Windsor Brokers - Short Term Technical Analysis for Majors (updated daily) - page 76
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EURUSD
The Euro remains well supported, as the price continues to channel higher and approaches next target at 1.3300, with weekly close just under the barrier. Friday’s Doji would signal further consolidation, before the price resumes larger rally that commenced from 1.2754, 09/07 low and targets 1.3414, 18/19 / 06 peaks. Positive technicals remains supportive for final push higher, with 1.3250/00 zone offering initial support and expected to protect the downside.
Res: 1.3300; 1.3325; 1.3400; 1.3414
Sup: 1.3250; 1.3220; 1.3200; 1.3164
GBPUSD
Cable ended Friday’s trade with Doji candle, as the price moved within 1.5350/80 consolidative range. However, positive tone dominates on lower timeframes studies and favors further upside. Clear break above 1.5400 barrier that was cracked on spike to 1.5433, is required to open 1.5476, 26/06 high and psychological 1.5500 barrier. Positively aligned daily studies are supportive, with Friday’s low at 1.5354, reinforced by 20DMA, offering initial support, ahead of psychological 1.5300 handle. Only loss of last week lows at 1.5262, would delay bulls.
Res: 1.5402; 1.5433; 1.5476; 1.5489
Sup: 1.5350; 1.5327; 1.5300; 1.5262
USDJPY
The Dollar/yen ended week in red, after repeated failure to hold gains above psychological 100 level, triggered fresh weakness. Friday’s extension lower that broke below 98.22, previous low, probed below 98.00 support. This completed daily failure swing and opens way for broader weakness. Break below important supports at 97.65/58, 50% retracement of 93.78/101.52 ascend / daily Ichimoku cloud base, is required to confirm bearish resumption from 101.52 and 100.85 highs and open 97.00, round-figure support and 96.74, Fibonacci 61.8% retracement, as daily indicators are attempting below their midlines. Negative tone prevails on lower timeframes, with the downside being favored, however, bears may be interrupted by corrective rally on oversold conditions.
Res: 98.33; 98.70; 99.00; 99.38
Sup: 97.62; 97.22; 96.95; 96.74
AUDUSD
The pair ended week during which the pair tested both, 0.9000/0.9300 near-term range borders, with positive tone prevailing on a bounce towards the upper boundary. Friday’s trading was seen as consolidation under the range top, as the price held above 0.9200 support. Positively aligned short-term studies keep the upside focused, with clearance of 0.9316/43 barriers, required to confirm bottom and commence recovery phase. Conversely, repeated upside rejection would signal further sideways trading and increase downside risk, if price falls below 0.9200/0.9150, Fibonacci 38.2% / 50% of 0.8997/0.9316 range.
Res: 0.9286; 0.9316; 0.9343; 0.9400
Sup: 0.9226; 0.9200; 0.9167; 0.9127
EURUSD
The Euro trades in extended consolidative phase, confirmed by Tuesday’s Doji, with the price action holding above bull-trendline, off 1.2992 and dips being contained at 50% of 1.3164/1.3300 upleg. Tuesday’s test of 1.3300 barrier keeps the upside favored, with positive 4-hour studies supporting the notion. Clearance of range top at 1.3300 is required to signal resumption of larger uptrend from 1.2754 and expose short-term target at 1.3414. Conversely, extension below 1.3233 range floor, would delay bulls, while loss of 1.3200/1.3164 supports would neutralize short-term bulls.
Res: 1.3271; 1.3300; 1.3325; 1.3400
Sup: 1.3233; 1.3216; 1.3200; 1.3164
GBPUSD
Cable accelerated lower after repeated failures at near-term range tops at 1.5400 zone. Completion of daily diamond reversal pattern and loss of initial support and range floor at 1.5262, signals increased downside risk. The fall dented 11/07 high at 1.5220, bringing important support at 1.5200, Fibonacci 38.2% of 1.4812/1.5433, in focus. Break lower to signal near-term top and allow for deeper reversal towards 1.5122, 50% retracement and 1.5100, round figure support. Negative near-term studies favor further downside, with corrective rallies on oversold conditions to be ideally capped under 1.5350 barrier.
Res: 1.5249; 1.5262; 1.5300; 1.5327
Sup: 1.5200; 1.5157; 1.5122; 1.5100
USDJPY
The pair trades in near-term consolidative mode off 97.60 support zone, where 50% retracement of 93.78/101.52 and daily Ichimoku cloud base, offered temporary support for the fall from 100.44, 25/07 high. Sideways mode is confirmed by double-Doji candle. Negative tone prevails on 4-hour studies and sees current consolidation preceding fresh leg lower, as strong bearish signal was given on a completion of Head and Shoulders pattern on 4-hour chart and daily failure swing. Break below 97.60 to open round figure support at 97.00 and 96.74, Fibonacci 61.8% retracement. Only extension through initial barrier at 98.45, 100DMA, would provide near-term relief and give initial signal of stronger recovery.
Res: 98.15; 98.45; 98.70; 99.00
Sup: 97.62; 97.22; 96.95; 96.74
AUDUSD
The Aussie came under increased pressure on Tuesday, as downside acceleration was triggered on a break below previous low at 0.9127 and psychological 0.9100 support. Completion of 0.8997/0.9316 corrective phase is seen as likely scenario, as the price approaches key support at 0.8997, 12/07 fresh low, break of which to commence fresh bear-leg, as a part of larger downtrend. Hesitation ahead of 0.8997 support, may be triggered by oversold near-term studies, while regain of 0.9157, range’s midpoint, would avert downside risk and signal prolonged sideways trading.
Res: 0.9100; 0.9127; 0.9175; 0.9200
Sup: 0.9011; 0.8997; 0.8900; 0.8861
GOLD
Spot Gold showed no changes in Tuesday’s trading, compared to previous sessions, as near-term 1308/40 range remains intact. Price action oscillates around range’s mid-point at 1324. Near-term studies hold neutral tone, as the price remains in sideways mode. However, positive daily studies keep the upside in focus, with completion of bullish pennant and extension above 1347 peak, required to resume larger rally from 1180 low. Alternative scenario sees loss of 1308/00 support zone to bring bears in play.
Res: 1340; 1347; 1355; 1366
Sup: 1330; 1324; 1317; 1313
EURUSD
EURUSD managed to recover most of Thursday’s losses after finding support at 1.3190 and rising around 100 pips in the wake of below consensus US job growth figures on Friday. It is currently trading just below important resistance 1.3300 which if broken open the way for 1.3345 (31st July High). Current Trading above 20 and 55 moving averages on the H1 chart confirm upward momentum. European economic figures to watch out for today include Spanish Services PMI (07:15 am GMT) and Italian Services PMI (07:45 am GMT).
Res: 1.3415, 1.3380 1.3345, 1.3300
Sup: 1.3190, 1.3165, 1.3145, 1.3100
GBPUSD
Friday was a good day for the cable as it managed to close 176 pips higher than its open price gaining momentum from Friday’s weak US jobs data. It continued its rise today breaking 1.5307 (Fridays high) and 1.5360 on UK Services PMI which came at 60.2, higher than the already optimistic 57.4 expectation and above last month’s reading of 56.9
Res: 1.5530, 1.5475, 1.5430, 1.5375,
Sup: 1.5250, 1.5180, 1.5100, 1.5075,
USDJPY
Weak US jobs data on Friday caused the Yen to drop to 98.65, which it managed to break below during today’s trading to make a new low at 98.27. And the question is will we see a complete wipe out of the 230 pip gain we saw last Thursday and early Friday if it drops back 97.60 support. Currently most indicators point down on H1 chart among them MACD below Zero line and Momentum 22 below 100. Only if we see trading go back above 99.50 will we reverse our bearish outlook
Res: 100.86, 100.40, 100.00, 99.50
Sup: 98.27, 97.60, 97.20, 97.00
AUDUSD
Trading at 3 year lows, AUDUSD has no difficulty achieving new trend lows. Expectations are high that Australia’s central bank will further cut the country’s benchmark interest rate. Analysts largely expect a rate cut of a quarter-percentage point at Tuesday’s meeting to a new record low of 2.5%. Currently the pair seems in a retracement phase as it rose 65 pips from the trend low of 0.8845.
Res: 0.9075, 0.9045, 0.9000, 0.8950
Sup: 0.8845, 0.8810, 0.8760, 0.8620
GOLD
We saw gold try to form a new downtrend by breaking key support 1300 and dropping to 1283 (new support), however it managed to recover that loss in the same day closing at 1312. If trading manages to stay above psychological level 1300 then outlook will remain bullish with targets at 1320 and 1331.
However it’s important to note that the general uptrend is weak as it ended on 24th July when it reached a peak of 1348 and hasn’t been able to break above since
Res: 1365, 1348, 1331, 1320
Sup: 1300, 1283, 1270, 1260
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/goldh1_20130805105207.png
EUR/USD
The pair currently lacks a trend on the H1 chart with range trading between 1.3300 and 1.3230, this range was further narrowed during the Asian session. This lack of trend makes it difficult to get any good signals from our technical indicators. The outlook remains as before, if we see a break above 1.3300 then this will open the way for 31st July high 1.3345, while a drop below 1.3230 makes leaves the next support at 1.3190 (low of 1st & 2nd of July).
USD Trade balance at 12:30pm GMT is the figure to monitor today with the deficit expected to decrease from 45B to 43.1B
Res: 1.3415, 1.3380 1.3345, 1.3300
Sup: 1.3230, 1.3190, 1.3165, 1.3145
GBP/USD
Better than expected UK Services PMI caused the sterling to jump 40 pips breaking resistances and finally setting the daily high at 1.5375, which we will take as today’s resistance. Since then it retraced finding support at 1.5315. If it manages to hold above this level, then the outlook remains bullish with key target at 1.5430, the previous uptrend high reached on 25th of July
UK Manufacturing Production m/m is at 8:30am GMT with expectation of 0.9% much higher than the previous -0.8%
Res: 1.5530, 1.5475, 1.5430, 1.5375
Sup: 1.5315, 1.5250, 1.5180, 1.5100
USD/JPY
Yen continues its fall breaking 98.27 support (previous low), the current downtrend on the H1 chart is from 99.93 (2nd Aug) to today’s low 97.82. Currently it’s still in retracement mode rising more than 65 pips to currently trade near 98.50. The biggest barrier to the current downtrend would be 97.60, a support it failed to break many times during 31st Jul to 1st Aug sessions and that ended the previous downtrend.
Res: 100.40, 100.00, 99.15, 98.80
Sup: 97.82, 97.60, 97.20, 97.00
AUD/USD
Australia’s currency rose against the U.S. dollar breaking 0.8950 resistance switching the outlook from bearish to bullish and making key psychological level 0.9000 the next target of the bulls. Since hitting a 3 year low at 0.8845, the Aussie has regained 145 pips.
Australia's central bank cut its main cash rate by a quarter point to a record low of 2.5 percent on Tuesday as it tries to prepare the economy for life after the mining boom. A move already factored in the market
Res: 0.9100, 0.9075, 0.9045, 0.9000
Sup: 0.8845, 0.8810, 0.8760, 0.8620
Gold
Gold falls back below 1300 support and looks heading towards 2nd of August low 1283. This came after it twice failed rise above 1320. Currently it’s trading below both moving averages 20 & 55 with RSI also showing clear downward trend line on the H1 chart. Gold prices have been steadily dropping since the 23rd of July from 1348
The decline comes as investors wrestle with uncertainty about the Federal Reserve’s timeline for reducing the flow of monetary stimulus.
Res: 1365, 1348, 1331, 1320
Sup: 1283, 1270, 1260, 1243
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/goldh1_20130806074207.png
EUR/USD
Finally EURUSD manages to achieve a daily high yesterday above 1.3300 resistance reaching 1.3323. Since then it retraced 45 pips to 1.3280. The outlook remains bullish as long as trading is maintained above 1.3230 with key target 1.3345 in sight (31 July high).
The pair is supported after a round of upbeat economic data including a climb in German manufacturing orders in June and a narrower contraction in Italy’s GDP in the 2nd quarter
Res: 1.3415, 1.3380 1.3345, 1.3320
Sup: 1.3230, 1.3190, 1.3165, 1.3145
GBP/USD
With multiple attempts by the cable to continue its uptrend, it managed to achieve a new high of 1.5390, however we didn’t see candles close above 1.5375 resistances on the H1 chart to consider it broken so the resistance level still holds. Prices did drop after that to 1.5315 and found support there as was expected
At 09:30 am GMT Bank of England Governor will hold a press conference along with the release of the Inflation Report
Res: 1.5530, 1.5475, 1.5430, 1.5375
Sup: 1.5315, 1.5250, 1.5180, 1.5100
USD/JPY
Sharp moves on the Yen breaking 3 supports during yesterdays and today’s trading. The 130 pip drop broke supports 97.82, 97.60, and 97.20 to achieve a low at 97.08. They key support it managed to break was 97.60 which it failed to do multiple times to do during 29th – 31st July period. Currently it’s trading at lowest price since 25th Jun
Asian stock markets traded broadly lower Wednesday after overnight losses in the U.S. on monetary-policy concerns, with Japan taking an especially heavy hit from gains for the yen
Res: 100.00, 99.15, 98.80, 98.15
Sup: 96.80, 96.20, 95.75, 94.80
AUD/USD
We see a triple top at key psychological resistance level 0.9000 proving itself a difficult barrier for the current uptrend on the H1 chart. This failure rise caused the RSI to form a downward trend line indicating a loss of buying momentum. However prices are still above 55 moving average and daily pivot point 0.8900
The Aussie on Tuesday briefly fell after the Reserve Bank of Australia cut its key interest rate by a quarter-percentage point to 2.5%, but it bounced off intraday lows, with some analysts saying the bank’s statement carried a less-dovish tone
Res: 0.9100, 0.9075, 0.9045, 0.9000
Sup: 0.8900, 0.8845, 0.8810, 0.8760,
Gold
The break of 1283 support indicated the strength of the current downtrend from 1348 (24th July) to current low of 1273. This leaves 1270 and 1260 targets within reach. Gold prices extended declines into a seventh consecutive day today as the outlook for US Fed monetary-stimulus tapering strengthened.
Res: 1348, 1331, 1320, 1300
Sup: 1270, 1260, 1250, 1243
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/goldh1_20130807064135.png
EUR/USD
The euro fails to drop to yesterdays low 1.3276 making a higher low today at 1.3290. Since then it went up to 1.3315. This a reversal signal for the current downtrend from 1.3400 to 1.3276. We will change our outlook to bullish only if we see it trading go back above 1.3345 opening the way for 1.3365
Today we have Euro zone German ZEW Economic Sentiment at 09:00 GMT. German analyst and investor sentiment dropped unexpectedly in July, reaching 36.3 from 38.5 in June, contrary to predictions for a 39.6 climb. Analysts believe the slowdown in China was the major cause for this decline, endangering Germany’s export-driven economy. Investor’s climate is expected to reach 40.3 this time
Res: 1.3415, 1.3400, 1.3345, 1.3315
Sup: 1.3285, 1.3265, 1.3220, 1.3200
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusdh1_20130813082200.png
GBP/USD
The cable broke 1.5480 support reaching 15444. This we mentioned before would confirm the reversal of the previous uptrend on the H1 chart. This leaves the next bearish targets at 1.5385 and 1.5300. Only a rise back above 1.5520 would renew our bullish outlook.
8:30 GMT we have UK Inflation data, British inflation surged in June to the highest level in more than a year, reaching 2.9% after registering a 2.7% rise in May. However the increase was less than the 3.0% climb predicted by analysts
Res: 1.5730, 1.5680, 1.5600, 1.5555
Sup: 1.5440, 1.5385, 1.5300, 1.5200
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusdh1_20130813082217.png
USD/JPY
Yen successfully achieves a new high for the H1 chart uptrend breaking 97.35 and reaching 97.55. This leaves the next target at 97.80. The previous two days saw big gains completely reversing the previous downtrend with a rise of almost 160 pips.
The yen losing ground after the Nikkei newspaper reported that Japan’s Prime Minister Shinzo Abe may propose reducing corporate taxes to offset pressure on growth from a planned increase in the national consumption tax
Res: 99.15, 98.60, 98.15, 97.80
Sup: 96.40, 95.75, 95.15, 94.70
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpyh1_20130813082233.png
AUD/USD
The AUDUSD is in a downtrend on the H1 chart ever since making a double top near 0.9200 resistance continuing its fall to drop below the 33 exponential moving average and to trade outside the previous upward channel. However it did manage to find support at key level 0.9100.
Analysts at NAB assessed, “We see GDP growth softening to 2.2% in 2013, before rising to 2.6% in 2014, and a significant deterioration in the labour market is expected this year (unemployment above 6%) and next. Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut, probably in November, and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA”.
Res: 0.9316, 0.9300, 0.9240, 0.9200
Sup: 0.9100, 0.9050, 0.9000, 0.8920
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/audusdh1_20130813082309.png
Gold
We saw Gold break 1331 resistance yesterday to achieve a new top for the uptrend at 1343. Since then Gold seesawed between minor gains and losses Tuesday, with strength in the U.S. dollar serving as a headwind ahead of U.S. retail-sales data that may support the Federal Reserve’s plan to start tapering monetary stimulus. We can also notice that the 1331 resistance turned from a resistance to a support as we can see from today’s low
Res: 1376, 1368, 1360, 1348
Sup: 1316, 1300, 1288, 1270
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/goldh1_20130813082339.png
EURUSD
Euro’s weekly close level was barely changed, compared to the previous week’s close, despite wide price amplitude during past sessions. Daily chart shows the price action entrenched within 200-pips consolidation, capped for now at 1.3400 zone, with daily technicals being positively aligned. Positive tone also prevails on 4-hour chart that keeps the upside focused, following last week’s sharp fall and quick recovery the reached levels close to the range top. Clearance of key 1.3399/1.3414 barriers is expected to trigger fresh phase higher, as resumption of larger uptrend from 1.2754, 09/07 low. From the other side, bulls may be delayed by weakening hourly studies, with corrective easing seen preceding fresh rally. Initial support lies at 1.3300, 50% of 1.3187/1.3399 range, while violation of range floor at 1.3187 will be bearish.
Res: 1.3342; 1.3379; 1.3399; 1.3414
Sup: 1.3300; 1.3272; 1.3260; 1.3232
GBPUSD
Cable remains in an uptrend from 1.4812 low, with near-term price action being in a consolidative mode off 1.5655, fresh 2-month high, posted last week. Weekly close above 1.5600 handle and positively aligned near-term studies keep the upside in focus for eventual push through psychological 1.5700 barrier, to open way for full retracement of 1.5751/1.4812 downleg. Previous peak at 1.5573 offers initial support, ahead of psychological 1.5500 level and key near-term support and higher platform at 1.5420.
Res: 1.5655; 1.5700; 1.5721; 1.5751
Sup: 1.5600; 1.5573; 1.5538; 1.5500
USDJPY
Near-term structure remains weak, as corrective bounce off 97.04, last Friday’s low, remains congested at 97.80, near 50% of 98.64/97.04 downleg. Failure to clear psychological 98.00 barrier as initial resistance, would risk further downside, as a part of broader weakness from 101.52 high that is maintained by bear-trendline, currently standing at 99.20. Break below 97.00 handle would open key near-term support at 95.78, 08/08 low.
Res: 97.84; 98.03; 98.64; 98.75
Sup: 97.34; 97.18; 97.00; 96.40
AUDUSD
The Aussie dollar maintains positive near-term tone and cracks the upper boundary of one-week consolidation range at 0.9220, as a part of larger recovery rally from 0.8846, 05/08 low. Positively aligned studies on lower timeframes keep focus at the upside, with 0.9240, daily Ichimoku cloud base, seen as the next barrier. Break here to complete daily cup ad holder reversal pattern and open key short-term hurdles at 0.9316/43, also 50% of 0.9790/0.8846 descend, for possible stronger recovery of larger downtrend. Alternative scenario sees risk of upside rejection at 0.9220 and double-top formation that requires confirmation on a break below 0.9080/60 supports.
Res: 0.9240; 0.9255; 0.9316; 0.9343
Sup: 0.9167; 0.9140; 0.9123; 0.9072
EURUSD
The Euro trades in extended consolidative phase, holding the sideways mode, with price action being entrenched within 1.3310/1.3379 range. Neutral tone prevails on hourly chart, while 4-hour studies maintain positive tone and keep the upside focused for final push towards 1.3399, larger 1.3187/1.3399 range top. Break here and another significant barrier at 1.3414, 16/06 peak, to confirm weekly triple-bottom pattern at 1.2800/1.2750 zone, where weekly Ichimoku cloud base contained dips and kept the downside protected. Completion of the pattern is expected to open next target at 1.3710, 01/02 peak, in the short-term. Immediate support at 1.3300, higher platform zone, reinforced by 4-hour 55DMA, is expected to hold the downside and keep bulls in play.
Res: 1.3355; 1.3379; 1.3399; 1.3414
Sup: 1.3300; 1.3272; 1.3260; 1.3232
GBPUSD
Cable continues to trend higher and posted marginally fresh high at 1.5672 on Monday, vs Friday’s 1.5655 peak. Positively aligned near and short-term technicals remain supportive for eventual attempt towards key short-term barrier and target at 1.5751,17/06 high, with interim hurdles at 1.5700, round figure and 1.5721, Fibonacci 100% expansion of the third wave of larger upleg from 1.4812 that commenced from 1.5100 higher low. The wave could travel to 1.5958, its 138.2% expansion, once 1.5751 barrier is cleared that will also confirm formation of double-bottom at 1.4830/12 lows. Previous consolidation bottom at 1.5600, offers initial support, along with former high at 1.5573, with key-near-term support, laying at 1.5420 higher platform.
Res: 1.5672; 1.5700; 1.5721; 1.5751
Sup: 1.5607; 1.5576; 1.5538; 1.5517
USDJPY
Near-term recovery rally off 97.04 low has lost traction after failing to hold gains above psychological 98.00 barrier. Rally stalled at 98.11, with subsequent pullback retracing 61.8% of 97.04/98.11 upleg. Weakened near-term studies increase downside risk, with acceleration seen on violation of 97.28, 55DMA and 97.04 support. Conversely, regain of 98.64, 15/08 high, is required to shift focus higher and expose trendline resistance at 99.20.
Res: 97.84; 98.11; 98.64; 98.75
Sup: 97.18; 97.00; 96.40; 96.00
AUDUSD
The Aussie dollar came under increased pressure, as failure to clear 0.9220/40 barriers, previous high / daily Cloud base, triggered fresh weakness that accelerated on a break below 0.9100/0.9057 support zone. Hourly studies are deep in negative territory, with 4-hour indicators breaking below the midlines that keep the downside in near-term focus, as the fall so far reversed 50% of 0.8846/0.9232 upleg. Formation of double-top at 0.9220/32 increases downside risk, with loss of psychological 0.9000 support, required to confirm and expose lower targets at 0.8900/0.8846.
Res: 0.9057; 0.9100; 0.9188; 0.9200
Sup: 0.9000; 0.8971; 0.8918; 0.8900
EURUSD
The Euro completed two-month cycle and fully retraced 1.3414/1.2754 downleg on break above 1.3414, 16/06 high. Extension higher also confirms formation of triple-bottom, seen on a weekly chart that signals further gains. Daily close above psychological 1.3400 level and previous high at 1.3414, along with positive near-term studies, supports the notion. Next targets lay at 1.3482, Fibonacci 76.4% retracement of larger 1.3710/1.2744 descend and 1.3500, round figure. Overbought conditions of lower timeframes, however, suggest that consolidative/corrective action may precede fresh gains. Initial supports lay at 1.3400/1.3375, while higher platform and pivotal support at 1.3310, should hold any deeper dips.
Res: 1.3450; 1.3482; 1.3500; 1.3518
Sup: 1.3400; 1.3380; 1.3356; 1.3310
GBPUSD
Cable remains in a steady uptrend, posting series of higher highs and approached psychological 1.5700 barrier. Break here opens the last obstacle en-route to key support at 1.5751, 17/06 high, at 1.5721, 1.5721, Fibonacci 100% expansion of the wave from 1.5100. Technicals on lower and larger timeframes hold positive tone and remain supportive, as clearance of 1.5751 is required to confirm 1.4830/12 double-bottom formation and signals further upside. Initial supports lay at 1.5600 higher platform and 1.5573, 08/08 previous high.
Res: 1.5700; 1.5721; 1.5751; 1.5800
Sup: 1.5648; 1.5627; 1.5607; 1.5576
USDJPY
The pair extended near-term downtrend from 98.64 high, with important support at 97.00 being cracked. Fresh weakness tested 96.90, Fibonacci 61.8% retracement of 95.78/98.64 rally, increasing downside risk towards key support at 95.78, 08/08 low. Negatively aligned near-term studies support the notion. Daily close above 97.00 handle, sees scope for corrective action, with rallies expected to be capped under 97.85 peak, to keep the structure intact.
Res: 97.85; 98.11; 98.64; 98.75
Sup: 97.13; 96.90; 96.40; 96.00
AUDUSD
The Aussie dollar came under increased pressure, following double-failure at 0.9220/32, where double-top has been formed. Subsequent pullback that broke below near-term base at 0.9060 zone, retraced over 50% of 0.8846/0.9232 upleg, with further weakness seen likely, as near-term studies remain negative. With 0.9100 barrier capping, fresh extension below 0.9100, round figure support and near Fibonacci 61.8% retracement, would look for test of interim supports at 0.8918/00, en-route towards key near-term support at 0.8846, 05/08 low. Alternative scenario requires regain of minimum 0.9130/50, Fibonacci 50% / 61.8% of 0.9232/0.9026 descend, to avert immediate downside risk.
Res: 0.9057; 0.9100; 0.9131; 0.9200
Sup: 0.9017; 0.9000; 0.8971; 0.8918
EURUSD
The Euro came under increased pressure, following release of dollar supportive FOMC minutes. The pair extended pullback from Tuesday’s fresh high at 1.3450, retracing 50% of 1.3205/1.3450 ascend on a dip to 1.3330 support, reinforced by 55DMA, where temporary footstep was found. Negative hourly studies keep the downside at risk, as the price loses momentum, with violation of higher platform at 1.33 zone, expected to sideline larger bulls and trigger further weakness. Conversely, bounce above initial 1.3400 barrier, is required to neutralize bears in favor of fresh attempt at 1.3450 peak.
Res: 1.3373; 1.3400; 1.3427; 1.3450
Sup: 1.3330; 1.3310; 1.3263; 1.3232
GBPUSD
Cable eases after cracking psychological 1.57 resistance and posting fresh high at 1.5716. Near-term targets at 1.5421, 100% Fibonacci expansion of the wave from 1.5100 and key 1.5751 barrier, 17/06 peak, remain in focus, as current pullback could be described as corrective, as long as key support and pivotal point at 1.5400 stays intact. Four-hour chart technicals are still positive, however, negative tone on hourly studies, keeps the downside risk in play, with penetration through initial 1.5600/1.5575 supports, to signal deeper pullback.
Res: 1.5627; 1.5650; 1.5700; 1.5716
Sup: 1.5576; 1.5500; 1.5480; 1.5420
USDJPY
The pair extended recovery rally from 96.90 low and broke above 98.00 barrier, 61.8% of 98.64/96.90 downleg. Improved hourly conditions see potential for extension towards key near-term barrier at 98.64, 15/08 high. Positive near-term studies support the notion, however, regain of 98.64 barrier is seen as minimum requirement to complete near-term corrective phase and open way for stronger recovery towards 99.00, trendline resistance / 100DMA. Alternatively, upside rejection under 98.64 would signal prolonged sideways trade, with downside risk to revive on possible extension below 97.00 support, as daily studies are negative.
Res: 98.64; 98.75; 99.00; 99.50
Sup: 98.00; 97.60; 97.13; 96.90
AUDUSD
The Aussie remains under pressure, as fresh weakness from 0.9220/32 double-top penetrated through 0.9000 support, with daily close occurring below the latter. The price approaches initial targets at 0.8920/00, before final push towards key support, 05/08 low at 0.8846, as negative tone dominates on all timeframes and keeps the bears in play. Corrective rallies should be ideally capped under 0.9100, also near mid-point of slide from 0.9232 to 0.8930.
Res: 0.9000; 0.9045; 0.9081; 0.9100
Sup: 0.8965; 0.8930; 0.8918; 0.8900