EURUSD

The Euro bounced in Asia after extension of two-day downleg from 1.0708 lower top found footstep at 1.0606 (55SMA) that so far holds. Overall picture remains bearish and favors fresh weakness after correction. Break below initial supports at 1.0606/1.0583 (55SMA / 50% of 1.0339/1.0827) would expose daily cloud base (1.0550) and Fibo 61.8% support at 1.0525 Broken Kijun-sen (1.0641) that now acts as initial resistance is under pressure, with upticks expected to be ideally capped under 1.0665 (Friday’s high/falling 5SMA). Upper pivot lies at 1.0707 (20 SMA) and only firm break here would neutralize near-term bears.

Res: 1.0665; 1.0707; 1.0755; 1.0775

Sup: 1.0603; 1.0583; 1.0550; 1.0525

GBP/USD

Strong bullish acceleration in early Monday’s trading sidelined immediate downside risk after last Thu-Fri weakness was contained by daily Ichimoku cloud at 1.2442.

Fresh rally probes above strong barrier at 1.2525 (daily Tenkan-sen) would trigger extension towards next pivot at 1.2580 (last week’s high / near Fibo 61.8% of 1.2704/1.2345 downleg).

Improving near-term technicals are supportive, together with bullishly aligned dailies, with daily close above Tenkan-sen to confirm bullish near-term stance.

Focus is expected to stay shifted at the upside while daily cloud holds, with sustained break above 1.2580 to confirm higher low at 1.2438 (Friday’s low) and signal further upside.
Conversely, increased downside risk could be expected on penetration into thickening daily cloud (currently spanned between 1.2399 and 1.2442).

Res: 1.2548; 1.2567; 1.2580; 1.2620
Sup: 1.2495; 1.2454; 1.2442; 1.2403

USDJPY

The pair cracked psychological 114.00 barrier today, on extension above initial target at 113.91(Fibo 61.8% of 115.36/111.57 downleg). Fresh bulls were limited by falling 30 SMA for now, but the downside stays protected by 20SMA at 113.35 that marks initial support. Expect near-term action to remain biased higher while the price remains above upside-turning daily Tenkan-sen (currently at 112.85). Daily close above 113.91 is needed to signal further recovery and open way towards next pivotal barrier at 114.54 (daily Kijun-sen).

Res: 113.91; 114.13; 114.54; 114.93

Sup: 113.35; 113.20; 112.85; 112.50

AUD/USD

The pair moved to the upper part of near-term 0.7600/0.7700 range, following Friday’s rally that confirmed higher base at 0.7600 zone.
Firm bullish setup of daily studies is supportive for break above 0.7700 barrier and final push towards target at 0.7776 (08 Nov peak) to mark full retracement of 0.7776/0.7158 descend.
Initial support lies at 0.7656 (session low) ahead of rising daily Tenkan-sen at 0.7621 that continues to underpin ascend since early Jan and lower breakpoint at 0.7600 (higher base, reinforced by rising 20SMA).
However, extended sideways mode could be expected while the price holds within 0.7600/0.7700 range.

Res: 0.7687; 0.7694; 0.7732; 0.7765
Sup: 0.7656; 0.7621; 0.7600; 0.7568

 , Daily Market Outlook