Market Update

EURUSD

The Euro extended pullback from 1.3450 high and tested pivotal 1.3310/00 support, higher platform / Fibonacci 61.8% retracement of 1.3205/1.3450 upleg, where the price found footstep. Subsequent bounce to 1.3370 zone diminished immediate downside risk, with price action consolidating within 1.3330/70 range. However, near-term studies are losing momentum and keep the downside risk in play. Conversely, regain of 1.3400 handle, required to confirm base and re-focus 1.3450 target. Daily studies remain positive and keep the upside favored.

Res: 1.3373; 1.3400; 1.3427; 1.3450
Sup: 1.3330; 1.3300; 1.3263; 1.3232





GBPUSD

Cable enters near-term consolidative mode, after pullback from fresh high at 1.5716 found footstep at initial support at 1.5670 zone, where 55DMA contained dips. Prevailing negative tone on near-term technicals, sees the downside vulnerable, with slide below 1.5670/60 handles, seen as a trigger for stronger corrective action towards psychological 1.5500 support and 1.5481, Fibonacci 38.2% of 1.5100/1.5716 upleg. Alternatively, sustained break above 1.5600 barrier and regain of minimum 1.5650/60 handles, would signal an end of corrective phase and shift near-term focus higher.

Res: 1.5600; 1.5627; 1.5650; 1.5700
Sup: 1.5561; 1.5517; 1.5500; 1.5481




USDJPY

The pair remains well supported and extended recovery rally from 96.90 low, through key near-term barrier at 98.64, 15/08 high. This also confirms higher base at 97 zone, with positive near-term studies favoring eventual push through psychological / bear-channel resistance at 99.00 zone. Break here is required to give an initial signal of completion of weekly bullish pennant and expose another significant barrier at 100.00. Overbought near-term studies, however, suggest a pause in current rally, with immediate supports at 98.64 and 98.30, ahead of psychological 98.00 support, above which corrective dips should be ideally contained.

Res: 99.00; 99.50; 99.76; 99.93
Sup: 98.80; 98.64; 98.30; 98.00





AUDUSD

The Aussie remains under pressure, as fresh extension of downleg from 0.9332 peak, retraced 76.4% of 0.8846/0.9332 ascend. Brief corrective action sees not much upside potential, as near-term studies are weak. Initial barrier lies at 0.9045, Fibonacci 38.2% retracement of 0.9232/0.0.8930, ahead of 0.9081/0.9100, 50% retracement / lower platform, where stronger rallies should be capped, as larger picture bears remain fully in play.

Res: 0.9045; 0.9081; 0.9100; 0.9131
Sup: 0.8970; 0.8930; 0.8918; 0.8900