The Euro returns to strength and regains levels above 1.35 handle, following yesterday’s pullback from 1.3559 to 1.3489, where 4-hour 55DMA contained dip. The price consolidates near session high at 1.3540, as near-term bulls are gaining traction after hourly indicators returned to positive territory. Immediate resistance lies at 1.3577, 20/11 recovery peak, with reak higher to resume recovery off 1.3294 and open 1.3600, round figure resistance and 1.3626, Fibonacci 61.8% of 1.3831/1.3294 descend. However, daily studies maintain neutral/negative tone and require caution in case of price’s failure to clear 1.3577. Increased downside risk would be seen on a slide below 1.3500/1.3489, with extension below 1.3460, 22/11 higher low / 61.8% retracement of 1.3398/1.3559, to signal double-top formation.
Res: 1.3577; 1.3600; 1.3626; 1.3645
Sup: 1.3510; 1.3489; 1.3461; 1.3444
GBPUSD
Cable’s near-term price action came under pressure after strong rally stalled on approach to critical barriers at 1.6254/59 and subsequent pullback to 1.6132 retraced 61.8% of 1.6071/1.6239 upleg. Formation of bearish reversal pattern increases downside risk, with extension and close below 1.61 handle, required to confirm. Hourly studies are negative, while larger picture remain bullish that keeps the upside targets in near-term focus, with regain of psychological 1.62 barrier, seen as a signal for renewed attempt higher. Otherwise, slide below 1.61 and more significant 1.6071, 21/11 higher low / daily cloud top, would shift near-term focus lower and confirm further range trading.
Res: 1.6200; 1.6215; 1.6239; 1.6259
Sup: 1.6144; 1.6132; 1.6107; 1.6071
USDJPY
The pair trades in near-term consolidative mode, after posting fresh high at101.90 yesterday. Initial support at 101.30, Fibonacci 23.6% of 99.56/101.90, so far contained, however, weak hourly and 4-hour indicators descending from overbought territory, suggest that correction lower may extend. Next strong support lay at 101.00, higher platform / Fibonacci 38.2%, ahead of 100.73, 50% and 100.60, previous peak, where stronger pullback should find support. Resumption of the uptrend through 102.00, opens 102.48/52, 28/29 / 05 peaks next, ahead of 103.10, Fibonacci 161.8% projection and key barrier at 103.72, 22/05 yearly high.
Res: 101.70; 102.00; 102.50; 103.00
Sup: 101.35; 101.00; 100.60; 100.42
AUDUSD
The pair enters near-term consolidative phase after posting fresh low at 0.9119, with initial 0.9200 resistance capping the upside for now. Improved hourly structure sees scope for further recovery, with additional support given from 4-hour indicators that emerge from oversold zone. Extension above 0.9200 opens 0.9244, Fibonacci 38.2% of 0.9446/0.9119, ahead of strong 0.9270/80 zone, previous lower platform and 50% retracement, where rallies should be limited. Only sustained break above 0.9300 barrier would sideline immediate bears. Overall bears, however, remain in play and are expected to resume larger downmove once corrective phase is completed, with 0.9100 seen as immediate support, ahead of key short-term support and breakpoint at 0.8891, 30/08 low.
Res: 0.9200; 0.9248; 0.9270; 0.9300
Sup: 0.9177; 0.9141; 0.9119; 0.9095
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