Cable Maintains Negative Near-Term Tone
FinFX | Jul 24, 2014 05:19AM ET
EUR/USD
The euro stabilizes below 1.35 handle and continues to move lower after closing below pivotal support and brief consolidation, which occurred before fresh push lower. Overall bearish structure keeps the downside focused, with immediate target at psychological 1.34 level and 1.3294, 07 November 2013 higher low, seen in extension. Corrective rallies on oversold conditions are expected to pause descend. Corrective range high at 1.3472, offers immediate resistance, ahead of 1.35, previous base and broken bull-trendline at 1.3530, while lower top at 1.3547, is expected to cap rallies.
Resistance: 1.3472; 1.3500; 1.3530; 1.3547
Support: 1.3436; 1.3400; 1.3350; 1.3294
EUR/JPY
The pair broke below 136.69, 18 July fresh low, extending bear-leg which commenced from 137.32, 22 July lower top. Subsequent weakness, came close to pivotal support at 136.21, 04 Feb higher low, loss of which to signal resumption of larger downmove from 145.67, 27 Dec 2013 peak. Freshly established hourly bears are supportive for further descend, however, overextended 4-hour and daily studies may delay, for further consolidation. Initial barriers lay at 137.32/48, with potential extended rallies, expected to be limited under 138.43 lower top.
Resistance: 136.69; 137.00; 137.32; 137.76; 138.00
Support: 136.37; 136.21; 136.00; 135.50
GBP/USD
Cable maintains negative near-term tone and continues extend descend off 1.7189 peak, after breaking below 1.7034 18 July low. Upside attempts were capped at 1.71 barrier that keeps downmove off 1.7189 intact, for test of psychological 1.7000 support and deeper pullback, seen on sustained break lower. Near-term technicals are bearish and support further downside, with consolidative actions seen preceding fresh push lower. Alternative scenario requires, clear break above 1.71 handle to avert immediate downside risk.
Resistance: 1.7081; 1.7100; 1.7115; 1.7148
Support: 1.7020; 1.7000; 1.6950; 1.6933
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USD/JPY
The pair trades in near-term sideways mode after recovery phase off 101.05 low was limited at 101.59. Repeated upside failure weakens hourly structure, while 4-hour tone is negative. Upside resumption requires lift above initial 101.59 barrier and pivotal lower tops at 101.78/85, to bring bulls fully in play, otherwise increased downside risk could be expected on a loss of initial 101.30 support, also near-term consolidation floor. Break lower to re-focus strong 101.05 and
Resistance: 101.59; 101.78; 101.85; 102.00
Support: 101.30; 101.18; 101.05; 100.81
AUD/USD
The pair moves higher and eventually broke above 0.9454, 10 July spike high, retracing over 76.4% of 0.9503/0.9327 descend. This opens way for final push towards key 0.9503 barrier and peak of 01 July, clearance of which to signal an end of corrective phase and resumption of larger uptrend. Consolidative/corrective action s on overbought near-term studies are expected to precede fresh push higher, with dips to be ideally contained at 0.94 handle, to keep bulls intact.
Resistance: 0.9498; 0.9503; 0.9550; 0.9600
Support: 0.9417; 0.9400; 0.9378; 0.9358
AUD/NZD
The pair continues to trend higher and extends near-term corrective phase from 1.0619, where near-term base was formed. Fresh acceleration higher cracked psychological 1.1000 barrier, en-route towards key near-term barrier at 1.1030, 04 June peak and 50% retracement of 1.1576/1.0488 descend. Break higher to resume recovery rally off 1.0488, 19 Jan low and open way towards 1.1160, Fibonacci 61.8% retracement. Overextended studies, however, suggest corrective actions in the near-term.
Resistance: 1.10.30; 1.1050; 1.1100; 1.1160
Support: 1.10000; 1.0952; 1.0900; 1.0857
XAU/USD
Spot Gold lost traction and eventually broke below psychological 1300 support, after completing 1301/11 near-term consolidative phase. Fresh bears now see full retracement of 1292/1324 upleg as favored scenario, with break below temporary support at 1292, reinforced by 55SMA,expected to trigger fresh extension of larger downmove from 1344 peak and expose immediate supports at 1286, 200SMA and 1280, Fibonacci 61.8% retracement of 1240/1344 rally.
Resistance: 1300; 1304; 1311; 1315
Support: 1292; 1286; 1280; 1266
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