EURUSD

The Euro remains under pressure and consolidates under psychological 1.1000 barrier, following last Friday’s / weekly close in red and below 1.1000 handle. Near-term price action found temporary support at 1.0950 (Friday’s low / weekly cloud base), which marks good support, together with 1.0937 (Fibo 61.8% of larger 1.0519/1.1614 ascend) en-route towards next target and key short-term support at 1.0909 (post Brexit low), loss of which would trigger fresh bearish acceleration towards 1.0820 (10 Mar trough).
Selling upticks remains favored, with ideal cap seen at 1.1000 zone and extended rallies expected to hold below 1.1057 (daily Tenkan-sen line).

Res: 1.0984; 1.1005; 1.1040; 1.1057
Sup: 1.0950; 1.0937; 1.0909; 1.0820

GBPUSD

Cable holds above 1.3100 support in early Monday’s trading, following some 30-pips gap higher opening, extending bounce off Friday’s low at 1.3077, when key near-term support at 1.3063 (20July low) was threatened.
However, downside remains at risk, as near-term studies are in neutral/negative mode and overall picture remains firmly bearish.
The notion is supported by Friday’s close in red and bearish weekly close with long upper shadow of weekly candle, signaling downside pressure.
Daily action is so far shaped in tight Doji, signaling indecision and caped by falling 20SMA at 1.3160 zone.
However, near-term recovery off 1.3077 low that left hourly higher base at 1.3107 (session low), could extend towards next pivot at 1.3207 (Fibo 61.8% of Friday’s sharp 1.3288/1.3077 fall), before fresh push lower.
Upper boundary of near-term congestion at 1.3288, reinforced by daily Tenkan-sen line, marks initial breakpoint, break of which would sideline persisting downside pressure.
Otherwise, expect pressure on downside breakpoint at 1.3063, loss of which would signal an end of recovery phase from post-Brexit low at 1.2795.
Res: 1.3162; 1.3207; 1.3250; 1.3288
Sup: 1.3107; 1.3077; 1.3063; 1.3000

USDJPY

The pair extends recovery rally from correction low at 105.40, with higher low being left on Friday and today’s bullish acceleration cracking strong daily cloud base resistance at 106.60. Bullish close on Friday, as well as for the week, give positive signals. Firm break above daily cloud base is needed to signal an end of corrective phase from 107.47 and formation of higher low at 105.40, as cracked cloud base also marks Fibo 61.8% of 17.47/105.40 pullback.
Bulls might be delayed on repeated rejections at cloud base, which may result in prolonged consolidation.
Steeply ascending daily Tenkan-sen that underpins broader upside action, marks good support at 105.68, which is expected to contain dips and keep downside risk on hold.

Res: 106.70; 107.00; 107.47; 107.70
Sup: 106.00; 105.68; 105.55; 105.40

AUDUSD
Overall structure remains negative, following last Friday’s close in red and below daily cloud top / daily Tenkan-sen line at 0.7488, which so far capped today’s recovery attempts off 0.7448 (session low) which lies just ticks above Friday’s fresh two-week low at 0.7441.
Negative stance was reinforced on Friday’s probe below 0.7453 (Fibo 61.8% of 0.7317/0.7673 upleg) and strong bearish weekly close, which also occurred below weekly cloud top at 0.749.
Immediate downside risk is expected to remain fully in play, while price action holds below strong barrier of daily / weekly cloud top / daily Kijun-sen line.
Only sustained break here would sideline immediate downside pressure and allow for stronger bounce. Next upper pivots lay at 0.7530 and 0.7585.
Res: 0.7488; 0.7530; 0.7557; 0.7585
Sup: 0.7448; 0.7441 0.7400; 0.7370

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