EURUSD
The Euro maintains bullish bias despite yesterday’s upside rejection at 1.1325 and subsequent pullback that formed daily candle with long upper shadow. This signals bulls’ hesitation and the price may spend some time in consolidation before resuming upleg from 1.1139 (06 Sep low).
Long bullish candle that was formed on Tuesday generated strong positive signal for further advance. The notion is supported by bullish setup of daily indicators, as the pair so far retraced over 76.4% of 1.1365/1.1122 downleg.
Near-term price action probes again above cracked Fibonacci 61.8% barrier at 1.1272, with daily close above here to confirm bulls.
Also, the Euro is on track for strong weekly close that adds on expectations of fresh strength towards key near-term target at 1.1365 (18 Aug peak).
Long on dips remain favored, with daily Tenkan-sen at 1.1223, offering good support for corrective dips.
Daily Kijun-sen line at 1.1205 marks the exit point for near-term longs, loss of which would weaken the structure and turn focus lower.

Res: 1.1307; 1.1325; 1.1339; 1.1365
Sup: 1.1254; 1.1233; 1.1223; 1.1205

GBPUSD
Near-term structure remains weak, with price action holding just above 1.3282, low of two-day fall from 1.3443 (06 Sep high) where recovery rally stalled.
Soft near-term studies maintain risk of stronger correction of entire 1.2864/1.3443 recovery, as Fibo 23.6% retracement level at 1.3306, has been taken out. Downside risk mounts for attack at pivotal 1.3250 support (daily Tenkan-sen line), loss of which would further weaken near-term structure and expose breakpoints at 1.3178/53 (daily cloud base / daily Kijun-sen).
Overall picture remains bullishly aligned and requires dips to hold above daily Tenkan-sen support, to keep near-term focus at the upside.
Res: 1.3333; 1.3373; 1.3405; 1.3443
Sup: 1.3282; 1.3250; 1.3222; 1.3178

USDJPY

The pair is so far unable to sustain recovery, as near-term action holds below Thursday’s rally peak at 102.58, failing to capitalize from long bullish candle left on Thursday, after three days in red.
Descending daily cloud that capped larger recovery attempts from 99.52 low and long bearish candle, formed on Tuesday, weigh on near-term structure.
Soft near-term studies keep downside risk in play, with current correction seen capped under daily Tenkan-sen line at 102.73, ahead of fresh leg lower.
First trigger lies at 101.91 (daily Kijun-sen), ahead of 101.18 (07 Sep low), loss of which is needed to open way towards near-term target at 100.00.
Alternative scenario requires sustained break above 103 barrier to neutralize near-term bears.

Res: 102.58; 102.73; 103.11; 103.79
Sup: 101.91; 101.18; 100.65; 100.00

AUDUSD
Aussie dollar remains under pressure and trades in red for the third consecutive day, as yesterday’s bearish daily candle with long upper shadow, maintains negative tone. Fresh weakness probes below the set of strong supports at 0.7623 / 0.7609 (daily Kijun-sen / Tenkan-sen lines), with the latter also marking the mid-point of 0.7488 / 0.7730 recovery leg.
Daily close below would generate fresh bearish signal for further easing. Fibonacci 61.8% of 0.7488/0.7730 upleg marks next support at 0.7580, loss of which would expose top of rising daily cloud at 0.7542.
Session highs that formed hourly lower platform at 0.7654, mark decent resistance, which is expected to ideally cap upside attempts.

Res: 0.7631; 0.7654; 0.7680; 0.7700
Sup: 0.7580; 0.7542; 0.7500; 0.7488

XAUSD

Spot Gold consolidates after four-day rally from $1302 that peaked at $1352. Wednesday’s close in red signaled a breather of strong recovery phase. Narrow consolidation was so far contained above $1341, top of thick daily Ichimoku cloud, which offers strong support and is expected to hold ahead of fresh attempts higher, as recent rally has so far retraced 76.4% of $1367/$1302 descend.
Fresh strength above $1352 barrier will open lower platform at $1357, ahead of key short-term resistances at $1367 and $1375 (peaks of 02 Aug and 06 July respectively).
Multiple daily MA’s bull-crosses on daily chart and fresh bullish momentum support the notion.
However, strongly overbought Slow Stochastic (no reversal signal) warns of extended consolidation or stronger correction.
Initial trigger lies at daily cloud top ($1341), loss of which would open $1333 (daily Kijun-sen / Fibo 38.2% of $1302/$1352 ascend) and $1327 pivot (daily Tenkan-sen / 50% retracement) in extension.

Res: 1349; 1352; 1357; 1367
Sup: 1341; 1333; 1327; 1321

WTI Crude Oil

Near-term structure remains bullish as fresh strength approaches $46.52 pivot (recovery peak of 05 Sep).
Wednesday’s rally that broke and closed above daily Ichimoku clod, was shaped in long bullish candle that generated fresh bullish signal for extension of recovery leg from $42.99 (01 Sep correction low).
Daily MA’s are moving into bullish setup that supports further advance, with firm break above $46.52 needed to confirm and expose next significant target at $46.91 (Fibo 61.8% retracement).
Caution on failure at $46.52, which may trigger extended consolidation.
Increased downside risk could be expected of penetration of daily cloud top at $45.45.

Res: 46.52; 46.91; 47.47; 47.84
Sup: 46.04; 45.45; 45.23; 44.88

, Daily Market Outlook