EURUSD
The Euro remains under strong pressure and opened with gap-lower on Monday. Fresh bearish acceleration eventually took out next barrier at 1.0820 (former lows of 10/02 March) and also broke below round-figure support at 1.0800.
Big red weekly candle with very long upper shadow that was left last week on post-election fall, weighs heavily on the pair, as today’s bearish acceleration is heading towards 2016 low at 1.0709, posted on January 5.
Technical studies maintain firm bearish tone, however, bounce could be expected as Slow Stochastic is deeply oversold and daily RSI is approaching oversold territory.
Corrective upticks will be seen as selling opportunities, with session high / former low of 25 Oct at 1.0840/49, offering good resistances, ahead of 1.0922/52 (highs of Thu/Fri), below which corrective upticks should be capped.

Res: 1.0800; 1.0820; 1.0849; 1.0900
Sup: 1.0729; 1.0709; 1.0678; 1.0572

GBPUSD

Cable came under increased pressure on Monday and accelerated sharply lower after week started with gap-lower. Initial negative signal was given on Friday’s stall of strong post-US election rally that peaked at 1.2671 and formed daily candle with long upper shadow.
Monday’s trading is so far deeply in red, as fresh bearish acceleration dipped to 1.2461 low, retracing over 61.8% of 1.2375/1.2671 bull-leg.
However, overall structure remains bullish and sees scope for fresh attempts higher, as the pair currently rides on extended fourth (corrective wave) from 1.2671peak, which should end above rising daily Tenkan-sen line (currently at 1.2445), to keep bulls in play.
Firm break below Tenkan-sen line would weaken the structure further and risk fresh weakness towards 4-hr cloud top at 1.2417, which guards key near-term support at 1.2350 (09 Nov trough / 30SMA).
Res: 1.2523; 1.2573; 1.2590; 1.2611
Sup: 1.2461; 1.2445; 1.2417; 1.2350

USDJPY
The pair accelerated strongly on Monday and extended steep ascend of last week that took a brief breather on Friday, consolidating under former high at 106.93. Fresh rally took out target at 107.47 (21 July high) and is looking for extension towards double-Fibonacci resistance at 108.45 zone (Fibo 76.4% of 111.43/98.98 and Fibo 38.2% of 123.74/98.98 descend).
Technicals remain firmly bullish, with big bullish weekly candle with long tail, underpinning the action. Stronger bullish acceleration may bring psychological 110.00 barrier in focus in the near-term.
Meantime, corrective easing should be anticipated as Slow Stochastic is overextended and daily RSI is cracking overbought zone border.
Immediate support lies at 107.38 (hourly trough), followed by previous high at 106.93 and broken 200SMA (currently at 106.49) which should ideally contain dips.

Res: 108.00; 108.20; 108.45; 109.00
Sup: 107.38; 106.93; 106.49; 106.01

NZDUSD
Kiwi dollar remains firmly in red and extends steep descend of last week on Monday. Fresh bearish acceleration took out strong support at 0.7106 (former higher base, formed on 25/27 Oct) and is looking for full retracement of 0.7033/0.7401 (13 Oct / 08 Nov ascend) and attack at psychological 0.7000 support.
Daily studies are in firm bearish setup and support further weakness that is running in the fourth straight day. Long bearish daily candles of last week, as well as long red weekly candle that marks the biggest weekly fall since the first week of March and formed weekly bearish engulfing pattern, maintain strong downside pressure.
Firm break below 0.7033 trough will complete weekly failure swing and signal more significant losses.
Former base at 0.7106 now marks initial resistance, ahead of session high at 0.7139, while converged daily 20/100SMA’s at 0.7210 are expected to cap extended upticks on oversold daily conditions.
Res: 0.7106; 0.7139; 0.7210; 0.7239
Sup: 0.7073; 0.7033; 0.7000; 0.6949
, Daily Market Outlook