EUR Remains Under Pressure
FinFX | Dec 03, 2014 07:12AM ET
EUR/USD
The Euro remains under pressure, as yesterday’s fresh weakness confirmed left lower top at 1.2505 and subsequent acceleration lower nearly fully retraced corrective rally from 1.2360 base. Yesterday’s long red candle, with negative technicals on all timeframes, favors final attack and break below pivotal 1.2360 support, loss of which to extend the wave from 1.2505 lower top, towards 1.2325, its Fibonacci 161.8% expansion and psychological 1.23 support, with focus at short-term targets at 1.2106, trendline support and 1.2042, July 2012 low. Monday’s low at 1.2418, offers initial resistance, with rallies expected to be capped at 1.2450, daily 10/20SMA’s bear-cross.
Res: 1.2390; 1.2418; 1.2450; 1.2475
Sup: 1.2357; 1.2325; 1.2300; 1.2284
EUR/JPY
The pair is consolidates recent gains which probed above 148 barrier, with yesterday’s Doji signaling near-term indecision. Overall positive structure, however, remains supported by ascending daily 10SMA, keeping the upside in focus for eventual full retracement of 149.12/145.57 corrective pullback. Neutral/positive near-term studies support the notion, with consolidative action required to hold above 147 handle, to keep focus at the upside. Otherwise, further easing would delay bulls for possible test of 146.00. daily 20SMA. Key support and breakpoint at 145.57 should stay intact for now.
Res: 147.89; 148.17; 148.41; 149.00
Sup: 147.43; 147.00; 146.85; 146.41
GBP/USD
Near-term structure is negatively aligned, after corrective rally was capped by descending daily 20SMA at 1.5761 and fresh weakness pushed the price in the lower part of near-term 1.5590/1.5823 range. Yesterday’s close in red and below 1.57 handle, daily Tenkan-sen line / 10SMA, confirms near-term bearish stance and eyes 1.5590 base for retest. Break here to confirm an end of consolidative phase and resumption of larger downtrend, towards target at 1.5373, Fibonacci 76.4% of 1.4812/1.7189 ascend. Rallies should be ideally capped at 1.5700/23 barriers, Tenkan-sen line, 20SMA, while only sustained break above 1.5761 would neutralize immediate downside risk.
Res: 1.5668; 1.5700; 1.5723; 1.5761
Sup: 1.5630; 1.5590; 1.5550; 1.5500
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USD/JPY
The pair remains supported, as extension of recovery rally from Monday’s corrective low eventually broke above 119 barrier. Near-term price action is consolidating above 119, now support, for final push towards targets at 120.00/12, psychological barrier / Fibonacci 61.8% retracement of multi-year 147.68/75.55 descend. Yesterday’s positive close supports the notion, with price action being supported by rising daily 10SMA / Tenkan-sen line at 118.30, where stronger corrective actions should be contained.
Res: 119.42; 119.61; 120.00; 112.12
Sup: 119.11; 118.80; 118.45; 118.30
AUD/USD
The pair remains under pressure and continues to trend lower, as overnight’s acceleration lower, eventually broke below 0.84 support. Yesterday’s red candle with long upper shadow, confirms downside pressure, with the wave from 0.8794, 17 Nov lower top, capable to travel to 0.8268 and 0.8174, its 138.2% and 161.8% Fibonacci expansion, with psychological 0.8000 support being in short-term focus. Session high at 0.8465, offers strong resistance, with Monday / yesterday’s highs at 0.8530/40, seen capping stronger rallies.
Res: 0.8431; 0.8465; 0.8500; 0.8540
Sup: 0.8386; 0.8350, 0.8315; 0.8300
AUD/NZD
The pair trades in near-term consolidative phase above Monday’s fresh low at 1.0760, with upside attempts being limited at 1.0845. Primary negative trend keeps focus at the downside, as the pair is looking for full retracement of 1.0619/1.1301 ascend. On the other side, hourly studies are neutral, while bears prevail on 4-hour chart technicals, which favor fresh weakness after limited consolidative action. Any stronger rally should be capped at 1.0900 zone, where daily 10/200SMA’s bear-cross offers strong resistance.
Res: 1.0845; 1.0880; 1.0900; 1.0913
Sup: 1.0773; 1.0760; 1.0738; 1.0700
XAU/USD
Spot Gold’s corrective pullback off fresh high at 1220, found temporary support at 1191, Fibonacci 38.2% retracement of 1142/1220 rally, also daily 10SMA. Near-term base is forming at 1191, with fresh strength above 1200 barrier, supporting renewed attempts at 1220 peak. Hourly studies are gaining traction, with bulls being in play on 4-hour technicals, which underpins current action. Daily indicators are heading north, with fresh rally attempting to offset yesterday’s negative close influence and show recent action as corrective. Today’s positive close, possibly above 1213, yesterday’s high, to neutralize fears of deeper pullback. Clearance of pivotal 1220 barrier to open 1228, daily cloud base and 1240, daily 100SMA, as initial targets.
Res: 1210; 1213; 1220; 1228
Sup: 1200; 1194; 1191; 1181
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