Cable - close above daily cloud top signals further gains

EURUSD

The Euro consolidates under fresh high at 1.1383, posted after three-day recovery rally off 1.1232 (14 Apr correction low.
Positive signal was generated on yesterday’s close above 1.1348 (daily Tenkan-sen line), which now acts as initial support.
The pair also cracked next significant barrier at 1.1375 (Fibo 61.8% of 1.1463/1.1232 pullback), with close above here, needed to confirm reversal.
Daily MA’s turned into full bullish setup, together with north-heading indicators, favor bullish resumption towards 1.1400/09 (round-figure barrier / Fibo 76.4% of 1.1463/1.1232), break of which would open way towards key 1.1463 resistance (peak of 12 Apr).
Narrow consolidation should ideally hold above broken daily Tenkan-sen support, however, dips may extend towards 1.1325/00 (Fibo 38.2% of 1.1232/1.1383 upleg / yesterday’s low / 50% retracement), not to harm near-term bulls.
Conversely, increased downside risk could be expected on violation of 1.1300 handle, which will expose downside pivot at 1.1260 (sideways-moving daily Kijun-sen line).

Res: 1.1383; 1.1409; 1.1463; 1.1495
Sup: 1.1348; 1.1325; 1.1300; 1.1260





GBPUSD

Daily studies are turning into full bullish mode, following yesterday’s strong rally, which extended three-day recovery from 1.4088 (trough of 14 Apr). Close above daily Ichimoku cloud, generated another bullish signal and hit larger-picture’s bears, which are in short-term corrective phase off 1.3834 (2016 low).
Yesterday’s rally also cracked psychological 1.4400 barrier and opened way towards next strong barriers at 1.4457 (30 Mar spike high) and 1.4512 breakpoint, posted on 18 Mar.
Consolidation was so far contained above broken daily cloud top at 1.4324, which marks solid support, together with 1.4291 (Fibo 38.2% of 1.4088/1.4416 upleg).
Loss of 1.4291 would trigger stronger correction towards downside pivot at 1.4291 (broken daily Kijun-sen line).

Res: 1.4400; 1.4416; 1.4457; 1.4512
Sup: 1.4343; 1.4291; 1.4258; 1.4214






USDJPY

Near-term bears are sidelined for now, after two-day recovery rally brought the price into the upper part of short-term 107.61/109.71 consolidation range.
However, overall picture remains bearish, as daily Tenkan-sen / Kijun-sen lines and daily MA’s, turned into full bearish mode.
Prolonged consolidation could be anticipated, before bears re-assert for renewed attack at 107.61 pivot and resume lower on break below.
Consolidation range at 109.71 marks strong resistance and is expected to cap and guard breakpoints at 110.00, (Fibo 38.2% of 113.79/107.61 / psychological barrier) and 110.65 (former congestion low and critical support).

Res: 109.30; 109.47; 109.71; 110.00
Sup: 108.75; 108.45; 108.11; 107.82





AUDUSD

Aussie peaked at 0.7824 yesterday, on extension of bull-leg from 0.7630 trough, after fresh upside was signaled by Bullish Engulfing pattern on Monday.
The pair is back above 0.78 handle, following, brief pullback to 0.7765, where session low was posted.
Overall structure remains firmly bullish and eyes immediate target at 0.7846 (Fibo 76.4% of 0.8161/0.6825 descend / June 2015 lower top), above which to open psychological 0.8000 barrier.
Initial supports lay at 0.7765, (session low), followed by 0.7696 (Fibo 38.2% of 0.7629/0.7824) and 0.7676 (rising daily 10SMA).

Res: 0.7824; 0.7846; 0.7900; 0.8000
Sup: 0.7790; 0.7765; 0.7735; 0.7696