.
Overall structure remains bearish and keeps the downside in focus, however, firm break below 20SMA is needed to confirm bearish resumption.
Alternatively, strength through 30SMA / hourly cloud base, would give initial signal of fresh recovery action and expose pivotal 1.4483 barrier, today’s high and recovery rejection level.

Res: 1.4447; 1.4457; 1.4483; 1.4507
Sup: 1.4411; 1.4373; 1.4350; 1.4300








USDCAD

The pair pulls back from recovery rally high at 1.3976, where action was capped by falling daily 10SMA, for past two days.
This may signal an end of near-term recovery phase off 1.3637 low, with today’s close in red, expected to give initial bearish signal.
Overall structure remains bearish, with negative sentiment building up.
Fresh weakness so far dipped below 50% of 1.3637/1.3976 recovery and broke below thick hourly Ichimoku cloud base at 1.3806.
Corrective upticks should be capped under 1.3900, Fibonacci 61.8% of 1.3976/1.3784 fall, to keep near-term bearish sentiment in play. Conversely, close above 1.39 barrier would neutralize immediate downside risk and signal extended consolidation.

Res: 1.3850; 1.3880; 1.3903; 1.3938
Sup: 1.3784; 1.3765; 1.3707; 1.3637; 1.3600






USDJPY

The pair entered consolidation phase above fresh low at 114.19, posted today, on extension of sharp and uninterrupted 6-day fall from 121.47, where lower top was left.
Today’s fresh bears took out critical support zone at 115.95/56, lows of Dec 2014 / Jan 2016, which also mark the floor of two-year congestion, capped at 125.84, peak of May 2015.
Daily close below this support zone, will be seen as strong bearish signal for fresh retracement of 101.07/125.84 upleg, also larger uptrend that commenced from 76 zone, lows of 2011 and peaked at 125.84.
Firm bearish setup of daily MA’s and indicators and expanding 20d Bollinger Bands, offset for now oversold Slow Stochastic, however, hesitation at this strong support zone cannot be ruled out, before overall bears resume.
Former low at 115.95, also Fibonacci 23.6% of 121.67/114.19 descend, marks initial resistance, ahead of 117.05, Fibonacci 38.2%, where potential rallies should be capped.

Res: 115.53; 115.95; 116.27; 117.05
Sup: 114.19; 113.45; 112.56; 110.53