EURUSD
Overall bears remain in play and keep bias at the downside, with March troughs at 1.0820 being in near-term focus, as two long bearish candles of last week weigh on the outlook.
Near-term price action is consolidating above fresh low at 1.0858, where the pair found temporary footstep. The action was signaled by Monday’s long-legged Doji candle. Consolidation is so far holding within narrow range, capped under round-figure 1.0900 barrier (also Fibo 23.6% of 1.1038/1.0858 downleg). Extended upticks above 1.0900 cannot be ruled out, with next good resistance at 1.0926 (Fibo 38.2%) and 1.0957 (falling daily Tenkan-sen line), below which extended bounces should be capped.
Any extension above the latter would sideline immediate bears for extended correction. Upper breakpoints lay at 1.1038 (20 Oct post ECB spike high) and 1.1068 (daily Kijun-sen line).
Res: 1.0909; 1.0926; 1.0957; 1.1018
Sup: 1.0858; 1.0820; 1.0800; 1.0775
GBPUSD
Cable is holding above 1.2200 handle, after bouncing from fresh low at 1.2169, posted on Friday, but upside action remains limited for now, despite bullish signals from long-tailed daily candles of Fri / Mon.
Strong bearish setup of daily studies maintains downside pressure, with upticks being so far capped under 1.2250 (50% of 2.2330/1.2169 downleg).
Lack of strength to clearly break above daily 10SMA (currently at 1.2234), keeps immediate risk at the downside. Only sustained break above 1.2234/50 barriers would weaken near-term bears and allow for stronger correction of the downleg from 1.2330 recovery top and expose upper triggers at 1.2269 (Fibo 61.8% of 1.2330/1.2169) and 1.2296 (20 Oct high).
Res: 1.2247; 1.2269; 1.2296; 1.2330
Sup: 1.2208; 1.2183; 1.2169; 1.2134
USDJPY
Near-term price action remains biased higher, following eventual break and close above 104.00 barrier. Fresh strength extends for the second day and cracked important 104.43 barrier (Fibo 61.8% of 107.47/99.52 downleg, eyeing upper pivots at 104.62/75 (13 Oct high / bull-channel upper boundary), break of which would spark fresh bullish acceleration towards psychological 105.00 barrier.
Firmly bullish daily studies support scenario, however, hesitation at 104.62/75 pivots could be anticipated, as Slow Stochastic in approaching overbought territory.
Rising daily 10SMA offers initial support at 103.94. ahead of yesterday’s low at 103.70 and key n/t support at 103.50 (daily Ichimoku cloud top).
Res: 104.62; 104.75; 105.00; 105.60
Sup: 104.08; 103.94; 103.70; 103.50
AUDUSD
The pair rallies towards the top of near-term congestion at 0.7649, after building a base at 0.7585 zone (low of sharp two-day fall from 0.7732 peak). Monday’s long-legged Doji signaled indecision, with fresh bulls looking for a probe above 0.7649 pivot to signal higher low at 0.7585 and open way for further retracement of 0.7732/0.7585 fall. Daily close above 0.7649 will confirm fresh n/t bulls.
Next barriers lay at 0.7659 and 0.7676 (the latter marks Fibo 61.8% of 0.7732/0.7585 fall) and sustained break to confirm reversal
Res: 0.7649; 0.7659; 0.7675; 0.7697
Sup: 0.7620; 0.7600; 0.7585; 0.7558
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