AUDUSD - extended recovery should be ideally capped by 200SMA

EURUSD

The Euro holds under two-day recovery high at 1.1215, following downside rejection at daily cloud base. Strong barriers at 1.1237/41 (daily Tenkan-sen / 23 May lower top) stay intact for now, with Tenkan-sen line now in sideways mode, suggesting extended consolidation.
Overall structure remains bearish and favors fresh attempts lower in the near-term, however, clear break below strong support zone which includes 1.1142 (daily cloud base); 1.1123 (Fibo 61.8% of 1.0820/1.1614) and 1.1100 (200SMA) is required to confirm bearish resumption. The pair is also on track for the fourth consecutive bearish weekly close that supports the notion.
Conversely, lift above initial 1.1241 barrier would delay bears, while bullish extension above key near-term barriers at 1.1315/25 (Fibo 38.2% of 1.1614/1.1127 downleg / daily Ichimoku cloud top) is needed to neutralize downside threats and shift near-term focus higher.


Res: 1.1215; 1.1241; 1.1325; 1.1371
Sup: 1.1142; 1.1127; 1.1100; 1.1056







GBPUSD

Cable eases from 1.4737, top of two-legged recovery rally, on technical pullback, seen as consolidation before final attack at key resistance at 1.4768/71 (03 May former high / 200SMA).
The pair maintains positive overall tone, with daily MA’s in bullish setup and second consecutive long bullish candle forming on weekly chart that supports upside scenario.
Corrective pullback may extend to strong support zone at 1.4582/66 (Fibo 38.2% of 1.4330/1.4737 / rising daily Tenkan-sen line) which is expected to ideally contain dips.
Downside breakpoint lies at 1.4500 zone (daily 20SMA / near Fibo 61.8%), loss of which would sideline short-term bulls for deeper correction.

Res: 1.4687; 1.4737; 1.4768; 1.4777
Sup: 1.4582; 1.4566; 1.4520; 1.4486







USDJPY

The pair trades near the mid-point of near-term congestion range between 109.09 and 110.57, following repeated upside rejection that signals failure to clearly break daily Ichimoku cloud base (currently at 109.72).
Daily indicators turned lower, with falling daily 55SMA (currently at 110.02), being supportive for rising downside pressure.
Daily close below 55SMA is needed to confirm weakening structure and expose 109.09 breakpoint, loss of which to confirm an end of near-term sideways phase and turn focus lower.
Only regain of recent congestion top at 110.57 would revive near-term bulls for bullish resumption of recovery rally towards narrowing daily Ichimoku cloud top at 111.42.

Res: 110.02; 110.43; 110.57; 111.00
Sup: 109.40; 109.09; 108.70; 108.21






AUDUSD

Aussie remains capped by descending 10SMA (currently at 0.7233), despite yesterday’s second consecutive bullish close above fresh low at 0.7143, posted on 24 May.
Death-cross of 10/200SMA’s formed earlier weighs, as overall structure remains bearish, suggesting limited upside on current consolidation phase.
Extended upticks are expected to ideally hold below 200SMA (currently at 0.7252), before fresh bears push the price lower. Break of initial 0.7143 support would open targets at 0.7106 (29 Feb higher low) and 0.7063 (Fibo 76.4% retracement of 0.6825/0.7833 ascend), with psychological 0.7000 support seen in extension.
Alternatively, daily close above 200SMA would signal stronger recovery and expose barriers at 0.7306 (Fibo 23.6% of 0.7833/0.7143 descend, with possible extension towards strong 0.7400 resistance zone (daily Ichimoku cloud base / Fibo 38.2% retracement), on further bullish acceleration.

Res: 0.7232; 0.7252; 0.7306; 0.7400
Sup: 0.7210; 0.7160; 0.7143; 0.7106