EURUSD
The Euro remains within daily cloud after yesterday’s recovery from fresh three-weeks low at 1.1122 was capped just under broken daily cloud top which marks strong resistance at 1.1167. Today’s fall to 1.1126 nearly fully erased yesterday’s gains, however, downside remains protected for now. Near-term price action holds within narrow 1.1122/64 consolidation, as hourly studies are in neutral mode.
Overall picture is bearish, as the pair makes the second week in red, looking for attack at next breakpoint at 1.1118/08 (200SMA / daily cloud base / Fibo 61.8% of 1.0950/1.1365 ascend) loss of which would trigger fresh bearish acceleration towards 1.1045 and 1.1000 supports.
Daily cloud top, reinforced by 10/30SMA’s bear-cross is expected to cap, while sustained break here would signal fresh recovery and expose barriers at 1.1208 (20SMA), ahead of 1.1243 and 1.1276 (Fibo 50% and 61.8% of 1.1365/1.1122 fall).
Tomorrow’s US jobs data are expected to signal fresh direction.
Res: 1.1169; 1.1208; 1.1243; 1.1276
Sup: 1.1122; 1.1108; 1.1069; 1.1045

GBPUSD
Cable surged on upbeat UK Manufacturing PMI data, extending recovery from 1.3060 support zone for the second day. The pair maintains strong near-term bullish sentiment, boosted by recent strong data and bounced well above former pivot at 1.3200 zone.
Bullish monthly close in August that came after four months in red, including sharp fall after Brexit vote, generates initial positive signal and partly offsets persisting fears that came as a results of Britain’s decision to leave the EU.
Near-term studies maintain firm bullish tone, while daily technicals are gaining bullish momentum and faster MA’s (10; 20; 30 SMA’s) turned into bullish setup.
Today’s sharp bullish acceleration approached key near-term barrier at 1.3277 (26 Aug spike high), break of which would open way for further recovery and expose next breakpoint at 1.3369 (03 Aug high) which guards key med-term resistance points at 1.3478 and 1.3531 (15 July / 29 June respectively) post-Brexit consolidation tops.
Overbought near-term studies suggest hesitation ahead of 1.3277 target, with corrective dips expected to find footstep above 1.3155 (yesterday’s high / near 50% of 1.3057/1.3264 recovery rally), before fresh attempts higher.

Res: 1.3264; 1.3277; 1.3343; 1.3369
Sup: 1.3215; 1.3185; 1.3155; 1.3136

USDJPY

The pair maintains bullish sentiment and hit fresh high at 103.67 on Thursday, after shallow pullback from Wednesday’s 103.51 high was contained above 103.00 support.
Daily studies are gaining fresh bullish momentum, with formation of 10/20SMA’s bullish cross and yesterday’s close above 55SMA which is turning sideways after long descend, supporting further ascend.
Bulls are looking for psychological 104.00 barrier, ahead of 104.43 (Fibo 61.8% of 107.47/99.52 descend).
Session low at 103.04 marks initial support, ahead of Wednesday’s low at 102.74 and former strong resistance at 102.64 (08 Aug former high).

Res: 104.00; 104.43; 105.20; 105.60
Sup: 103.04; 102.84; 102.64; 102.26

AUDUSD
Aussie bounces above daily cloud which was penetrated in past two-day action, after pullback from 0.7758 peak, found temporary support at 0.7488. Today’s fresh strength emerged from Wednesday’s bullish close, as long-legged daily candle signaled descend stall and possible formation of reversal pattern.
Today’s close above daily cloud top at 0.7517 is needed to generate bullish signal for further recovery. Extended rallies are expected to face strong resistance at 0.7588 (Fibo 38.2% of 0.7758/0.7488 / daily Tenkan-sen / Kijun-sen bear cross) which is expected to ideally cap, as daily studies are negative. Only firm break here would neutralize and open way for further retracement of 0.7758/0.7488 pullback, towards its 50% and 61.8% retracement levels at 0.7623 and 0.7655.

Res: 0.7552; 0.7588; 0.7623; 0.7655
Sup: 0.7517; 0.7488; 0.7441; 0.7419

, Daily Market Outlook