EURUSD
The Euro continues to trend higher within daily channel off 1.3475 base. Near term focus remains at psychological 1.4000 barrier, as the approached the target on extension to 1.3965, seen on 13 Mar. The price action consolidates under the recent top, with downside being so far protected at 1.3840 zone, where 4-hour 55SMA / daily Tenkan-sen line and Fibonacci 38.2% of 1.3642/1.3965 upleg, offer good support. Near-term action moves around 1.39 handle, following last Friday’s upside rejection at 1.3936 and weekly close at 1.39 zone. Hourly studies are losing traction that suggests further consolidation, as 4-hour indicators are in descending mode. However, holding above 1.3840/00 supports zone, would keep overall positive tone and single currency’s stability intact for eventual attack at 1.4000 barrier, break of which to open next targets at 1.4056, Fibonacci 138.2% expansion of the third wave from 1.3672 and psychological 1.4100 hurdle in extension. Conversely, extension below 1.38 handle, 50% retracement and near channel support, would signal stronger pullback and put near-term bulls on hold.
Res: 1.3939; 1.3965; 1.4000; 1.4056
Sup: 1.3876; 1.3840; 1.3800; 1.3765
GBPUSD
Cable remains in near-term sideways mode, with price action attempting at the range’s lower boundary, as initial support at 1.6582 was cracked last week on extension to 1.6566. Near-term studies are negatively aligned, with price holding near 1.66 handle, also 38.2% retracement of larger 1.6250/1.6821 ascend, with hourly tone being neutral but 4-hour structure bearish. With downside risk increased, immediate focus lies at lowered range floor at 1.6566, below which to open 1.6536, 50% retracement and psychological 1.6500 support in extension and signal stronger correction of larger upleg from 1.5853 to 1.6821. Otherwise, extended sideways trading would be likely near-term scenario, with regain of lower top at 1.6716, required to improve the structure and shift focus higher.
Res: 1.6650; 1.6700; 1.6716; 1.6740
Sup: 1.6624; 1.6585; 1.6566; 1.6536
USDJPY
The pair fully retraced near-term rally from 101.19 to 103.75 on last week’s fresh acceleration lower. Near-term price action moves in a consolidative mode above fresh low at 101.20, as hourly indicators are heading north and 4-hour studies coming out of oversold territory. This would signal extended consolidative / corrective action, however, not much of the upside prospective is seen for now, as larger picture remain bearish. Ideally, rallies should be capped under 102.50, midpoint of 103.75/101.20 descend, to keep bears intact. Break below 101.20 handle to open another significant support at 100.74, 03/05 Feb base and psychological 100 support in extension.
Res: 101.85; 102.17; 102.50; 102.80
Sup: 101.20; 101.00; 100.74; 100.00
AUDUSD
The pair trades in a choppy mode, with near-term structure being positive, as the holds above near-term base at 0.9000, reinforced by daily 20SMA. Fresh bounce attempts at pivotal 0.9100/32 barriers, break of which to resume recovery rally from 0.8658, 24 Jan low, which is interrupted by current consolidation. Clearance of 0.9132 opens 0.9135, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Increased downside risk could be expected on a loss of 0.9000 handle.
Res: 0.9100; 0.9132; 0.9165; 0.9206
Sup: 0.9000; 0.8923; 0.8900; 0.8832