Windsor Brokers - Short Term Technical Analysis for Majors (updated daily) - page 81
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EURUSD
The Euro’s near-term price action remains capped at 1.36 zone, following renewed attempt higher that was rejected at 1.3614. Lack of strength to sustain break above 1.36 barrier, signals further consolidation, as the downside is for now protected above 1.35 support, where the price left higher base at 1.3520. Neutral 4-hour studies support the notion, as hourly indicators still hold above the midlines, with threat of further easing, seen on a violation of 1.3520/00 support zone, where daily 20DMA and Tenkan-sen reinforce support that also marks Fibonacci 38.2% retracement of 1.3294/1.3620 upleg. Break lower to expose mid-point of entire rally at 1.3457 and more significant 1.3419, 61.8% retracement and 1.3398, 21/11 higher low, seen in extension. Alternatively, clear break above 1.3600/20 hurdles is required to resume bulls towards 1.3650, daily cloud top, 1.3679, Fibonacci 100% expansion of the wave from 1.3398 and 1.3710, 01/02 previous peak.
Res: 1.3596; 1.3620; 1.3626; 1.3650
Sup: 1.3560; 1.3545; 1.3523; 1.3500
GBPUSD
Cable trades in near-term consolidative mode, after pullback from fresh high at 1.6441 was contained by 4-hour 20DMA at 1.6340. Overall positive structure sees further upside as favored, however, further consolidation above 1.6340 cannot be ruled out, before fresh attempt higher, with break above 1.6441, to open 1.6500 next. Increased downside risk will be seen on break below 1.6340 higher base and 1.6300 support, near 50% retracement of 1.6137/1.6441/ 4-hour 55DMA, as well as previous congestion tops at 1.6260 zone, loss of which to confirm stronger correction.
Res: 1.6400; 1.6435; 1.6441; 1.6500
Sup: 1.6340; 1.6325; 1.6300; 1.6289
USDJPY
The price is gaining traction after quick pullback from fresh high at 103.36 found ground at 102 zone, where 4-hour 55DMA contained dips and subsequent bounce heading towards psychological 103 barrier. Hourly indicators are at their midlines, while 4-hour structure remains positive that supports fresh attempt at 103.00/36, above which to resume rally towards key resistance and short-term target at 103.72, 22/05 yearly high.
Res: 103.00; 103.36; 103.50; 103.72
Sup: 102.21; 101.96; 101.34; 101.13
AUDUSD
The pair remains under increased pressure after yesterday recovery attempt stalled at 0.9145 and two-legged sharp fall approaches next downside target and psychological support at 0.9000. Completion of near-term consolidative phase above 0.9054 platform, triggered fresh leg lower, with initial support at 0.9000 and key short-term supports at 0.8891/46, expected to come in focus once 0.9000 is lost. Overextended hourly studies, however, may delay bears and signal hesitation ahead of 0.9000 handle, with rallies expected solid barriers at 0.9050/70 zone, before fresh push lower.
Res: 0.9054; 0.9071; 0.9100; 0.9131
Sup: 0.9000; 0.8950; 0.8900; 0.8891
EURUSD
The Euro maintains positive tone and broke above short-term target at 1.3710, after psychological 1.3700 barrier was cracked on weekly close above and gap-higher opening last night. The pair consolidated recent gains above 1.3700, now offering immediate support, reinforced by hourly 20DMA, before resuming gains above overnight’s high. Near-term technicals are positive, however, caution is required on overbought 4-hour studies. Extension below 1.3700 handle to open significant supports at 1.3650 higher platform / Fibonacci 38.2% of 1.3527/1.3719 and 03/10 previous high, ahead of 1.3620, 29/11 previous high / last Friday’s spike low and 50% retracement, where stronger dips should be ideally contained. Near-term target lies at 1.3831, 25/10 annual peak, with interim barriers at 1.3789, Fibonacci 138.2% expansion of the wave from 1.3398 and psychological 1.3800 hurdle. Alternative scenario sees increased risk of deeper pullback in case of losing 1.3620/00 supports, the latter marking Fibonacci 61.8% retracement of 1.3527/1.3719 upleg and 4-hour 55DMA, towards higher platform at 1.3525 zone.
Res: 1.3728; 1.3750; 1.3789; 1.3800
Sup: 1.3700; 1.3676; 1.3650; 1.3620
GBPUSD
Cable stabilizes, above 1.6300 support as Friday’s spike lower cracked psychological 1.6300 support, ahead of fresh attempt higher. Near-term price action moves in a consolidative mode, with the downside being protected by 4-hour 55DMA, and the upside so far being capped at 1.6400 barrier. Hourly indicators are coming out of neutral zone, however, more negative tone is seen on 4-hour chart, with risk of easing below 1.6300 footstep, expected to trigger stronger pullback of larger rally from 1.5853 to 1.6441, in case 1.6400 hurdle stays intact. Conversely, clear break above 1.6400 barrier is required to sideline immediate downside risk and allow for stronger bounce.
Res: 1.6400; 1.6435; 1.6441; 1.6500
Sup: 1.6350; 1.6320; 1.6290; 1.6239
USDJPY
The pair returned to strength, after last week’s weakness found support at 101.60 and subsequent bounce higher that accelerated last Friday, cracked 103.00 barrier, on extension to 103.21 so far. Immediate target lies at 103.36, 03/12 high, regain of which to complete 103.36/101.60 corrective phase and signal resumption of larger uptrend towards key short-term barrier and target at 103.72, 22/05 yearly high. Positive near-term studies support the notion, however, hesitation on approach to initial barrier at 103.36, could be seen on overbought hourly conditions. Session low at 102.87, reinforced by 20DMA, offers immediate support, ahead of102.59, Fibonacci 38.2% of 101.60/103.21 upleg / 4-hour 55DMA and 102.41, 50% retracement / 05/12 previous high, while extension below 102.00 will be bearish.
Res: 103.21; 103.36; 103.72; 104.00
Sup: 102.87; 102.59; 102.41, 102.22
AUDUSD
The pair remains in near-term corrective phase off fresh lows at 0.9000 zone which was dented on Friday’s post-data spike lower to 0.8988. The price, however, returned to its steady ascend mode and posted fresh high at 0.9128, following gap-higher opening and clearance of psychological 0.9100 barrier. Hourly studies maintain positive tone, while on the other side, 4-hour structure is still weak and lacks momentum for eventual push through key near-term barriers at 0.9145/69, as the price reverses under 0.9100 handle. Failure to regain 0.9145/69, 03/02 / 12 peaks, would keep the downside risk in play, as a part of larger downtrend, with further consolidation above 0.9000 support, seen preceding fresh weakness towards short-term targets and key supports at 0.8891/46. Alternatively, rally through 0.9145/69 and psychological 0.9200 barrier, is required to confirm near-term base and spark stronger recovery.
Res: 0.9100; 0.9128; 0.9145; 0.9169
Sup: 0.9069; 0.9058; 0.8997; 0.8988
EURUSD
The Euro continues to trend higher and posts fresh six-week highs, after break and close above the last barrier at 1.3710 opens way towards key resistance and annual high at 1.3831. The advance is supported by risk-on mode and positive sentiment that favors eventual push to 1.3831, as extension of the third wave from 1.3398 focuses its 138.2% expansion at 1.3786, as the wave could travel to 1.3852, 161.8% Fibonacci expansion, once the price clears key obstacle at 1.3831. Near-term studies are bullish but overbought that suggests hesitation on approach to the target, with immediate supports at 1.3733, session low / 20DMA and 1.3710/00, previous peak / round figure support / 55DMA. More significant supports lay at 1.3675, 05/12 peak / Fibonacci 38.2% retracement of 1.3527/1.3767 upleg and 1.3650, higher platform / 50% retracement and 1.3620, previous congestion tops / Fibonacci 61.8%, where stronger pullbacks should find ground.
Res: 1.3767; 1.3789; 1.3800; 1.3852
Sup: 1.3733; 1.3700; 1.3650; 1.3620
GBPUSD
Cable completed near-term corrective phase, after fresh strength from 1.63 zone, where a higher base has been created, finally broke above previous high at 1.6441, posted on 02/12. Confirmation requires daily close above the latter, with immediate focus being shifted towards 1.6500, psychological barrier and the next target. Positive near-term technicals remain supportive, however, overbought hourly conditions may cause a delay in bull-run, towards initial support at 1.6417, session low / 20DMA and psychological 1.6400 support, also 04/05 / 12 highs and Fibonacci 38.2% retracement of 1.6290/1.6466 upleg. Key near-term support lies at 1.6300 higher platform and only violation of this support would trigger stronger pullback and sideline bulls.
Res: 1.6466; 1.6500; 1.6550; 1.6571
Sup: 1.6417; 1.6400; 1.6368; 1.6322
USDJPY
The pair returned to strength, with extension of the upleg from 101.60 base, completing near-term corrective phase from 103.36 to 101.60. Cracking 103.36 barrier and 03/12 previous high, sees scope for eventual push towards key barrier at 103.72, 22/05 peak, to complete 103.72/93.78, short-term corrective phase and resume larger rally towards 104.20/50, next targets and psychological 105.00 barrier in extension. Positive tone prevails on near-term technicals, however, approaching overbought zone, suggests consolidative action ahead of 103.72 hurdle. Immediate supports lay at 103.15, 20DMA and 103.00, round figure support / 55DMA, ahead of 102.70, 38.2% retracement of 101.60/103.38 upleg and 102.50, 50% retracement, reinforced by ascending 4-hour 55DMA, where dips should find footstep.
Res: 103.38; 103.72; 104.00;
Sup: 103.15; 103.00; 102.70; 102.50
AUDUSD
Near-term price action got congested within 0.9070/0.9115 range, following corrective rally rejection at 0.9128 and subsequent pullback that is so far contained at 0.9070 zone. Weakening hourly studies see the downside at risk, with trigger of fresh weakness on a break below 0.9070, as 4-hour action is still capped by 55DMA and indicators start to point lower. Extension below 0.9070, near-term base, would signal top at 0.9128, with extension below 0.9040, Fibonacci 61.8% of 0.8988/0.9128 upleg, required to re-focus strong 0.9000 support zone. Alternative scenario required break above initial 0.9128 barrier and more significant 0.9145/69 hurdles, to bring bulls back in play and signal stronger recovery.
Res: 0.9116; 0.9128; 0.9145; 0.9169
Sup: 0.9070; 0.9058; 0.9041; 0.9000
EURUSD
The Euro remains supported and advanced further, approaching psychological 1.38 barrier, en-route towards short-term target at 1.3831. Consolidation above previous low at 1.3740 and 4-hour 10DMA is under way, as the price, after yesterday’s rally stalled at 1.3794. Positive near-term studies are supportive, with overbought 4-hour conditions suggesting further consolidation, ahead of final push higher. Clearance of 1.3831, 22/05 year-to-date high, is expected to bring psychological 1.4000 barrier in the near-term focus. Session low at 1.3745 offers initial support, reinforced by hourly 55DMA, ahead of strong 1.3720/00 support zone, previous highs / Fibonacci 38.2% retracement of 1.3527/1.3794 ascend, where dips should find support. Otherwise, further easing towards 1.3620/00, 29/11 previous top / trendline support, would be likely.
Res: 1.3774; 1.3794; 1.3800; 1.3852
Sup: 1.3740; 1.3720; 1.3700; 1.3650
GBPUSD
Cable trades in near-term consolidative mode, after posting fresh high at 1.6466 and pullback being contained at 1.6400 support and Fibonacci 38.2% retracement of 1.6290/1.6466 upleg. Positive 4-hour studies favor further upside, however, weaker hourly conditions may prolong consolidative phase. Resumption o larger uptrend through 1.6466 will focus psychological 1.6500 barrier next, with further extension higher to open 1.6617, November 2009 high. Conversely, extension below 1.6400, would trigger further correction towards 1.6360 higher low and near 61.8% retracement, with key near-term support at 1.63 zone to come under pressure in case of further easing.
Res: 1.6456; 1.6466; 1.6500; 1.6550
Sup: 1.6400; 1.6357; 1.6322; 1.6300
USDJPY
The greenback lost traction against the yen after testing previous peak at 103.36, as subsequent pullback accelerates lower, following consolidation at 102.50 zone, 50% retracement of 101.60/103.38 ascend / 55DMA. Negative tone prevails on hourly studies and favors further downside, while 4-hour indicators are heading south and support the scenario. Next supports lay at 102.28, 61.8% retracement and 102.00, psychological support / Fibonacci 76.4% retracement, loss of which to expose key near-term support at 101.60. Violation of the latter would signal stronger pullback and sideline bulls, while holding above here suggests the price is in range trading.
Res: 102.79; 102.94; 103.38; 103.72
Sup: 102.28; 102.00; 101.60; 101.00
AUDUSD
The pair broke above near-term congestion and tested important 0.9165 resistance, 02/12 peak and Fibonacci 38.2% retracement of 0.9446/0.8988 downleg, where gains stalled. Subsequent pullback that was so far contained by 55DMA above 0.9100 support, round figure / Fibonacci 38.2% of 0.8988/0.9165, could be seen as corrective and preceding fresh rally. Positively aligned near-term studies support the scenario, with price expected to hold above 0.9100 for renewed attempt higher, as clearance of 0.9165 barrier is required to confirm near-term base and spark further recovery towards 0.9200. Alternatively, loss of 0.9100 handle would weaken the structure and signal further prolonged consolidation above fresh lows at 0.9000 base.
Res: 0.9128; 0.9145; 0.9169; 0.9200
Sup: 0.9115; 0.9100; 0.9070; 0.9056
EURUSD
The Euro maintains positive tone and cracked psychological 1.38 barrier, opening way towards key target at 1.3831, 25/10 year-to-date high. Technicals on the lower timeframes are positive, with overbought reading on 4-hour chart and 10DMA at 1.3770 offering immediate support and holding for now consolidation below fresh high at 1.3809. Next support lies at 1.3740, overnight low and yesterday’s intraday low, with further easing to ideally find footstep at 1.3700, Fibonacci 38.2% retracement of 1.3527/1.3809 upleg. Extension above 1.3831 barrier to open 1.3852, Fibonacci 161.8% expansion of the wave from 1.3398 and psychological 1.3900 barrier in extension.
Res: 1.3796; 1.3809; 1.3831; 1.3852
Sup: 1.3770; 1.3740; 1.3700; 1.3668
GBPUSD
Cable lost traction after price accelerated below initial supports at 1.6420/00, extending corrective pullback from 1.6466 peak to 1.6340 zone, near 76.4% retracement of 1.6290/1.6449 upleg. Negative tone prevails on hourly chart, however, 4-hour picture shows bulls still in play, as 55DMA protects the downside for now. Increased downside risk would be seen in case of losing key near-term support at 1.6300 zone, otherwise, further consolidation, with tone skewed towards the upside, is seen as likely near-term scenario. Break above 1.6400/20 barriers is required to confirm.
Res: 1.6400; 1.6420; 1.6456; 1.6466
Sup: 1.6351; 1.6337; 1.6322; 1.6290
USDJPY
The pair extended pullback from 130.38 peak, where strong rally from 101.60 was capped, with dips extending to 102.14 so far, keeping important 102.00 support intact for now. The price remains in near-term range between 101.60 and 103.38, holding above its midpoint, as fresh strength off 102.14, improves hourly structure. However, weak 4-hour conditions require break above psychological 103.00 barrier, to shift focus higher. Break of either boundary of the range to define near-term direction. Overall bullish picture keeps the upside favored for now, with clearance of 103.38 to open key barrier at 103.72. Only loss of 101.60 higher low, would weaken near-term structure and signal double-top formation that may result in stronger pullback in the near-term.
Res: 102.94; 103.20; 103.38; 103.72
Sup: 102.45; 102.14; 102.00; 101.60
AUDUSD
The pair failed to capitalize on extension to 0.9165, as the resistance capped bulls and subsequent fall erased the biggest part of recovery rally from 0.8988 to 0.9165 on a fall to 0.9009. Weak near term studies keep the downside under pressure, as break below 0.9000 base would trigger fresh extension of larger downtrend for final attempt at key supports at 0.8891/46. Bears, however, may be delayed for corrective rally on oversold hourly studies, with gains to be limited and ideally capped at 0.9100, round figure / Fibonacci 61.8% of 0.9165/0.9009 descend.
Res: 0.9069; 0.9087; 0.9105; 0.9128
Sup: 0.9009; 0.8988; 0.8950; 0.8900
EURUSD
The Euro holds its near-term neutral tone, trading within 1.37/1.38, on week range, ahead of today’s Fed’s decision. The pair regained levels above range’s midpoint after yesterday’s dip that was contained at 1.3720, keeping 1.37 base out of reach for now. Positively aligned hourly technicals keep the upper range boundary in focus, as 4-hour price action remains supported by rising 55DMA and gaining fresh bullish momentum. Clear break above 1.38 barrier to open key hurdle and near-term target at 1.3831, year-to-date high, above which to confirm completion of two-month corrective phase and resume larger bulls towards immediate targets at 1.3847/71, Fibonacci 138.2% / 161.8% projection and psychological 1.3900 barrier in extension. Negative scenario requires loss of 1.37 handle to trigger fresh bears and start corrective phase, with solid support seen at 1.3620, 29/11 previous peak and bull-trendline, drawn off 1.3294, 07/11 low.
Res: 1.3781; 1.3797; 1.3809; 1.3831
Sup: 1.3760; 1.3740; 1.3720; 1.3708
GBPUSD
Cable remains at the back foot, as fresh extension of the pullback from 1.6466 broke below 1.6260, previous range tops, putting pressure at psychological 1.6200 support. Overall negative tone keeps the downside favored, with more significant 1.6160, 50% retracement of 1.5853/1.6466 upleg / daily 55DMA, expected to come in focus, once 1.6200 handle is lost. Corrective rallies should be ideally capped under 1.6350, 16/12 lower top and 20/55DMA’s bearish crossover, to keep bears intact. Any extension above here would put bears on hold and signal stronger recovery, with solid barriers at 1.6400/20.
Res: 1.6335; 1.6348; 1.6369; 1.6400
Sup: 1.6261; 1.6212; 1.6200; 1.6160
USDJPY
The pair extends its corrective pullback from 103.91, 13/12 peak, cracking initial support at 102.63, also bull-trendline off 101.60, on extension to 102.19, over 76.4% retracement of 102.15/103.91 upleg. Subsequent bounce, so far limited at 103 barrier, needs to clear 103.20, 50% retracement of 103.91/102.49 downleg, to sideline near-term bears and shift focus higher. Otherwise downside risk towards 102.15 and more significant 101.60 higher low, would remain in play.
Res: 103.14; 103.27; 103.70; 103.91
Sup: 102.49; 102.15; 102.00; 101.60
AUDUSD
The pair remains under pressure and finally cracked key support at 0.8891, 30/08 low, to fully retrace 0.8891/0.9755 bull-phase. With near-term technicals holding firm bearish tone, further downside is seen favored, as the price looks for test of another key level and year-to-date low at 0.8846, posted on 05/08/2013. Consolidative action is expected to precede fresh weakness, with immediate barriers laying at 0.8968, previous consolidation ceiling and 0.9000, psychological barrier / 04/05 / 12 lows. Any bounce higher should be ideally capped at 0.91 zone, where bearish 20/55DMA’s crossover stands. Only clearance of 0.9165, lower platform and breakpoint, would signal stronger recovery.
Res: 0.8927; 0.8968; 0.9000; 0.9065
Sup: 0.8881; 0.8846; 0.8800; 0.8770
EURUSD
EURUSD remains unchanged trading sideways between 1.3720 and 1.3665. This is causing the price to trade at the 55 and 20 moving average on the 1 hour chart. Overall the dollar remains strong on expectations of a further reduction in US monetary stimulus. However we expect limited action as many markets are still on Holiday
Res: 1.3720, 1.3750, 1.3785
Sup: 1.3665, 1.3645, 1.3620
GBPUSD
Sterling did produce some action today as we saw it break its first resistance level 1.6370. It continued its rise to test the next resistance level 1.6400 but failed to break it and retraced. This was a good sign for the bulls and outlook will remain upwards if it stays supported at 1.6320 (today’s pivot point). However generally there is no trend formation on the H1 chart and we still consider it to be range mode
Res: 1.6400, 1.6440, 1.6480
Sup: 1.6320, 1.6285, 1.6250
USDJPY
Most currency pairs have fallen in range trading mode during this thin volume holiday period. However the USDJPY is the exception as we see a clear upward trend formation as it continues to break resistances and achieve new highs not seen since 2008. It recently broke 104.40 and 104.60 to achieve new high at 104.80. Next target is 105. On precautionary note we see the RSI above the 70 level indicating we might see a brief retracement from these overbought levels before we continue to go up on the H1 chart
Res: 105, 105.20, 106
Sup: 104.30, 103.75, 103.40
GOLD
RSI moving horizontally indicating weak buying and selling momentum due to thin volume holiday trading. This is further confirmed as we see Gold prices are now exactly at their 20 and 55 moving averages on the 1 hour chart plus MACD is near 0 and Momentum 22 near 100 level. The current boundaries are 1215 and 1190.
Res: 1215, 1227, 1245
Sup: 1190, 1180, 1167
EUR/USD
Volatility appears to be easing after the pair’s rollercoaster ride during the past few days, failure of breaking 1.3817 high is keeping the pair on a down trend towards 1.3215-30 zone, any rise above 1.3817 would open an uptrend towards previous peak of 1.3890
Res: 1.3820, 1.3845, 1.3860, 1.3890
Sup: 1.3780, 1.3755, 1.3730, 1.3715
GBP/USD
Caped by yesterday’s High at 1.6535 and previous day’s peak at 1.6545 Sterling managed to hold ground above 1.6455 zone for a retest to the upper side, currently towards 1.6535 again, and to 1.6575 ahead of 1.6620 Aug 2011 high, only a break of 1.6440-55 zone would open acceleration towards 1.9390 zone.
Res: 1.6520, 1.6535, 1.6575, 1.6620
Sup: 1.6455, 1.6440, 1.6395, 1.6345
USD/JPY
Failure to break yesterdays high at 105.40 left the pair in a correction action for the past two days for a test of 104 zone, currently first support is found at 104.80 and 104.60 next, a break there would open further correction towards 104.10 and 103.70
On the upside, 105.15 offers good resistance, and if broken we might see a retest of 105.40 peak, a break there would resume the uptrend 106.55 Oct 2010 high.
Res: 105.15, 105.40, 106.55, 107.80
Sup: 104.80, 104.60, 104.10, 103.70
USD/CAD
Failure to break current month peaks at 1.0730 zone, yesterday the pair dropped towards 1.0635 so far and if unable to find momentum USDCAD might drop again if 1.0635 is broken, probably towards 1.0600-20 zone if not to 1.0580 (23 Dec Low)
Momentum can be found if 1.0660 is broken, that could open a test for 1.0690 and 1.0730 next.
Res: 1.0660, 1.0690, 1.0715, 1.0730
Sup: 1.0635, 1.0615, 1.0605, 1.0580
EUR/USD
After today’s double top during the Asian session at 1.3775, EURUSD managed to break 31st Dec low and so far found support at 1.3710, a break there would open 24th Dec low and 38.2% Fibo of (1.3890-1.3295) at 1.3655 and next to 20th Dec low at 1.3625 zone. On the upside, 1.3750 could offer resistance ahead of today’s high at 1.3775, in which a break there would open more to the upside towards 1.3790 and 1.3820 next.
Res: 1.3750, 1.3775, 1.3790, 1.3820
Sup: 1.3710, 1.3655, 1.3625, 1.3590
GBP/USD
Still on a higher lows pattern, cable managed to find resistance at 1.6600, 20 pips ahead of Aug 2011 highs, next target should be around 1.6745 , 2011 high. On the downside, support is found at 1.6545 and 1.6500 ahead of 1.6455 previous trading session low range. A break of 1.6455 would open downtrend towards 1.6395 and 1.6315
Res: 1.6600, 1.6620, 1.6695, 1.6745
Sup: 1.6545, 1.6500, 1.6455, 1.6395
USD/JPY
USDJPY is still testing 105.40 which would keep the uptrend intact of broken towards, 106.55, or even higher towards Sep 2008 high at 109.20 and Aug 2008 high at 110.65. on the downside short term supports are found 105.15 , 104.85 and 104.60, the latter would open acceleration towards 103.75 19th to 23ed Dec lows.
Res: 105.40, 105.90, 106.55, 107.20
Sup: 105.15, 104.85, 104.65, 104.20
USDCHF
Failure “So far” to break last week’s high at 0.8970, the pair found ground around 0.8920 zone, a break today’s high would open more acceleration towards 0.9000 peak of 20th Dec. only above 0.9050 would open an uptrend towards 0.9200 zone.
On the downside, below 0.8920 support is found at 0.8860-80 zone, ahead of 27th Dec bottom at 0.8800
Res: 0.8920, 0.8880, 0.8860, 0.8800
Sup: 0.8970, 0.9000, 0.9050, 0.9105
EURUSD
The Euro corrects yesterday’s fresh losses that probed below 1.36 handle and so far found support at 1.3570, just ahead of trendline support at 1.3550. Bounce to 1.3650 was capped by 4-hour 20DMA, as the price attempts to stabilize above 1.36 support. Slight positive tone exists on hourly chart, with 4-hour indicators starting to reverse that may be supportive for further recovery action. Bears are on stand-by on lower ADX timeframes, with clearance of initial barriers at 1.3650, yesterday’s high and 1.3664/75, Fibonacci 38.2% of 1.3817/1.3570 downleg / 02/01 lower high, seen as minimum requirement to spark further recovery. Strong barrier at 1.3720, Fibonacci 61.8% retracement / 20/55DMA’s bearish crossover and broken bull trendline off 1.3294 low, is seen capping upside attempts for now, with fresh bears expected to take control once corrective action is completed. The notion is supported by reversal pattern developed on daily chart, with break below 1.3570, expected to open 1.3525 higher platform / Fibonacci 61.8% retracement, reinforced by daily 100DMA. Conversely, sustained break above 1.3720 would neutralize bears and re-focus upper targets at 1.38 zone.
Res: 1.3650; 1.3670; 1.3700; 1.3720
Sup: 1.3600; 1.3570; 1.3525; 1.3500
GBPUSD
Cable maintains negative near-term tone off fresh high at 1.6602, as fresh extension of pullback from here, reached 1.6336 so far, retracing between 61.8% and 76.4% of 1.6212/1.6602 upleg. With corrective bounce being capped for now at 1.6432 by 20/55DMA’s bearish crossover of 4-hour chart, more downside risk could be seen in the near-term, as 4-hour technicals are negative. On hourly chart, however, indicators turned neutral, as the price consolidates, but price action being capped by descending 55DMA. Preferred scenario sees fresh attempt lower, with 1.6336 seen as initial support, ahead of 1.63 zone, higher platform and 76.4% retracement. To avert immediate downside risk, regain of minimum 1.6473, 03/01 lower top / 50% retracement of 1.6602/1.6336 fall, is required.
Res: 1.6400; 1.6434; 1.6473; 1.6500
Sup: 1.6380; 1.6336; 1.6300; 1.6254
USDJPY
The pair trades in near-term corrective mode off fresh highs at 105.40, where double-top was formed. Fresh extension below 104 zone, where the pair previously found footstep, also marking 38.2% retracement of 101.60/105.43 upleg and bull trendline off 101.60, signals further weakness. The notion is supported by negative near-term technicals, with corrective bounce off fresh low at 103.90, so far being capped by bear-trendline off 105.43 peak at 104.60. This is seen as ideal lower top fort fresh attempt lower, with break below 103.90, expected to open 103.50, 50% retracement of 101.60/105.43 and 103.06, Fibonacci 61.8%, in extension. Conversely, extended corrective rally above 104.60, would delay bears, however, only break above 105 barrier is required to neutralize.
Res: 104.60; 104.83; 104.94; 105.43
Sup: 104.17; 103.90; 103.52; 103.06
AUDUSD
The pair lost traction after upside rejection at 0.9000 barrier extended pullback below initial support and consolidation floor at 0.8935, with dips coming close to psychological 0.8900 support, also Fibonacci 61.8% of 0.8842/0.9003 upleg. Hourly studies are negative, with 4-hour price action losing momentum that keeps the downside vulnerable for now. Loss of 0.8900 handle to confirm bears in play for retest of downside targets at 0.8842 and 0.8819. Alternatively, Fresh strength above initial barrier and former consolidation top at 0.8975, would re-focus 0.9000 break point, also 50% retracement of 0.9165/0.8819 descend, for possible resumption of near-term recovery phase.
Res: 0.8935; 0.8975; 0.9000; 0.9033
Sup: 0.8900; 0.8880; 0.8842; 0.8819