GBPUSD - strong downmove is in corrective phase; daily cloud base tested so far

EURUSD

The Euro made the biggest fall daily since Feb 26 on yesterday’s bearish acceleration, which closed below pivotal 1.1300 support. Near-term bulls gave up after multiple upside rejections, which triggered fresh weakness and ended week-long consolidation.
Today’s fresh extension below important 1.1265 support (yesterday’s low / Fibo 61.8% of 1.1143/1.1463), cracked daily 30SMA (at 1.1238) and came ticks away from next target at 1.1218, double-Fibonacci support (Fibo 76.4% of 1.1143/1.1463 and Fibo 38.2% of 1.0820/1.1463 rally), which marks next trigger for further weakness.
Freshly established near-term bears and larger picture bulls losing traction (daily 5;10;20 SMA’s are in bearish setup and 5/10SMA’s bear-cross formed), could extend weakness towards key short-term support at 1.1143 (24 Mar trough / 50% retracement of 1.0820/1.1463 rally).
Broken daily 20SMA reinforces 1.1300 zone, now reverted into initial resistance, followed by former range floor at 1.1325 and downside –reversed daily Tenkan-sen line at 1.1348, where extended correction attempts should be limited.

Res: 1.1282; 1.1300; 1.1325; 1.1384
Sup: 1.1332; 1.1218; 1.1160; 1.1143






GBPUSD

Cable returns back under daily Ichimoku cloud, on today’s fresh bearish acceleration and extension of downleg from 1.4345.
Long red daily candle was left yesterday, with similar scenario to be expected today, as fresh weakness dipped near Fibo 76.4% of 1.4004/1.4345 rally (1.4084) and bears eye 1.4040 higher base, ahead of key 1.4004 support (low of 06 Apr), return to which will mark full retracement of 1.4004/1.4345 upleg.
Daily indicators turned into full bearish setup and support further weakness.
Initial resistance, base of daily Ichimoku cloud at 1.4153, was tested so far, followed by broken daily Tenkan-sen, also Fib 38.2% of 1.4345/1.4088 descend at 1.4185, which marks ideal cap for corrective attempts.

Res: 1.4174; 1.4185; 1.4247; 1.4258
Sup: 1.4084; 1.4038; 1.4004; 1.3912








USDJPY

Two-day recovery off 107.60 double-bottom, hit first significant resistance at 109.50 (falling 10SMA), which temporarily capped the rally, which generated initial bullish signal on daily close above initial 109.08 pivot (08 Apr high / Fibo 23.6% of 113.79/107.65 downleg.
Near-term structure firmed of upside acceleration, however, firmly bearish daily studies, see limited upside action.
Reversed daily Slow Stochastic shows more room upside, which could extend recovery to psychological 110.00 barrier, possibly to 110.65 (former key support, reinforced by falling daily 20SMA), where extended correction attempts should be ideally capped.
Conversely, bearish acceleration through 108.80 (Fibo 38.2% of 107.61/109.53 upleg), would be initial signal of recovery stall.

Res: 109.73; 110.00; 110.65; 111.00
Sup: 108.80; 108.35; 108.09; 107.60







AUDUSD

The pair maintains positive tone and shows scope for renewed attack at key 0.7721 barrier (31 Mar high / top of s/t 0.7721/0.7475 consolidation range), following yesterday’s rally stall just ticks ahead.
Near-term action is in fresh attempt higher, after easing from yesterday’s high was contained above initial support at 0.7607 (daily 10SMA).
Sustained break above 0.7721 pivot is needed to confirm an end of s/t congestion and resume recovery rally from 0.6825, towards next target at 0.7846 (Fibo 76.4% of 0.8161/0.6825 / 18 Mar lower top).
Otherwise, repeated upside rejection would signal prolonged consolidation phase.
Daily 20SMA at 0.7596, marks downside breakpoint, loss of which will open way towards the lower side of 0.7721/0.7475 range.

Res: 0.7714; 0.7721; 0.7769; 0.7846
Sup: 0.7630; 0.7607; 0.7596; 0.7563