EURUSD

The Euro bounced higher after overnight’s dips were contained by hourly cloud top at 1.0618. Long-tailed bullish candle of Tuesday supports near-term action, as the price rallies towards recovery high at 1.0684, which lies just under pivotal barrier at 1.0700 (Fibo 23.6% of 1.1298/1.0519 fall). Sustained break here is needed to signal extended recovery, which may stretch towards 1.0759 (falling 20SMA) and next pivot at 1.0815 (Fibo 38.2%, reinforced by falling 30SMA.
Near-term studies are bullishly aligned and support extended recovery, however, overall structure remains firmly bearish and sees current action as consolidation ahead of final attempt through critical 1.0519/1.0461 support zone (low of Dec 2015 / yearly low of 2015).
First downside trigger lays at 1.0618 (session low) ahead of more significant 1.0562 (double downside rejection), loss of which will bring bears fully in play.
Meantime, extended consolidation could be seen as likely near-term scenario, while the price is holding between 1.0562/1.0684 range.

Res: 1.0684; 1.0700; 1.0759; 1.0815
Sup: 1.0618; 1.0600; 1.0562; 1.0519

GBPUSD

Cable remains at the upper side of near-term congestion between 1.2380 and 1.2519, after yesterday’s attempts lower were contained by strong support and recent range floor at 1.2380, reinforced by daily Kijun-sen line. Subsequent rally cracked strong barrier at 1.2510, but gains stalled under 1.2529 pivot (28 Nov recovery high / Fibo 61.8% of 1.2671/1.2300 downleg. Bullishly aligned near-term studies keep the price supported, however, sustained break above 1.2510/29 barriers is needed to confirm bullish resumption. Otherwise, prolonged sideways trade could be favored near-term scenario.
On the downside, firm break below 1.2380 support zone (daily cloud base / Kijun-sen line) is need to trigger fresh weakness.

Res: 1.2510; 1.2529; 1.2584; 1.2600
Sup: 1.2465; 1.2400; 1.2380; 1.2358

USDJPY
The pair extends recovery from correction low at 111.34 and probes above 113.00 barrier again, after yesterday’s rally stalled at 113.32. Fresh near-term bulls from 111.34 are gaining momentum, with strong bullish tone on daily studies, keeping the upside in focus. Sustained break above 113.00 handle is needed to open way for retest of recent fresh eight-month high at 113.88 and resume larger bulls towards next target at 114.28 (Fibo 61.8% of 123.74/98.98).
Daily Tenkan-sen line in steep ascend underpins the action. The line currently lies at 111.83, just above strong support at 111.62 (weekly cloud base) which has so far contained dips and only firm break below here would signal stronger pullback.

Res: 113.13; 113.28; 113.88; 114.28
Sup: 112.57; 112.04; 111.83; 111.62

AUDUSD
The Aussie faced strong headwinds at 0.7500 zone, where upside attempts stay capped for the third straight day. Fibonacci 38.2% retracement of 0.7765/0.7308 fall at 0.7487 marks the main obstacle, as repeated probes above it were so far limited.
Yesterday’s Doji signaled indecision, with today’s action being so far in red and suggesting that recovery rally is stalling. We need to see strong bearish close today, for initial negative signal, while close below 0.7430/23 (yesterday’s low / Fibo 38.2% of 0.7308/0.7495 upleg) would generate stronger bearish signal of reversal. The notion is supported by formation of 20/200 Death-cross at 0.7521 and overbought Slow Stochastic.
However, prolonged consolidation could be expected while the price remains within near-term range between 0.7430 and 0.7495.

Res: 0.7495; 0.7521; 0.7540; 0.7569
Sup: 0.7457; 0.7423; 0.7401; 0.7379
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