Windsor Brokers - Short Term Technical Analysis for Majors (updated daily) - page 98
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EURUSD
Near-term price action remains at the back foot, with yesterday’s close in long red candle, confirming negative stance. Dips found temporary support at psychological 1.08 level, after cracking bull-trendline off 1.0461 low, currently at 1.0820, but being contained for now by daily 20SMA, currently at 1.0796. Recovery attempts above initial barrier at 1.0852, daily 10SMA, pressure next pivotal barrier at 1.0883, yesterday’s intraday high and lower top, ahead of former base at 1.0910 zone, also 50% of descend from 1.1034 to 1.0803, where extended rallies should be ideally capped. Negative near-term structure favors further weakness, with firm break below strong 1.08 support zone, to expose key near-term support at 1.0711, 31 Mar higher low. Break here to confirm double-top at 1.1050/34 and accelerate bears. Alternative scenario requires extension above 1.0915 and break of 1.0953, yesterday’s high/ lower top, also near Fibonacci 61.8% of 1.1034/1.0803 downleg, to confirm reversal.
Res: 1.0883; 1.0915; 1.0953, 1.0964
Sup: 1.0800; 1.0750; 1.0711; 1.0686
GBPUSD
Cable closed in red for the second consecutive day, holding soft near-term tone and seeing risk of further easing. Descend from upside rejection at 1.4979 was so far contained by bull-trendline, drawn off 1.4633 low, at 1.4800 zone. Strong bounce that left temporary low at 1.4798, approaches pivotal barrier 1.4918, yesterday’s high and lower top of 1.4979/1.4798 descend, requires close above 1.4918, to confirm reversal and shift near-term focus back towards pivotal 1.50 barrier, reinforced by daily Kijun-sen line. Otherwise, lower top formation would keep near-term risk shifted to the downside, with sustained break below trendline support, to confirm resumption of downmove from 1.4979 and re-open key near-term support and range floor at 1.4737.
Res: 1.4915; 1.4942; 1.4979; 1.5000
Sup: 1.4867; 1.4828; 1.4798; 1.4737
USDJPY
The pair reversed quickly from yesterday’s fresh high at 120.43, after cracking pivotal 120.35 barrier and previous high, with yesterday’s close below the latter, suggesting that bulls require further consolidation, before final break higher. Near-term technicals remain positive, with current pullback’s low at 119.68, just under Fibonacci 38.2% retracement of 118.70/120.43 upleg, seen as ideal reversal point. Daily indicators are in neutral mode, while setup of moving averages is bullish and supportive for fresh attempts higher. Sustained break above 120 barrier and daily close above yesterday’s fresh high, is required to confirm rally. However, prolonged consolidation cannot be ruled out. Only close below yesterday’s low at 119.33, reinforced by daily 55SMA, would soften near-term tone and confirm false break higher.
Res: 120.05; 120.35; 120.43; 120.80
Sup: 119.68; 119.33; 119.16; 118.90
AUDUSD
The pair holds positive near-term tone, with renewed attempts above daily 20SMA that so far capped upside, under way. Yesterday’s positive close was diminished by strong sell-off that left daily candle with long upper shadow, signaling hesitation at pivotal 0.77 resistance zone. Sustained break above daily 20SMA is required to resume recovery action from 0.7531 low, towards next barriers at 0.7734, daily Kijun-sen / 50% of 0.7936/0.7531 downleg and 0.7782, Fibonacci 61.8% retracement, with close above here to confirm reversal. However, larger picture remains bearish and sees current attempts higher as corrective actions, preceding fresh push lower. Only break above key 0.7936 peak, posted on 24 Mar, would confirm near-term base and signal stronger recovery.
Res: 0.7709; 0.7734; 0.7782; 0.7841
Sup: 0.7627; 0.7600; 0.7575; 0.7531
EURUSD
The Euro accelerated lower after recovery attempts stalled at 1.0886 yesterday, with extension below trendline support at 1.0820 and previous low of 07 Apr at 1.0800, reinforced by daily 20SMA, confirming hourly double top at 1.0883/86. Fresh weakness marked the third consecutive close in red, as extension of pullback from 1.1034, 06 Apr lower top, is looking for full retracement of the upleg from 1.0711 to 1.1034. Break below the latter to confirm double top of the larger picture at 1.1050/34 and trigger further retracement of 1.0461/1.1050 recovery rally. Near-term indicators are establishing in the negative territory and favor further weakness, as overall tone remains negative and requires close below 1.0711, to confirm an end of near-term consolidative phase between 1.0711 and 1.1050 and signal bearish resumption. Former supports at 1.0800/20, now act as initial resistances, while only break above 1.0871/86, 4-hour Ichimoku cloud top / yesterday’s high, would neutralize near-term bears.
Res: 1.0785; 1.0800; 1.0820; 1.0833
Sup: 1.0725; 1.0711; 1.0686; 1.0612
GBPUSD
Cable returned to broader range, following yesterday’s repeated upside rejection that keeps pivotal barrier and range top at 1.50 zone, intact for now. Near-term technicals turning from neutral into negative mode, after fresh acceleration lower broke below initial support of daily 20SMA at 1.4844, also taking out trendline support at 1.4800, bull trendline, drawn from 1.4633 low. Downside risk of retesting near-term range floor at 1.4737 increases, with bearish daily studies, keeping the downside focused. Eventual break below pivotal 1.4737 support, to signal an end of near-term congestion, lower platform formation at 1.50 zone and bearish resumption that is expected to open key near-term support at 1.4633, low of 18 Mar.
Res: 1.4800; 1.4844; 1.4884; 1.4918
Sup: 1.4737; 1.4720; 1.4686; 1.4633
USDJPY
The pair returned to the levels above 120 handle, after yesterday’s pullback from 120.43, 07 Apr high, was contained at 119.63, where higher low was formed. Fresh acceleration turned near-term focus higher again, for eventual break above pivotal 120.35/43 congestion tops and resumption of recovery rally from 118.70, low of 03 Apr. Near-term studies regained positive tone and favor further upside, however, caution is required, as yesterday’s close was in red and neutral tone of daily technicals, would signal further hesitation and pivotal resistance zone. Daily 20SMA reinforces initial support at 120, with daily close above here required to confirm bullish stance.
Res: 120.36; 120.43; 120.80; 121.00
Sup: 120.14; 120.00; 119.79; 119.63
AUDUSD
Near-term technicals hold positive tone, after the price action eventually cracked 0.77 barrier and spiked to 0.7726, short of pivotal 0.7734 barrier, 50% retracement of 0.7936/0.7531 downleg / daily Kijun-sen line. Subsequent pullback found footstep at 0.7658, but repeated close below daily 20SMA at 0.7694, still signals hesitation for clear break above here and 0.7734 barrier, to confirm recovery resumption. However, overall negative structure sees limited upside action, before bears regain control and turn near-term focus towards the downside targets.
Res: 0.7700; 0.7726; 0.7734; 0.7782
Sup: 0.7658; 0.7626; 0.7593; 0.7575
EURUSD
The Euro remains under pressure in the near-term and accelerates lower after completing near-term consolidation above 1.0711, yesterday’s low. Near-term studies are losing traction and extension below1.07 breakpoint zone, reinforced by daily 10SMA / Tenkan-sen line, opens fresh weakness towards next significant supports at 1.0644/22, Fibonacci 61.8% retracement of 1.0519/1.0847 upleg / 16 Apr trough. Bearish Engulfing pattern that was formed on yesterday’s negative close, as well as daily close below daily 1.07 handle, support negative scenario. Former breakpoint at 1.07, now marks initial barrier, ahead of session high at 1.0748 and daily Kijun-sen at 1.0785, break of which to neutralize downside risk.
Res: 1.0700; 1.0748; 1.0767; 1.0800
Sup: 1.0658; 1.0644; 1.0622; 1.0600
GBPUSD
Cable is at the back foot and extends reversal after failure to hold gains above pivotal 1.50 barrier. Fresh weakness cracked daily Kijun-sen line at 1.4862, aiming towards pivotal support at 1.4830, sideways-moving daily 20SMA. Yesterday’s close in red and daily stochastic reversing from overbought territory, support the notion, with close below daily 20SMA, required to confirm and expose 1.48, round-figure support and 1.4750, Fibonacci 61.8% retracement of 1.4563/1.5051 upleg. Session high at 1.4910 marks initial resistance, ahead of yesterday’s high at 1.4982, regain of which to return near-term focus towards pivotal 1.5000/51 barriers.
Res: 1.4910; 1.4982; 1.5008; 1.5051
Sup: 1.4854; 1.4830; 1.4800; 1.4750
USDJPY
Near-term studies are regaining bullish momentum after bouncing from yesterday’s low at 118.52, where descend towards key 118.31 support found temporary support. Yesterday’s positive close and today’s fresh strength above 119.5967, daily 20SMA / Tenkan-sen line / 50% retracement of 120.83/118.52, sidelines immediate downside risk, with sustain break here to trigger further acceleration towards next trigger at 120.00. Negative tone still dominates on daily studies and regain of 120 handle is required to confirm near-term bottom and expose the upper boundary of 118.31/120.83 range.
Res: 119.78; 120.00; 120.28; 120.72
Sup: 119.42; 119.12; 118.95; 118.52
AUDUSD
The pair comes under pressure, following yesterday’s upside rejection that left hourly lower platform at 0.7825, with fresh acceleration lower, ending day in long red candle. Today’s fresh weakness and price action established below daily cloud base and cracked daily 20SMA at 0.7683. Close below daily 20SMA and extension below 0.7663, Fibonacci 61.8% retracement of 0.7553/0.7841, to confirm negative near-term stance and signal possible return to 0.7553, 14 Apr higher low. Daily Kijun-sen line reinforces initial barrier and session high at 0.7726, ahead of 0.7757, former consolidation floor and 0.7770, Fibonacci 61.8% of 0.7825/0.7681, regain of which to sideline downside pressure.
Res: 0.7726; 0.7757; 0.7770; 0.7825
Sup: 0.7681; 0.7663; 0.7621; 0.7570
EURUSD
The Euro trades in near-term neutral mode, with price action entrenched within daily 10 and 20SMA’s. Yesterday’s attempts lower and brief probe below daily 10SMA was short-lived, as the price found footstep at 1.0658, keeping intact pivotal Fibonacci 61.8% support at 1.0644. Near-term indecision is confirmed by yesterday’s long-legged Doji, with Asian trading also being entrenched within tight Doji. Yesterday’s price amplitude between 1.0658 and 1.0780, marks initial range, with break of either side, required to signal fresh near-term direction. However, overall tone remains bearish and is expected to keep the downside under pressure, while last Friday’s recovery top at 1.0847 stays intact.
Res: 1.0747; 1.0780; 1.0800; 1.0847
Sup: 1.0715; 1.0682; 1.0658; 1.0644
GBPUSD
Cable trades without clear near-term direction, after yesterday’s extension of the pullback from 1.5051 peak, was contained by sideways-moving daily Kijun-sen line, keeping pivotal daily 20SMA at 1.4836, intact. Subsequent bounce averted immediate downside risk, ending the day in positive mode. On the other side, long-legged yesterday’s daily candle shows hesitation. sidelines downside risk. Near-term studies regained positive tone , with downside risk sidelined for now. Sustained break above yesterday’s high at 1.4871, is required to signal higher low formation and shift near-term focus higher. Otherwise, the price may continue consolidative phase. Only break below yesterday’s low at 1.4854 and daily 20SMA, would bring near-term bears fully in play.
Res: 1.4971; 1.5008; 1.5051; 1.5100
Sup: 1.4911; 1.4854; 1.4836; 1.4800
USDJPY
The pair holds positive near-term tone, after extension of bounce from 118.52 low closed few ticks above daily 20 SMA. Consolidative phase under fresh recovery high at 119.82 is under way, with dips to be ideally contained at 119.28 higher low / daily 100SMA and near Fibonacci 38.2% of 118.52/119.82 upleg, before final push towards psychological 120 barrier, also Fibonacci 61.8% retracement of 120.83/118.52 descend. Break here to confirm recovery and expose key near-term barrier at 120.83. Conversely, break and close below daily 10SMA, would soften near-term tone and sideline upside attempts.
Res: 119.82; 120.00; 120.28; 120.72
Sup: 119.28; 119.12; 118.95; 118.52
AUDUSD
The pair accelerates higher after dipping to 0.7681 yesterday, where pullback from 0.7841 recovery peak, was contained by daily 20SMA. Today’s strong rally penetrated into daily cloud and broke above 0.7770, Fibonacci 61.8% of 0.7824/0.7681 downleg, with action being underpinned by ascending daily 10SMA that formed 10/20SMA’s bullish cross at 0.7691. Bullish near-term studies support further recovery towards next targets, psychological 0.7800 barrier, ahead of lower platform at 0.7825 zone and key 0.7841, peak of 17 Apr. Corrective easing should be ideally contained at 0.7752, 21 Apr former low.
Res: 0.7791; 0.7825; 0.7841; 0.7900
Sup: 0.7752; 0.7700; 0.7681; 0.7663
EURUSD
The Euro accelerates lower, signaling an end of directionless phase, confirmed by double-Doji. Softer near-term tone pushed the price below initial support at 1.0695, daily 10SMA, with further easing that cracked daily Tenkan-sen line and approached key near-term support at 1.0658, low of two-day congestion. Daily technicals maintain negative tone, with the latest acceleration lower, increasing risk of break below 1.0658. Daily close below here to confirm bearish resumption and further retracement of 1.0519/1.0847 rally. Alternatively, prolonged consolidation could be expected while 1.0658 handle holds. Only rally and close above daily 20SMA at 1.0760 and daily Kijun-sen at 1.0785, would neutralize immediate downside threats.
Res: 1.0741; 1.0760; 1.0785; 1.0800
Sup: 1.0664; 1.0658; 1.0644; 1.0600
GBPUSD
Cable holds positive near-term tone, following yesterday’s acceleration higher that left higher low at 1.4854, low of 21 Apr and cracked pivotal 1.5051 barrier, former high of 17 Apr, on extension to fresh high at 1.5079. Yesterday’s close in long green candle confirms bullish near-term tone, supporting further upside action through 1.5079/92, yesterday’s peak / daily cloud top, to open 1.5160, spike high of 18 Mar. Extended correction below initial 1.5000 support, should find footstep above 1.4940, Fibonacci 61.8% retracement of 1.4854/1.5079, to keep near-term bulls intact. Otherwise, increased downside pressure and signal of false break higher could be expected on violation of 1.4940 and 1.4911, yesterday’s low.
Res: 1.5000; 1.5036; 1.5051; 1.5079
Sup: 1.4965; 1.4940; 1.4911; 1.4854
USDJPY
The pair remains supported and rallies higher, with psychological 120 barrier being cracked on today’s extension of the second bull-leg. Higher base was formed at 119.30, higher low of 21 Apr and 50% retracement of 118.52/120.08 rally, reinforced by daily 100SMA, with yesterday’s repeated positive close in long green candle, signaling extension of strong recovery rally from 118.52, towards initial target at 120.38, daily Ichimoku cloud top and key 120.83, 13 Apr peak. Daily close above 120 barrier to confirm bullish stance, with corrective action being so far contained at 119.65, daily 20SMA that marks ideal reversal point, to keep intact breakpoint at 119.30.
Res: 120.08; 120.38; 120.83; 121.19
Sup: 119.65; 119.48; 119.30; 119.12
AUDUSD
Near-term tone softened after the price failed to sustain rally above 0.78 barrier and subsequent pullback dipped to 0.77 handle. However, yesterday’s positive close keeps the upside attempts in play, despite strong-sell-off, as today’s price action penetrated into daily cloud, with cloud’s base marking initial support at 0.7718, session low. The notion is supported by positively aligned daily studies, but on the other side, contracting daily 20d Bollinger bands and mixed near-term technicals, suggest extended consolidative phase, before establishing fresh near-term direction. Extension above 0.7805, yesterday’s high, to open pivotal 0.7841, 17 Apr high, above which to expose key short-term barrier at 0.7936, 24 Mar high and top of s/t congestion. On the downside, violation of initial supports at 0.7718/06, daily cloud base / daily 10SMA, would soften near-term tone and expose pivotal 0.7674 support, daily 20SMA.
Res: 0.7762; 0.7775; 0.7805; 0.7825
Sup: 0.7718; 0.7706; 0.7674; 0.7662
EURUSD
The Euro completes near-term consolidation phase and cracks psychological 1.10 barrier, on fresh attempts higher. Yesterday’s rally closed above daily 55SMA, the last obstacle on the way to key short-term barriers at 1.1034/50, 06 Apr / 26 Mar tops. Studies maintain firm bullish tone, with daily 10/20SMA’s bull-cross, underpinning the action. Expanding daily 20d Bollingers support further upside, with the upper band reinforcing initial 1.1034 resistance and sustained break higher, expected to open daily cloud top at 1.1165 and 1.1231, Fibonacci 138.2% projection of the upleg from 1.0664, in extension. On the downside, Monday’s peak at 1.0925, marks initial support, ahead of yesterday’s low at 1.0858, also near 38.2% retracement of 1.0664/1.0989 upleg, where correction should be ideally contained. Only extension below 1.0790, daily 20SMA / Fibonacci 61.8% retracement, would neutralize bulls.
Res: 1.1001; 1.1034; 1.1050; 1.1100
Sup: 1.0967; 1.0925; 1.0858; 1.0818
GBPUSD
The pair maintains strong bullish tone, with yesterday’s fresh acceleration higher, being shaped in long green candle. Today’s fresh acceleration above yesterday’s high at 1.5435, Fibonacci 100% expansion of the second wave from 1.4854, makes retest of key barrier at 1.5551, peak of 26 Feb, also near Fibonacci 138.2% expansion, more viable. Strong bullish tone supports further upside, with corrective actions, signaled by overbought 4-hour studies, expected to interrupt rally. Yesterday’s low at 1.5175, reinforced by daily 100SMA, should ideally contain extended dips. Only loss of 1.51 zone, daily Ichimoku cloud top, would loss of which to sideline bulls.
Res: 1.5400; 1.5427; 1.5478; 1.5530
Sup: 1.5300; 1.5259; 1.5175; 1.5100
USDJPY
The pair remains above two-day base at 118.76, with extended consolidative phase expected to precede fresh weakness. Near-term studies are negative and favor further downside, supported by eventual close below daily cloud base at 118.92, which now marks initial barrier. Final push through key 118.52/31 supports is required to signal an end of short-term congestion and resume descend from 122.01, 10 Mar peak. Daily 10SMA offers the next barrier at 119.16, while only break above descending daily 20SMA, currently at 119.47, would sideline near-term bears and shift focus towards pivotal 120 barrier, signaling prolonged sideways trading.
Res: 119.16; 119.47; 119.72; 120.08
Sup: 118.74; 118.52; 118.31; 118.00
AUDUSD
The pair accelerated sharply yesterday and eventually broke and closed above psychological 0.80 barrier. Extended third wave that commenced from 0.7681, 21 Apr higher low, peaked yesterday at 0.8026, with focus at the next target at 0.8093, its Fibonacci 138.2% expansion. Near-term consolidation is under way, with extended dips, seen on overbought 4-hour conditions, facing initial support at 0.7936/26, former peak of 24 Mar / daily cloud top and expected to find ground above 0.7841, previous high of 17 Apr / near 50% of 0.7681/0.8026 upleg.
Res: 0.8026; 0.8093; 0.8163; 0.8207
Sup: 0.7977; 0.7936; 0.7894; 0.7841
EURUSD
The Euro closed in red on Friday, after posting marginally higher high at 1.1288, where rally stalled on approach to descending daily 100SMA. Subsequent pullback is resuming lower, after losing initial footstep at 1.1173, above which, near-term consolidation occurred. Hourly studies are losing traction, signaling extended correction, as 4-hour indicators emerged from overbought territory. Ideal reversal points lay at 1.1109/1.1070, Fibonacci 38.2% retracement of 1.0818/1.1288 upleg / 29/30 Apr higher base, where fresh attempts higher are expected to commence, as studies of larger timeframes remain bullish and notion supported by strong weekly positive close. Otherwise, acceleration below pivotal 1.1050/34, former breakpoints, would sideline upside attempts and signal further easing.
Res: 1.1223; 1.1288; 1.1330; 1.1378
Sup: 1.1109; 1.1070; 1.1050; 1.1035
GBPUSD
Cable enters near-term consolidative phase above fresh low at 1.5112, posted last Friday, where two-day pullback from 1.5496 upside rejection, found temporary footstep. Friday’s acceleration that left long red daily candle, confirms negative near-term tone, as reversal approached pivotal support at 1.51 zone, daily Ichimoku cloud top / Fibonacci 61.8% retracement of 1.4854/1.5496 upleg, loss of which could trigger further corrective easing. However, overall bulls remain intact and see scope for renewed attempts towards key short-term barrier at 1.5551, 26 Feb peak, after completion of corrective phase. Only loss of psychological 1.50 support, reinforced by daily 20SMA, would neutralize and shift focus lower.
Res: 1.5173; 1.5202; 1.5257; 1.5300
Sup: 1.5112; 1.5095; 1.5051; 1.5000
USDJPY
The pair broke above pivotal 120.08 barrier, 23 Apr high, extending two-day recovery rally off 118.50 base. Positive daily/weekly close is seen supportive for fresh attempts at short-term range top at 120.83, for break above the range, confirmed by repeated monthly Doji. The price attempts to hold gains above daily cloud top at 120.00 and maintain improving tone of daily studies, with widening daily 20d Bollingers, supporting scenario. Also, bullish tone, established on near-term studies, supports further upside attempts. Extended correction under 120 handle, to face 119.85, former high, ahead of 119.60, Fibonacci 38.2% of 118.48/120.27 upleg, where dips should be ideally contained.
Res: 120.27; 120.43; 120.83; 121.19
Sup: 120.00; 118.85; 119.60; 119.30
AUDUSD
The Aussie is at the back foot, as three-day reversal from fresh recovery top at 0.8073, dipped below 50% retracement of 0.7551/0.8073 rally, finding temporary footstep at 0.78 handle, where daily Kijun-sen contained acceleration for now. Near-term studies turned bearish and see risk of further easing that will expose pivotal supports at 0.7768/50, daily 20SMA / daily cloud base / Fibonacci 61.8%, below which to confirm reversal and turn near-term focus lower. Weekly close in Doji with long upper shadow, confirms recovery’s hesitation, however, monthly bullish engulfing pattern, would signal further recovery, after completion of near-term corrective phase.
Res: 0.7843; 0.7861; 0.7918; 0.7975
Sup: 0.7800; 0.7773; 0.7750; 0.7709
EURUSD
EURUSD extends lower on two-day corrective pullback from 1.1288, with fresh extension below initial 1.1173 support, being so far contained by daily Ichimoku clod base at 1.1121. The move is seen as corrective phase of larger uptrend, as daily technicals hold bullish setup. On lower timeframes, hourly studies are negative, with 4-hour indicators heading south and allowing for further easing, before bulls re-assert. Next supports lay at 1.1109/1.1070, Fibonacci 38.2% retracement of 1.0818/1.1288 upleg / 29/30 Apr higher base, below which, extended dips should ideally reverse at 1.10 zone, ascending daily 10SMA / double-Fibonacci support, 38.2% retracement of entire1.0519/1.1288 rally and 61.8% retracement of 1.0818/1.1288 upleg. Overall bullish structure keeps upside in focus, with penetration of 1.1288 barrier, to open next targets at 1.1387, Fibonacci 38.2% retracement of larger 1.2884/1.0461 descend and pivotal 1.1449, lower top of 19 Feb. Conversely, extension and close below daily 10SMA, would soften the structure and trigger further easing.
Res: 1.1188; 1.1223; 1.1288; 1.1330
Sup: 1.1109; 1.1070; 1.1053; 1.1000
GBPUSD
Cable remains under pressure in the near-term, with yesterday’s fresh weakness ending day in red again and probing below pivotal 1.51 support zone, where daily Ichimoku cloud and Fibonacci 61.8% retracement of 1.4854/1.5496 upleg lies. Descend found temporary support here, with near-term consolidative phase under way. Negatively aligned near-term technicals see risk of further easing that will be looking for another pivotal support at 1.5000, psychological support, reinforced by ascending daily 20SMA, also near daily Ichimoku cloud base, loss of which to neutralize daily bulls. Current consolidation is capped by daily 100SMA at 1.5152, with break here and acceleration above 1.52, daily 10SMA, required to give initial signals of reversal.
Res: 1.5152; 1.5200; 1.5245; 1.5300
Sup: 1.5090; 1.5030; 1.5000; 1.4974
USDJPY
The pair trades in near-term consolidative phase under yesterday’s fresh high at 120.27, with 1.20 zone, previous pivotal barrier, also daily Ichimoku cloud top, keeping the downside protected for now. Hourly neutral tone favors further sideways trading, while 4-hour studies maintain bullish setup and see scope for further ascend, after 120 breakpoint was taken out. Also, daily studies are building bullish momentum that would encourage for final push towards key barrier at 120.83, 13 Apr high and top of short-term range, final break of which is required to end short-term directionless phase and focus key peak at 122.01. Alternatively, reversal under 120 handle would risk extension to the pivotal, sideway’s moving daily 20SMA at 119.54, close below which would signal false break higher and confirm extended range-trading.
Res: 120.27; 120.46; 120.67; 120.83
Sup: 120.00; 118.80; 119.54; 119.25
AUDUSD
Aussie trades in choppy near-term mode, after RBA’s rate cut. Yesterday’s Doji signals indecision, with hopes of reversal still in play, despite overnight’s short-lived crack of 0.78 handle that was contained by ascending daily 20SMA. Today’s rallies probed above daily Ichimoku cloud top at 0.7906, with daily close above daily 10SMA, currently at 0.7867, seen as minimum requirement to signal reversal. Extension above 0.79 barrier, to confirm. Bullish daily studies support the notion. Conversely, renewed attempts below 0.78 and loss of daily 20SMA, to confirm extension of reversal from 0.8073, peak of 29 Apr.
Res: 0.7916; 0.7961; 0.8000; 0.8020
Sup: 0.7800; 0.7780; 0.7749; 0.7738
EURUSD
The pair extends recovery rally from 1.1064, where correction off 1.1288 peak was contained by daily cloud top. Today’s acceleration above yesterday’s high at 1.1221, dented descending daily 100SMA that so far capped the upside action, opening way for final retest of key 1.1288 barrier, 01 May fresh recovery high. Strong bullish tone on daily studies, supports resumption of recovery leg from 1.0519, for extension above psychological 1.1300 barrier, towards next target at 1.1387, 38.2% of larger 1.2885/1.0461 bear-leg. Hesitation on approach to 1.1288 barrier could be anticipated, as hourly studies are overbought. Consolidation phase should be ideally holding above 1.1173, session low / near mid-point of recovery rally from 1.1064. Key near-term support and breakpoint lies at 1.1064, yesterday’s low and cloud top, reinforced by ascending daily 10SMA and potential break here would be a signal of stronger correction.
Res: 1.1269; 1.1288; 1.1350; 1.1387
Sup: 1.1221; 1.1173; 1.1143; 1.1108
GBPUSD
The pair trades in near-term consolidation phase above fresh lows at 1.5088, where near-term base was formed. Recovery attempts were so far capped under 38.2% of 1.5490/1.5088 pullback, keeping further recovery on hold. Weak 4-hour studies keep the downside vulnerable, with daily 100SMA reinforcing today’s lows and guarding more significant 1.5088 base and daily cloud top. Daily technicals maintain bullish tone and keep the upside focused, with extension above next barrier at 1.5260, daily Tenkan-sen line, required to accelerate near-term bulls for further recovery. However, regain of 1.5395, 01 May high and lower top, is needed to confirm higher base and open pivotal 1.5496 peak for retest and re-focus key short-term barrier at 1.5551, 26 Feb peak. Alternatively, violation of pivotal 1.5088 base would trigger further retracement of 1.4563/1.5496 rally and expose rally’s mid-point at 1.5030, reinforced by daily Kijun-sen line.
Res: 1.5240; 1.5289; 1.5336; 1.5395
Sup: 1.5148; 1.5111; 1.5088; 1.5030
USDJPY
The pair remains within short-term range and slides to range’s mid-point, following yesterday’s recovery attempt rejection at 120.49, where daily 20d upper Bollinger band capped and subsequent easing that broke into daily Ichimoku cloud. Key supports at 119.51/43, daily 20SMA / cloud’s base, stay intact for, with attempts and close below here, to further weaken soft near-term tone and expose range floor at 118.50. Daily technicals hold neutral tone and see extended range-trading as favored near-term scenario. Break of either boundary of the range, is required to signal fresh direction.
Res: 120.00; 120.26; 120.49; 120.83
Sup: 119.63; 119.51; 119.43; 119.25
AUDUSD
Aussie is in the second day of strong recovery that commenced from 0.78 zone higher base, where daily Kijun-sen line contained pullback from fresh recovery peak at 0.8073. Strong acceleration higher that so far retraced over 61.8% of 0.8073/0.7780 pullback, turned near-term focus towards the upper barriers. The notion is supported by near-term studies gaining traction and firm bullish tone on daily studies, where bullish setup of SMA’s and expanding Bollingers, support fresh action. Today’s low is reinforced by daily Tenkan-sen line at 0.7917, ahead of psychological 0.79 support, also daily 10SMA, that should ideally keep the downside protected. Fresh gains approach psychological 0.8000 barrier , with daily close above, to expose key 0.8073 barrier.
Res: 0.8000; 0.8025; 0.8073; 0.8100
Sup: 0.7955; 0.7917 0.7900; 0.7862
GOLD
Two-day recovery rally that hit psychological 1200 barrier, confirms false break lower, on a spike to 1170 and quick recovery, bringing the price back to the middle of short-term range. Near-term studies regained positive tone and along with daily 20SMA being dented, shifting near-term focus higher. Sustained break here and daily close above 1200 barrier, is needed to spark further acceleration and re-focus the upper boundary of the range. Neutral daily studies and contracted 20d Bollingers, however, confirm directionless short-term trade.
Res: 1200; 1204; 1210; 1215
Sup: 1192; 1186; 1180; 1175
EURUSD
The pair left hourly higher base at 1.1200, reinforced by daily 100SMA, on yesterday’s strong bullish acceleration that peaked ticks below pivotal barrier at 1.1390, 07 May peak. Rally left long green daily candle, with strong bulls, re-established on near-term studies, looking for final break above 1.1390 hurdle, to complete near-term 1.1390/1.1130 correction and resume larger uptrend. Break above 1.1390 to open 1.1450, mid-Feb lower platform, with extension to 1.15+ zone, expected in near-term. Overall bullish picture supports further advance. Near-term consolidation boundaries mark initial sup/res at 1.1340 and 1.1381, with former tops at 1.1287/77, also near Fibonacci 61.8% of 1.1200/1.1381 upleg, expected to ideally contain extended dips.
Res: 1.1381; 1.1390; 1.1450; 1.1500
Sup: 1.1340; 1.1312; 1.1277; 1.1243
GBPUSD
The pair maintains strong bullish tone that keeps driving the price higher. Yesterday’s repeated positive close and rally that met initial target at 1.5748, Fibonacci 161.8% projection of the upleg from 1.5086, suggests further upside. Yesterday’s low was reinforced by daily 200SMA that marks strong support at 1.5631. Immediate targets lay at 1.5783/1.5823, lower tops of 16 Dec / 27 Now 2014. Strong bullish tone of larger timeframes favors further retracement of larger 1.7189/1.4563 downtrend. Overbought daily conditions signal corrective action in the near-term, however, no reversal signal being generated so far.
Res: 1.5767; 1.5783; 1.5823; 1.5850
Sup: 1.5700; 1.5663; 1.5631; 1.5600
USDJPY
The pair came under pressure yesterday and closed the day in long red candle, shifting near-term focus towards lower boundaries of short-term range. Near-term technicals weakened on yesterday’s dip to 119.00, also former low of 07 May and the last obstacle en-route towards key 118.50 support and range floor. Overall neutral tone, however, requires clear break here to signal an end of short-term sideways-trading phase and establish fresh direction. On the upside, daily Ichimoku cloud base offers initial resistance at 119.43, also near Fibonacci 38.2% of 120.26/119.02 descend, penetration of which would ease immediate downside pressure and confirm further range-trading, but only regain of 120 handle, also yesterday’s high, is required to revive near-term bulls.
Res: 119.32; 119.43; 119.79; 120.00
Sup: 119.02; 118.80; 118.50; 118.00
AUDUSD
Yesterday’s fresh acceleration higher that eventually broke above previous high at 0.8073, left long green daily candle, signaling strong bullish tone and resumption of larger uptrend, after completion of daily bullish pennant. Today’s fresh rallies are looking for immediate targets at 0.8185, Fibonacci 138.2% projection of rally from 0.7780 and psychological 0.82 barrier, with key med-term barrier laying at 0.8293, Jan’s lower top and annual high, also Fibonacci 38.2% retracement of 0.9503/0.7531 descend. Former peak at 0.8073, marks initial support, along with 0.8055, Fibonacci 38.2% of 0.7885/0.8161 rally, where shallow dips should be ideally contained, to avert stronger correction, expected on violation of psychological 0.8000 support.
Res: 0.8161; 0.8185; 0.8200; 0.8250
Sup: 0.8096; 0.8073; 0.8055; 0.8000