Windsor Brokers - Short Term Technical Analysis for Majors (updated daily) - page 75
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EURUSD
The Euro fell further on Friday and ended week just above strong support at 1.2795, 17/05 low, losing 1.78% for the week. Negative tone keeps the price pressured for full retracement of 1.2795/1.3414 upleg, as the price broke below bull-trendline, connecting 1.2744/1.2795 lows. Scope is seen for eventual push lower for test of 1.2744/50 double-bottom and completion of bull phase the commenced from these levels. Brief consolidation above Friday’s fresh low is triggered by oversold conditions, with any stronger rally, expected to find strong barrier at 1.2955, 50% retracement of 1.3102/1.2805 downleg / daily Ichimoku cloud base.
Res: 1.2870; 1.2920; 1.2955; 1.2989
Sup: 1.2805; 1.2795; 1.2750; 1.2700
GBPUSD
Cable remains under increased pressure, with fresh weakness, seen last Friday, losing 23/29 / 05 double-bottom and psychological support at 1.5000 and accelerating losses below 1.4900 handle, to post fresh 4-month low at 1.4856. After completing 1.5000/1.5751 upleg, the pair is looking for test of another important support at 1.4830, 12/03 low / near 61.8% retracement of longer-term 1.3501/1.7041 ascend, to fully reverse larger bull phase. With bears dominating on larger and lower timeframes studies, further weakness is seen favored, with bears to be interrupted by limited corrective rallies on oversold short-term conditions. Former lower platform and 50% retracement of 1.5303/1.4856 downleg at 1.5080, offers solid resistance and is expected to cap.
Res: 1.4915; 1.4960; 1.5000; 1.5026
Sup: 1.4856; 1.4830; 1.4800; 1.4780
USDJPY
The pair rallied strongly on Friday, with acceleration higher started from higher base at 100.00 and completed 100.84/99.25 corrective phase. Break and weekly close above 101.00 barrier, suggests further appreciation, with initial targets standing at 101.79, 30/05 high and psychological 102.00 barrier. Extension above the latter is expected to open May’s lower platform at 102.50. Prevailing positive tone on short-term studies, supports the notion, with corrective pullback on overbought conditions, expected to precede fresh rallies. Good support lies at 100.40 zone, 50% of 99.25/101.52 upleg / 05/07 high and is seen as ideal reversal point.
Res: 101.52; 101.79; 102.00; 102.56
Sup: 100.84; 100.65; 100.40; 100.00
AUDUSD
The Aussie dollar came under pressure and ended the week in red, after recovery rally stalled at 0.9179 and fresh bearish acceleration left a double-top. Quick reversal nearly fully retraced 0.9035/0.9179, short-term corrective phase. Bears look for break below 0.9035, 03/07 low that guards psychological 0.9000 support and 0.8959, Fibonacci 100% expansion of the downwave that commenced from 1.0581. Bearish 20/55 DMA’s crossover at 0.9115, maintains bears, while only rally above 0.9179 barrier would delay bears.
Res: 0.9100; 0.9121; 0.9179; 0.9200
Sup: 0.9035; 0.9000; 0.8959; 0.8900
EURUSD
The Euro trades in a consolidative mode, off fresh low at 1.2805, posted last Friday and ended Monday’s trading in a positive tone. Recovery rally is so far capped at 1.2880 zone, Fibonacci 38.2% of 1.3016/1.2805 descend / hourly linear regression channel upper line. Hourly studies are positively aligned and see potential for stronger correction above 1.2911, 50% retracement and pivotal 1.2930 zone, 61.8% / 03/07 low; 04/07 high. However, prevailing negative tone on 4-hour chart, sees the recovery limited for now. On the downside, 1.2800 zone offers initial support and guards key 1.2750 double-bottom and annual low.
Res: 1.2911; 1.2935; 1.2966; 1.3000
Sup: 1.2845; 1.2805; 1.2795; 1.2780
GBPUSD
Cable corrects recent losses that bottomed at 1.4856 last Friday, with basing attempt under way. Break above 1.4900 barrier, gives more credibility to the support, however, regain of minimum 1.5000 handle is required to signal base, while confirmation requires extension to 1.5080, 50% retracement of 1.5303/1.4856 / 04/07 lower platform. Improved hourly studies are supportive for further recovery, while 4-hour indicators hold well in the negative territory and see limited upside prospect. Larger picture bears see scope for final push lower, to fully retrace larger 1.4830/1.5751 bull-phase, with break lower to target psychological 1.4800 support and 1.4793, Fibonacci 161.8% expansion of the down leg from 1.5751.
Res: 1.5000; 1.5027; 1.5080; 1.5100
Sup: 1.4919; 1.4871; 1.4856; 1.4830
USDJPY
Dollar/yen consolidates gains that peaked at 101.52, with pullback being so far contained 100.80 zone, daily cloud top / hourly 55 DMA. Overall positive tone keeps the upside in focus, with any further easing, expected to hold above psychological 100 support, to keep bulls intact. Upside targets remain at 101.52 and 102.00/56.
Res: 101.52; 101.79; 102.00; 102.56
Sup: 100.84; 100.65; 100.40; 100.00
AUDUSD
The pair remains within 0.9035/0.9179 consolidative range, as bears found ground at 0.9035 and price bounces. As recovery rally from 0.9035 extends above 0.9100 barrier, scope is seen for possible test of key short-term hurdle at 0.9179. Break here is required to confirm double-bottom formation and to spark stronger recovery above 0.9200. Positive hourly studies, with 4-hour indicators in heading north, support the notion. Downside should stay protected at 0.9100, to keep freshly established bulls in play.
Res: 0.9179; 0.9200; 0.9225; 0.9252
Sup: 0.9100; 0.9081; 0.9035; 0.9000
EURUSD
The Euro ended Tuesday’s trading in red after breaking below 1.2795 support and posting fresh low at 1.2754, where weekly Ichimoku cloud base contained dips, just ahead of key 1.2750/44 support. Eventual push below the latter that also marks multi-month platform, is required to complete weekly Head and Shoulders pattern that would trigger more significant losses, with round figure 1.2700 support and 1.2660, November 2012 low, seen as next targets. Consolidative actions may precede fresh weakness, as technical hold firm bearish tone, with 1.2800/50 zone expected to cap. Only lift above 1.29 barrier would ease immediate bear pressure.
Res: 1.2800; 1.2850; 1.2880; 1.2900
Sup: 1.2777; 1.2754; 1.2744; 1.2700
GBPUSD
Cable broke below the last obstacle at 1.4830, 12/03 low and posted fresh annual low on a dip to 1.4812 so far. Hesitation ahead of psychological 1.4800 support, is seen likely, with key barriers at 1.4980/1.5000 protecting the upside. Bearish resumption below 1.4800, sees no significant obstacles en-route towards 1.4345/1.4230, Jun / May 2010 lows and short-term targets.
Res: 1.5910; 1.4980; 1.5000; 1.5057
Sup: 1.4919; 1.4871; 1.4856; 1.4830
USDJPY
Sort-term structure weakened, as the price broke below 100.75, two-day consolidation range and cracked the next support at 100.40, 50% retracement of 99.25/101.52 upleg. Negative hourly studies keep the downside in focus, however, reversal above 100.00 support, would keep broader bulls in play for fresh attempt higher. Conversely, loss of 100 handle is expected to sideline bulls and allow for stronger correction.
Res: 100.75; 101.00; 101.29; 101.52
Sup: 100.28; 100.00; 99.48; 99.25
AUDUSD
The pair extended short-term recovery rally from 0.9035 base after clearing previous strong barrier at 0.9179. Short-term price action gets congested at 0.9200 barrier, as the price fails to break higher and enters consolidative mode. Short-term bulls would remain intact while range bottom at 0.9130 zone holds and would look for further recovery towards 0.9250, 01/07 high and 0.9300, 50% of 0.9555/0.9035.
Res: 0.9225; 0.9252; 0.9270; 0.9343
Sup: 0.9130; 0.9100; 0.9081; 0.9035
EURUSD
The Euro surged post Fed and maintained positive sentiment during the Asian session, as gains hit fresh high at 1.3205. Strong rally retraced over 61.8% of 1.3414/1.2754 downleg, with downside risk being sidelined and near-term focus shifted higher. Positive short-term technicals support further advance that would look for test of 1.3250 zone 21/06 high / 76.4% retracement, however, corrective pullback is expected to precede fresh rally, as studies on 1 and 4-hour charts are overextended. Dips would look for 1.3030, as initial support, 38.2% retracement of 1.2754/1.3205 upleg and 03/07 high, ahead of psychological 1.3000 support, where reversal should occur, to avoid revival of bears that would come in play on a break below 1.2980, 50% retracement level.
Res: 1.3146, 1.3205; 1.3260; 1.3300
Sup: 1.3067; 1.3030, 1.3000; 1.2980
GBPUSD
Cable extended recovery rally from fresh low at 1.4812, posted on 09/07 and regained levels close to 1.5200, on late yesterday / overnight’s acceleration higher. Dollar-negative comments from Fed keep the freshly established positive sentiment in play, with near-term studies moving in the positive territory. Formation of cup and holder continuation pattern, seen on 4-hour chart, supports further advance, with completion of the pattern seen on a clear break above 1.5200 barrier. Further gains would look for test of pivotal 1.5280/1.5300 zone, 50% retracement of 1.5751/1.4812 descend and 03/07 lower top. Overbought conditions, however, signal corrective action, before bulls re-assert, with dips seen ideally contained above 1.5000, psychological support / 50% retracement of 1.4812/1.5192 upleg.
Res: 1.5170; 1.5200; 1.5280; 1.5303
Sup: 1.5078; 1.5047; 1.5000; 1.4957
USDJPY
Dollar/yen lost ground after pullback from 101.52 high, accelerated on a break below psychological 100 support. Overnight’s fresh weakness extended to 98.22 and marks over 38.2% retracement of 93.78/101.52 rally and looks for further decline, as 4-hour indicators slid into negative territory. Immediate target lies at 98.00, round-figure support, ahead of 97.65, 50% retracement and 97.00 higher platform of 21-25/06. From the other side, oversold hourly studies suggest that corrective rally should precede fresh leg lower, with 99.00/25 zone offering initial resistance and 100 yen barrier, also 50% of 101.52/98.22 downleg, reinforced by 55DMA, expected to cap.
Res: 99.00; 99.25; 99.48; 99.77
Sup: 98.22; 98.00; 97.65; 97.00
AUDUSD
The pair maintains positive short-term tone, as fresh strength above 0.9200 congestion top, regained 0.9300 handle and looks for full retracement of 0.9343/0.9035 descend. Positive short-term technicals support the notion, with clearance of 0.9343, 26/06 high, required to confirm base at 0.9035 and open way for more significant recovery of larger bull-trend that commenced form 1.0581, 11/04 high. Initial support lies at 0.9230, yesterday’s high, with previous barrier, now support at 0.9200, expected to contain dips and keep the downside risk sidelined.
Res: 0.9304; 0.9324; 0.9343; 0.9400
Sup: 0.9230; 0.9200; 0.9172; 0.9125
EURUSD
The Euro ended week in which the pair posted fresh 3-month low at 1.2754 and 3–week high at 1.3205. Price closed at 1.3069, 200DMA and near 50% retracement of entire 1.3414/1.2754 downleg, with downside being protected at 1.3000, psychological support and higher platform. Two day consolidation moves in a narrow range, following pullback from 1.3205 high, with hourly studies holding neutral tone. From the other side, positive 4-hour structure and formation on bullish pennant, suggests that bulls are in play and look for renewed attempt higher. Sustained break above 1.3100 is required to confirm and open key short-term barrier at 1.3205. Conversely, violation of 1.3000 base and 1.2980, 50% retracement of 1.2754/1.3205 recovery rally, would soften the tone and increase downside risk.
Res: 1.3121; 1.3146, 1.3205; 1.3260
Sup: 1.3000; 1.2980; 1.2926; 1.2900
GBPUSD
Cable consolidates past week’s rally that commenced at 1.4812, fresh 3-year low and peaked at 1.5220, retracing over 38.2% of 1.5751/1.4812 descends. The price found base at 1.5070/60 zone, reinforced by 4-hour 55DMA, but weak hourly studies keep the downside at risk. However, 4-hour structure remains positive, with price holding above 1.5060, would keep hopes of fresh strength above 1.5200/20 in play, for resumption of short-term recovery towards key 1.5282/1.5303 barriers.
Res: 1.5130; 1.5170; 1.5200; 1.5220
Sup: 1.5074; 1.5060; 1.5000; 1.4979
USDJPY
The pair trades in two-day consolidative range, off fresh low at 98.22, posted on 11/07, with 99.68 high being reached so far. Series of higher lows from 98.22, suggest further recovery, with notion being supported by Friday’s inside day candle and positively aligned hourly studies. Regain of minimum 100 level is required to confirm recovery, otherwise, fresh weakness would be triggered by still weak 4-hour studies and re-focus 98.22 support.
Res: 99.68; 99.87; 100.00; 100.62
Sup: 99.00; 98.88; 98.56; 98.22
AUDUSD
The Aussie remains under pressure, as last Friday’s fresh weakness dented psychological 0.9000 support and probed levels last time traded in Sep 2010. Weekly close above 0.9000 handle, sees potential for limited corrective action, as technicals turned negative, following last week’s recovery rejection at 0.93 zone and subsequent fall, signaling resumption of larger downtrend. Initial resistance lay at 0.9115/50, Fibonacci 38.2% and 50% of Thu/Fri fall from 0.9304, with key barrier at 0.9200, expected to cap stronger rallies. Fresh weakness below 0.9000, would open 0.8900, round figure support and 0.8888, Fibonacci 100% expansion of the downwave from 1.0581.
Res: 0.9115; 0.9150; 0.9185; 0.9200
Sup: 0.9054; 0.9037; 0.8997; 0.8950
EURUSD
The Euro trades in a prolonged consolidation, holding in a sideways mode, with price action being entrenched within 1.3000/80 range. Hourly studies are still neutral, as the price attempts through the range tops, while 4-hour technicals maintain bullish tone and see scope for fresh strength that needs to clear initial barriers at 1.3121/45, to open key resistance at 1.3205. Double hanging man candle on the daily chart, however, keeps the risk of fresh weakness, with slide below key support levels at 1.3000/1.2980 that keep the downside protected for now, required to bring bears in play.
Res: 1.3100; 1.3121; 1.3145, 1.3205
Sup: 1.3050; 1.3000; 1.2980; 1.2926
GBPUSD
Cable’s hourly studies remain neutral, despite the price dented initial support and range floor at 1.5060, on a dip to 1.5026, as quick recovery above 1.5100, brought the price back to the range. From the other side, 4-hour chart maintain positive, with fresh strength, still being in play. Monday’s Doji candle shows indecision and sees potential for prolonged consolidation, with break of either 1.5026 or 1.5130, required to signal fresh direction.
Res: 1.5170; 1.5192; 1.5200; 1.5220
Sup: 1.5089; 1.5060; 1.5000; 1.4979
USDJPY
The pair extended short-term recovery off 98.22 low, as the price initially broke above 99.68, consolidation range top and more important psychological 100 barrier. Fresh rally reached 100.47 so far, with corrective pullback being contained at 99.68, previous low / 55DMA. Positively aligned hourly studies keep the upside favored, with sustained break above 100 hurdle, expected to resume recovery and open key 101.52 barrier, 08/07 high. Conversely, downside risk would increase on a violation of initial 99.68 support, while loss of 99.00 handle will be bearish and shift focus towards 98.22 low.
Res: 100.00; 100.47; 100.62; 101.00
Sup: 99.68; 99.34; 99.00; 98.87
AUDUSD
The Aussie remains extends recovery rally from 0.8997 low, as break above 0.9115 congestion top triggered fresh strength to important 0.9200 resistance zone. Freshly established bulls on hourly chart are supportive for further recovery, with 4-hour chart indicators heading north and building up bullish momentum. However, clear break above 0.9200 hurdle is seen as minimum requirement to open way towards key barriers at 0.9304 and 0.9343, 11/07 high and 26/27/07 tops / near 50% of 0.9664/0.8997 descend. Only break above the latter would be signaling more significant corrective action, as larger picture bears remain fully in play.
Res: 0.9200; 0.9232; 0.9252; 0.9304
Sup: 0.9145; 0.9115; 0.9085; 0.9034
EURUSD
Bulls came back to play after the price broke above congestion tops at 1.3080. Fresh strength through initial barriers at 1.3121/45, opens way towards 1.3205, 11/07 peak, setting scope for further retracement of 1.3414/1.2754 downleg. Break above 1.3205 is required to open 1.3258, next target, Fibonacci 76.4% retracement and 21/06 high, seen as next target. Positive tone on lower timeframes studies and daily close above 200DMA, supports the notion, while previous resistances at 1.3100/1.3080 offer immediate support, while key support and breakpoint lies at 1.3000 higher platform.
Res: 1.3173; 1.3205; 1.3258; 1.3300
Sup: 1.3125; 1.3100; 1.3080; 1.3050
GBPUSD
The price bounced from short-term consolidation floor and cracked the upper boundary at 1.5140 zone, signaling possible extension higher and retest of key short-term hurdle at 1.5220. However, lack of momentum for final push higher, with hourly studies being overall neutral, would question short-term bulls. Failure to regain 1.5200/20 barriers, would signal prolonged sideways trading. Initial support at 1.5100 holds for now, while more downside risk would be seen on violation of range floor at 1.5030 zone.
Res: 1.5142; 1.5167; 1.5192; 1.5220
Sup: 1.5100; 1.5075; 1.5056; 1.5043
USDJPY
The pair remains under pressure, following Monday’s rejection at 100.47 and subsequent reversal that dented 99.00 support. Further extension of downmove from 100.47 would threaten 98.22, 11/07 low and psychological 98.00 support, reinforced by 100DMA, as short-term indicators hold in the negative territory and keep the downside favored. Corrective rallies are expected to stay under 100.47 high.
Res: 99.53; 100.00; 100.47; 100.62
Sup: 99.00; 98.88; 98.56; 98.22
AUDUSD
The pair returned to strength and extended short-term recovery rally from 0.8997 low, with eventual break above 0.9200 barrier, seeing scope for further gains and full retracement of 0.9304/0.8997 downleg. Positive short-term technicals support the notion, however, consolidative/corrective action on overbought hourly studies, may delay bulls, with dips to be ideally contained at 0.9160 zone, 38.2% retracement of 0.8997/0.9259 rally / 20/55DMA bullish crossover. Key upside barriers lay at 0.9304/43 and break here is required to spark stronger correction and sideline broader bars.
Res: 0.9237; 0.9259; 0.9304; 0.9343
Sup: 0.9200; 0.9160; 0.9120; 0.9085
EURUSD
Positive sentiment, established on a break above 1.3070/1.3100 barriers, 200DMA / daily Ichimoku cloud top is fading, as the price slides again below 1.3100 handle. The rally stalled at 1.3175 zone, lacking momentum for final push to 1.3205 high, break of which to resume rally from 1.2754. Studies are mixed, with 4-hour chart structure remaining positive, while hourly studies weakened, as the price probes below 1.3100 support. Losing 1.3100/1.3070 support zone would further weaken the structure and open way towards key support and higher platform at 1.3000.
Res: 1.3158; 1.3176; 1.3205; 1.3258
Sup: 1.3080; 1.3050; 1.3000, 1.2980
GBPUSD
Cable ended Wednesday’s choppy trading around 1.5200 handle, after strong rally through 1.5220 barrier reached 1.5266, where 100DMA capped the rally. Failure to regain key 1.5304 barrier, keeps the price action in a consolidative mode, with fresh probe under 1.5200, looking for support at 1.5150/00 zone, to keep positive tone in play, as 4-hour studies are positive. Only break below higher platform at 1.5030, would neutralize short-term bulls.
Res: 1.5200; 1.5242; 1.5266; 1.5304
Sup: 1.5152; 1.5100; 1.5075; 1.5043
USDJPY
The pair regained strength and broke above Wednesday’s congestion and triangle resistance at 99.80 zone. Fresh gains through psychological 100 barrier, bring bulls in play for retest of key 100.47 resistance, break of which to resume short-term rally from 98.22 low. Short-term technicals are supportive for further gains, with initial support at 99.50, ahead of bull trendline at 99.15 and 99.00/98.88, below which bears would take control.
Res: 100.47; 100.62; 101.00; 101.29
Sup: 99.90; 99.50; 99.15; 99.00
AUDUSD
The pair broke below yesterday’s range floor at 0.9190, weakening the near-term structure after upside rejection on approach to strong 0.9304 barrier. Weak hourly studies see potential for further corrective easing off yesterday’s 0.9290 high, with 0.9140, 50% retracement of 0.8997/0.9290, seen as immediate target. Larger picture range, however, remains intact, with positive 4-hour structure still seeing scope for attempt at 0.9304, range top, break of which would trigger stronger corrective action and open 0.9343/0.9400. Conversely, loss of 0.9140/00 supports, would open 0.9000 zone for retest.
Res: 0.9200; 0.9250; 0.9290; 0.9304
Sup: 0.9140; 0.9100; 0.9085; 0.9034
EURUSD
The Euro ended week in the positive territory, closing at 1.3142, just ahead of double-Fibonacci barriers at 1.3155/60 (76.4% of 1.3205/1.2992 / 61.8% of 1.3414/1.2754) / bear-trendline drawn off 1.3205 and weekly high at 1.3176, the last obstacle en-route to 1.3205, 11/07 high and short-term 1.3205/1.3000 range top. Short-term studies are positively aligned, as the pair is in ascending mode off 1.3066, weekly low, with bull trendline, drawn off the latter, offering initial support at 1.3115. Clearance of Fibonacci / trendline barriers, as well as 1.3176 lower top, is looking for test of key 1.3205 barrier. Daily studies are gaining momentum, with price action being well supported by 200DMA at 1.3075, with downside risk towards 1.3000 range floor, expected to increase on a violation of 1.3075/66 support zone.
Res: 1.3168; 1.3176; 1.3205; 1.3258
Sup: 1.3126; 1.3100; 1.3065; 1.3000
GBPUSD
Cable closed for the week near pivotal 1.5282/1.5304 resistance zone, 50% retracement of 1.5751/1.4812 descend and 03/07 high / 55DMA, after denting 100DMA at 1.5263. Hourly and 4h structure is positive and supports final attempt through 1.53 barrier, to resume broader corrective rally off 1.4812, 09/07 low and expose next barriers at 1.5372, daily Ichimoku cloud base and psychological 1.5400, near Fibonacci 61.8% retracement. Bull trendline connecting 1.4812/1.5045/1.5076 low, offers support at 1.5220, along with the pervious peak of 11/07, while slide below 1.5150 would sideline bulls. Key short-term support lies at 1.5040 higher platform.
Res: 1.5296; 1.5304; 1.5342; 1.5372
Sup: 1.5237; 1.5200; 1.5157; 1.5100
USDJPY
The pair remains steady, as the price broke and closed above 100 barrier on Thursday. Clearance of previous high of 15/07 at 100.47 and regain of 10/07 high at 100.62, sees scope for fresh attempt through psychological 101.00 resistance, towards key barrier at 101.52, 08/07 high. Corrective pullback, triggered by overbought hourly studies, was for now contained at 99.60, Fibonacci 61.8% of 98.88/100.85 upleg. Positive 4-hour studies keep the upside favored, with price required to hold above 100 support to keep focus higher. Corrective pullback, triggered by overbought hourly studies, was for now contained at 99.60, Fibonacci 61.8% of 98.88/100.85 upleg.
Res: 100.47; 100.61; 100.85; 101.00
Sup:99.63; 99.28; 99.00, 98.88
AUDUSD
The pair remains in a consolidative range of 0.9000/0.9300, with weekly close occurring in the upper area of the range and lower timeframes studies being positively aligned. Overall bear-trend, however, remains in play and sees the resumption lower, once break below 0.9000 signals completion of consolidative phase. Only clear break above 0.9300 barrier would signal basing attempt and allow for stronger corrective action.
Res: 0.9235; 0.9250; 0.9290; 0.9304
Sup: 0.9200; 0.9173, 0.9136; 0.9109
GOLD
Spot Gold ended week with positive tone, after testing both boundaries of short-term range, with recovery off 1267 range low, closing just under strong 1300 barrier, range top / 50% retracement of 1423/1180 descend and bear-trendline, drawn off 1588, 10/04 high. Positive tone dominating on short-term studies, pushed the price for final break above 1300 barrier, with acceleration higher clearing initial 1321 target. Upside is now seen favored and price is looking for 1330, Fibonacci 61.8% of 1423/1180 descend and 1338, 19/05 low. Overbought conditions on lower timeframes studies suggest corrective pullback would precede fresh rally, with previous key barrier at 1300, now acting as key support and expected to contain corrective dips.
Res: 1322; 1338; 1354; 1365
Sup: 1310; 1300; 1288; 1282
EURUSD
The Euro ticked higher and posted fresh high at 1.3237, following shallow correction that was contained by daily Ichimoku cloud top at 1.3160. Daily close and sustained above 1.3200 handle, also bull-trendline off 1.3066, along with positive short-term studies, keep the upside targets in focus. Immediate barrier lies at 1.3258, Fibonacci 76.4% retracement of 1.3414/1.2754, break of which to open 1.3300, round figure resistance and 20/06 high. The notion is supported by daily indicators moving into positive territory and gaining bullish momentum. However, hesitation at the upper levels could be expected, as short-term technicals are approaching overbought zone, with Tuesday’s low and daily cloud top at 1.3160, reinforced by 20DMA, offering solid support, where dips should be ideally contained.
Res: 1.3217; 1.3237; 1.3258; 1.3300
Sup: 1.3190; 1.3160; 1.3142; 1.3120
GBPUSD
Cable extended gains from 1.5324, Tuesday’s higher low to post marginally higher high at 1.5390 and cracking daily Ichimoku cloud base / Fibonacci 61.8% of 1.5751/1.4812 downleg. Clearance of 1.5390/1.5400 barrier is required to extend the third wave of recovery from 1.4812 that commenced at 1.5026, towards its 100% Fibonacci expansion at 1.5434. Next barriers lay at 1.5476, 25/06 lower top and psychological 1.5500 resistance. Short-term studies maintain positive tone, however, RSI/MACD bearish divergence on hourly chart, signal corrective action. Immediate supports lay at 1.5324/00, with deeper dips not to exceed next support zone at 1.5265/50.
Res: 1.5390; 1.5400; 1.5434; 1.5476
Sup: 1.5324; 1.5300; 1.5265; 1.5250
USDJPY
The pair came under pressure again, as Tuesday’s recovery rally from 99.13 low, failed to sustain gains above psychological 100 barrier. Rally stalled at 100.17, Fibonacci 61.8% of 100.85/99.13 downleg, with subsequent weakness forming Head and Shoulders pattern on 4-hour chart, with completion seen on break below the neckline at 99.17 and psychological 99.00 support. This could trigger fresh extension of the fifth wave off 100.17 that could, according to the wave principles, extend to 98.00, equivalent of the third wave. Studies on 1 and 4-hour chart are negatively aligned and keep the downside favored, while corrective rallies require break above 100.17 barrier, to shift near-term focus higher.
Res: 100.00; 100.17; 100.47; 100.61
Sup: 99.34; 99.22; 98.88; 98.56
AUDUSD
The pair remains supported as fresh attempts higher cracked 0.9300 barrier, Fibonacci 38.2% of 0.9790/0.8997 downleg and 3-week range top. Positive short-term studies remain supportive, however, corrective pullback on overbought hourly conditions would precede fresh rally, with dips to be ideally contained at/above 0.9220/00 supports. Completion of short-term consolidative phase requires break above 0.9300/43 barriers to signal short-term base at 0.9000 and open way for stronger correction. Next target lies at 0.9394 and marks 50% retracement of 0.9790/0.8997 descend. Tuesday’s low at 0.9221, reinforced by 20DMA, offers initial support.
Res: 0.9284; 0.9316; 0.9343; 0.9392
Sup: 0.9240; 0.9200; 0.9173, 0.9136