Technical Outlook for Majors 14/06/2016

Technical Outlook for Majors 14/06/2016

EURUSD
The Euro is back to red on Tuesday, after recovery attempt from Monday’s fresh 10-day low at 1.1230 was capped at psychological 1.1300 barrier (Fibo 38.2% of 1.1416/1.1230 downleg), reinforced by 5/55SMA’s bear-cross.
Fresh bearish acceleration through 1.1230 support, left lower top at 1.1300 and cracked key near-term support at 1.1217 (base of thick daily cloud / Fibo 61.8% of 1.1096/1.1416 upleg, reinforced by rising 100SMA).
Sustained break here would generate strong bearish signal for fresh acceleration towards 1.1135 and key short-term support at 1.1096 (30 May low) in extension.
Broken hourly cloud base offers initial resistance at 1.1261, guarding 1.1300 breakpoint, close above which is needed to sideline immediate bears.
Res: 1.1230; 1.1261; 1.1300; 1.1345
Sup: 1.1200; 1.1171; 1.1135; 1.1096

GBPUSD

Near-term bears returned fully to play after yesterday’s recovery attempts that were rejected at 1.4325, on short-lived probe above daily cloud base at 1.4300, which left long-legged daily candle and signaled temporary hesitation.
Yesterday’s low at 1.4113 is under strong pressure, with break lower to signal extension of the wave C from 1.4655 lower top, which could extend towards next target at 1.4095, its 161.8% Fibonacci expansion, with psychological 1.4000 support (also 03 Apr trough), expected to come in focus.
Session high at 1.4263 marks initial resistance, ahead of daily Ichimoku cloud base at 1.4300, which is expected to cap corrective attempts.

Res: 1.4191; 1.4263; 1.4300; 1.4325
Sup: 1.4113; 1.4069; 1.4016; 1.4000

USDJPY

The pair remains under strong pressure and comes close to key short-term support at 105.53 (03 May low), as fresh weakness followed yesterday’s brief recovery action that was capped at 106.56.
Technicals maintain firm bearish tone, favoring final break below 105.53/18 support zone (03 May low / 15 Oct 2014 trough), to trigger fresh bearish resumption of larger downtrend from 2015 peak.
Session high at 106.40 marks initial resistance, just ahead of 106.56 and more significant lower platform at 107.25, which is expected to cap extended rallies.
Res: 106.40; 106.56; 107.25; 107.59
Sup: 105.53; 105.43; 105.18; 105.00

AUDUSD
Aussie resumes near-term downtrend off 0.7502 peak, which was interrupted by yesterday’s narrow consolidation. Fresh weakness penetrated into 4-hour chart Ichimoku cloud and eye next strong support at 0.7324 (mid-point of 0.7146/0.7502 upleg, reinforced by daily Kijun-sen line).
Sustained break here would generate fresh bearish signal for further retracement of 0.7146/0.7502 bull-leg. Near-term studies are negative, while daily technicals show mixed setup. Clear break below 0.7324/00 zone is needed to signal further weakness and expose support at 0.7264 (200SMA).
Conversely, bounce and close above 0.7400 (highs of today / yesterday) is needed to sideline immediate downside threats.
Daily cloud base at 0.7470 and 0.7502, last week’s recovery rejection, mark upper breakpoints.

Res: 0.7400; 0.7435; 0.7470; 0.7502
Sup: 0.7324; 0.7300; 0.7264; 0.7230

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