EUR/JPY Ticks Higher After Creating Hourly Higher Base At 144.80
FinFX | Nov 18, 2014 04:26AM ET
EUR/USD
The Euro failed to sustain Friday’s gains and clear pivotal 1.2576/93 barriers, 04 Nov lower top / bear-trendline off 1.2884 and reversed back to 1.2420 zone, Fibonacci 76.4% retracement of 1.2397/1.2576 rally. Near-term technicals weakened on a pullback, however, 4-hour cloud base, which contained dips, keeps near-term price action supported for now, guarding key supports at 1.2415, bull-trendline off 1.2357 low and1.24 zone higher base. Bounce through 1.25 barrier, previous range tops and 50% of 1.2576/1.2442 downleg, is required to bring near-term bulls back to play, for renewed attempt higher. On the other side, larger picture bears were reinforced by yesterday’s long red candle and keep the downside at risk. Violation of 1.2440 to open 1.2400 base, below which would signal an end of corrective phase from 1.2357, 07 Nov low.
Res: 1.2480; 1.2506; 1.2525; 1.2546
Sup: 1.2442; 1.2415; 1.2400; 1.2357
EUR/JPY
The pair ticks higher after creating hourly higher base at 144.80, also Fibonacci 38.2% of 142.08/146.51 rally. Hourly studies are gaining traction, with positive 4-hour structure, offsetting for now yesterday’s close in red, which suggests corrective pullback on overextended daily studies. Break above 145.60, hourly cloud top and Kijun-sen line, also 50% of 146.51/144.77 pullback, will be supportive for further recovery and possible attack at fresh high at 146.51. However, prolonged consolidative phase should be expected, as the price failed to close above previous high at 145.67 for now, despite extension higher of about hundred pips. Sustained break above 146.51 to resume larger uptrend and expose psychological 150 barrier. Conversely, easing below 144.80, would be a signal of stronger pullback towards 144.20, previous peak of 06 Nov and 144.00, round-figure support.
Res: 145.60; 145.85; 146.00; 146.51
Sup: 145.00; 144.80; 144.20; 144.00
GBP/USD
Cable trades in near-term consolidative phase off 1.5591, 14 Nov fresh low, which was so far capped by descending 4-hour 20EMA at 1.5734. Weak near-term studies do not see much of an upside potential for now, as yesterday’s close in red, with long upper shadow of daily candle, neutralized Friday’s Hammer reversal signals. Further consolidative action is expected to precede fresh leg lower, which is expected to target 1.5375, Fibonacci 76.4% of 1.4812/1.7189 ascend. Alternative scenario requires extension above 1.58 barrier, Fibonacci 61.8% of 1.5939/1.5591 descend, to delay downside attempts. Key resistance and breakpoint lies at 1.5940 lower platform.
Res: 1.5690; 1.5734; 1.5765; 1.5805
Sup: 1.5618; 1.5591; 1.5550; 1.5500
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USD/JPY
The pair trades in consolidative phase off fresh high at 117.03, which was signaled by yesterday’s Doji. Hourly studies regained traction, as bounce from pullback’s low at 115.44, where hourly double-bottom was left, retraced over 76.4% of 117.03/115.44 reversal and created a higher base at 116.40. This supports fresh attempts at 117.03 barrier, to resume larger uptrend towards next targets at 117.95, Oct 2007 peak and 120, psychological barrier, also Fibonacci 61.8% retracement of multi-year 147.68/75.55 descend. However, prolonged consolidative action should be anticipated, ahead of Japan Government’s news announcement, with 116.40/00, offering good supports. Only loss of 115.44/00 support zone, would revive near-term bears.
Res: 116.77; 117.03; 117.50; 117.95
Sup: 116.40; 116.00; 115.44; 115.00
AUD/USD
The pair reversed from fresh recovery high, just under psychological 0.88 barrier and found support at 0.87 zone, also 38.2% retracement of 0.8539/0.8794 corrective rally. Near-term structure remains positive, as pullback was contained above bull-trendline, drawn off 0.8539 low, with daily RSI/MACD bullish divergence, supporting fresh attempts higher. However, yesterday’s close in red warns of recovery attempt stall, as the price failed to close above cracked pivotal barrier at 0.8760. Break and close below 0.87 handle, also trendline support, would confirm reversal and expose next pivot at 0.8646, 14 Nov higher low.
Res: 0.8762; 0.8794; 0.8822; 0.8850
Sup: 0.8693; 0.8666; 0.8646; 0.8636
AUD/NZD
The pair resumed downmove from 1.13 top and completed 1.0980/1.1301 ascend, on fresh weakness through bull-trendline at 1.1034 and psychological 1.10 support. Yesterday’s long red candle, which came after double-Doji, confirms bearish resumption towards key supports at 1.0914, low of 22 Sep and 1.0907, 200SMA. Loss of these supports is expected to weaken larger picture and signal further correction of 1.0619/1.1301 ascend, after break below 1.0914/1.1300 congestion, which will also mark triple-top formation on daily chart.
Res: 1.1043; 1.1070; 1.1081; 1.1100
Sup: 1.0950; 1.0914; 1.0907; 1.0880
XAU/USD
Spot Gold remains supported and attempts above near-term consolidation tops and daily Kijun-sen line at 1193. Positively aligned near-term studies support fresh attempts at psychological 1200 barrier and 1207, Fibonacci 61.8% of 1255/1131 descend. Break and close above 1187, daily 20SMA and 1193 barrier, is required to confirm upside resumption and offset neutral mode, signaled by yesterday’s Doji. North-heading daily studies are supportive, however caution is required as near-term technicals are entering overbought territory and slide below 1180, consolidation floor, would delay immediate bulls.
Res: 1196; 1200; 1207; 1216
Sup: 1180; 1175; 1170; 1165
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