Technical Outlook 01/12/2016
EURUSD
Long red bearish candle on Wednesday weighs, as fresh weakness probed below congestion low at 1.0563.
However, the price is still holding in n/t range and without clear direction.
Negative technicals keep n/t focus at the downside, for repeated attack at 1.0519 low and extension towards critical support at 1.0461 (2015 low).
Corrective rallies should stay capped under 1.0700 pivot, otherwise, break higher would open way for extended correction towards next trigger1.0815.
Res: 1.0628; 1.0665; 1.0684; 1.0700
Sup: 1.0584; 1.0551; 1.0519; 1.0500
GBPUSD
Cable probes above 1.2529 pivot on fresh attempts to break above n/t range 1.2380/1.2529).
Long-tailed daily candle on Wednesday underpins action for attack at 1.2584 / 1.2600 barriers (Fibo 76.4% of 1.2671 / 1.2300 / round-figure), with possible extension towards key n/t barrier at 1.2671 (11 Nov peak).
Daily close above 1.2529 to confirm bullish resumption and avert risk of extended range-trading on false break higher.
Res: 1.2550; 1.2584; 1.2600; 1.2650
Sup: 1.2499; 1.2430; 1.2392; 1.2380
USDJPY
The pair is consolidating under fresh nearly 10-month high at 114.81.
Long bullish candle on Wednesday generated strong bullish signal and underpins for further advance, following close above 114.28 (Fibo 61.8% of 123.74/98.98 fall).
Next target lies at 115.60 (weekly cloud top), above which would open 118.00 zone.
Former high at 113.88 now offers initial support and contained dips for now.
Extended pullback should hold above 113.00 to keep bulls intact.
Rising 10SMA underpins at 112.40.
Res: 114.81; 115.60; 116.00; 116.42
Sup: 113.82; 113.32; 113.00; 112.40
AUDUSD
Long red candle on Wednesday weighs heavily on n/t action, as the price fell sharply after strong signals of recovery stall.
Fresh low at 0.7372 holds for now, with limited correction seen preceding fresh push lower.
Initial resistance at 0.7419 (Fibo 38.2% of Wed’s fall) caps for now, with extended upticks expected to hold below 0.7450 barrier, ahead of fresh weakness.
Close below cracked important support at 0.7379 Fibo 61.8% of 0.7308/0.7495 rally) is needed to confirm bears for extension towards key support at 0.7308 (21 Nov low).
Interim supports lay at 0.7372 &0.7352.
Res: 0.7419; 0.7433; 0.7450; 0.7495
Sup: 0.7372; 0.7352; 0.7308; 0.7292
, Daily Market Outlook