EURUSD

The Euro is at the back foot in early Wednesday’s trading following repeated upside rejection at 1.0600 zone (daily Kijun-sen line).
Asian trading was entrenched within narrow range (1.0535/65), contained by 30SMA for now, but yesterday’s bearish candle with long upper shadow weighs.
Mixed technicals see no clear near-term direction while the price is holding between daily Tenkan-sen / Kijun-sen pivots (1.0495 / 1.0605). Break of either side is needed to generate stronger signal.
Lift above 1.0605to expose 1.0668/1.0700 barriers, while loss of Tenkan-sen support would risk further easing.
Next pivot lies at 1.0450 (Fibo 61.8% of 1.0339/1.0625 recovery) below which would open key n/t support at 1.0339 (03 Jan low).
Trump’s press conference, due later today, is in focus

Res: 1.0605; 1.0625; 1.0668; 1.0700
Sup: 1.0535; 1.0509; 1.0495; 1.0448

GBPUSD

Cable eased to 1.2150 zone in Asia, after repeated recovery rejection just under strong 1.2200 resistance.
Near-term action is holding within 1.2105/1.2196 range and is consolidating recent sharp fall from 1.2428 (06 Jan recovery high).
Overall structure is bearish and fears of ‘hard Brexit’ persist, keeping the pair under pressure, as the price returned below cracked neckline of asymmetric daily H&S pattern.
However, flat hourly studies may keep the price in extended consolidation, ahead of key events today: UK Industrial Production data and Trump’s news conference, which may accelerate near-term price action.
Firm break below 1.2105 would open key supports at 1.2000 zone and signal fresh weakness on break lower.
Alternatively, sustained break above 1.2200 barrier would delay bears for extended correction which would expose next pivot at 1.2268 (daily Tenkan-sen line).

Res: 1.2196; 1.2219; 1.2268; 1.2305
Sup: 1.2146; 1.2105; 1.2081; 1.2000

USDJPY

The downside remains vulnerable after yesterday’s limited upside attempts and close below daily Kijun-sen at 115.87.

Recent double top on daily chart (118.65/59) continues to weigh, with key supports at 115.05 (06 Jan correction low/Fibo 61.8% of (112.85/118.65 upleg) being under pressure.

Overall negative near-term studies support the notion.

Break and close below 115.05 pivot is needed to confirm reversal and trigger stronger correction.

On the flip side, daily Tenkan-sen marks the upper pivot at 116.82, break of which would neutralize downside threats.

Res: 116.33; 116.62; 116.82; 117.52
Sup: 115.65; 115.05; 114.71; 114.22

AUD/USD

The pair maintains bullish near-term tone and probes again above 0.7383 pivot (Fibo 61.8% of 0.7523/0.7158 downleg), which capped yesterday’s action.

With the downside attempts being contained by 30SMA at 0.7324 and fresh strength that is holding well above daily Kijun-sen (0.7340), scope is seen for firm break above 0.7383, to open 0.7419 (55SMA) and 0.7436 (Fibo 76.4% retracement).

Daily Kijun-sen offers solid support at 0.7340; followed by 30SMA at 0.7324, loss of which would soften near-term tone.

Res: 0.7400; 0.7419; 0.7436; 0.7498
Sup: 0.7340; 0.7324; 0.7286; 0.7257

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