EURUSD

Risk of further easing and return to post-Brexit lows increases, as the pair is in renewed attempt below psychological 1.1000 support which was cracked on Tuesday.
Yesterday’s long red candle and recent failure to sustain gains above 200SMA, generated negative signal. Near-term focus is turning towards initial support at 1.0970 (27 June low) and key 1.0909 (low of 24 June post-Brexit fall).
Daily close below 1.1000 is needed to confirm an end of near-term congestion phase and trigger fresh bearish acceleration.
Falling 20SMA is on attempt to form Death-Cross pattern, which will add on strong bearish setup of daily MA’s.
Initial resistance lies at 1.1020 (session high); followed by 1.1055 (falling 10SMA) and double upside rejection at 1.1080, reinforced by 200SMA, which marks upside breakpoint.

Res: 1.1020; 1.1055; 1.1087; 1.1106
Sup: 1.1070; 1.1030; 1.1000; 1.0970

GBPUSD

Bounce on strong data moved cable from dangerous zone near 1.3056 (Fibo 61.8% of 1.2795/1.3478 upleg), reached on yesterday’s weakness that broke below 1.3130/00 supports.
Fresh bulls probe above broken daily Tenkan-sen line at 1.3163 and so far retraced 50% of 1.3312/1.3063 downleg. Extended rallies are seen ideally capped under yesterday’s high / falling 20SMA at 1.3275, before broader bears resume. Daily close below 1.3056 is needed for bearish acceleration towards psychological 1.3000 support.
Only sustained break above 1.3275 and regain of 1.3312 (18 July upside rejection), would neutralize bears and signal stronger recovery.
Res: 1.3217; 1.3275; 1.3312; 1.3335
Sup: 1.3130; 1.3100; 1.3063; 1.3000

USDJPY

The pair is back to strength after yesterday’s consolidation that was shaped in long-legged Doji candle. Fresh strength broke above daily 55SMA that capped the action in past few sessions and cracked important barrier at 106.67 (Fibo 61.8% of 111.43/98.98 downleg).
Firm bullish setup of daily studies supports further upside extension, with close above 106.67 barrier, needed to confirm bullish resumption towards next barriers at 107.25 and 107.90 (highs of 10 and 7 July).
Broken 55SMA marks immediate support at 106.32, followed by session low at 105.81, reinforced by hourly cloud base.
Only slide below the base of thick hourly cloud at 105.46 would sideline immediate bulls.
Res: 106.70; 107.24; 107.90; 108.50
Sup: 106.32; 105.81; 105.46; 105.20

AUDUSD

Aussie remains under pressure and probes below strong 0.7478/88 support zone (daily cloud top / daily Kijun-sen line), but without clear break lower seen so far. Yesterday’s long red daily candle generated strong bearish signal, with firm break into daily cloud and close below daily Kijun-sen line, seen as signal of further extension of bear-leg from 0.7673 (15 July peak).
Next strong support lies at 0.7453 (Fibo 61.8% of 0.7317/0.7673 upleg), followed by 0.7400 (round-figure support / Fibo 76.4%).
Conversely, prolonged consolidation could be expected while cloud top holds, while recovery rally above 0.7570 (daily Tenkan-sen) is needed to neutralize bearish threats and shift focus higher.
Res: 0.7515; 0.7537; 0.7570; 0.7590
Sup: 0.7478; 0.7453; 0.7400; 0.735

, Daily Market Outlook