EURUSD

The pair closed in red on Wednesday after repeated rejection above important 1.0705 barrier (Fibo 38.2% of 1.1298/1.0339 descend).

Pullback from fresh recovery high at 1.0718 (the highest traded since 08 Dec) is so far held above significant supports at 1.0616/14 (broken falling 55SMA/Fibo 38.2% of 1.0452/1.0718 upleg), keeping fresh upside attempts in play, as daily studies are bullishly aligned.

Firm break above 1.0705 barrier and penetration into daily Ichimoku cloud is needed to signal bullish resumption.

On the other side, the price remains under falling daily cloud that keeps the downside at risk and loss of initial 1.0616/14 supports, as well as daily Tenkan-sen line (currently in sideways mode at 1.0585) would generate firmer bearish signals and risk further easing towards next pivot at 1.0528 (daily Kijun-sen line/50% of entire 1.0339/1.0718 recovery leg.

Res: 1.0658; 1.0681; 1.0705; 1.0718
Sup: 1.0614; 1.0585; 1.0553; 1.0528

GBPUSD

Pullback on profit-taking of Tuesday’s strong rally,found good support at 1.2250 (Fibo 38.2% of 1.1986/1.2415 rally), where hourly higher base is forming.
Fresh attempts higher are to signal an end of correction from 1.2415 peak, with break above 1.2326 (daily 30 SMA) and regain of 1.2352 (Fibo 61.8% of 1.2415/1.2250 pullback) required to confirm reversal.
Near-term studies are mixed, but prevailing tone on daily chart is still negative, with double upside rejection at 1.2415 and daily cloud base (currently at 1.2427) continuing to weigh on near-term action.
The downside is expected to remain vulnerable while 1.2415/27 barriers are intact, with increased downside risk seen on renewed attempts at 1.2250 support.
Break below the latter and violation of 1.2200 pivot (daily Tenkan-sen) will be bearish.

Res: 1.2326; 1.2352; 1.2415; 1.2430
Sup: 1.2250; 1.2200; 1.2150; 1.2087

USD/JPY

The pair bounced strongly yesterday after pullback from 118.59 found support at 112.55, just above rising daily cloud.
Yesterday’s Outside Day generated bullish signal, but recovery is so far limited under bearishly aligned daily Tenkan-sen and Kijun-sen lines at 115.03 and 115.60 respectively.
These barriers also mark near 38.2% and 50% retracement of 118.59/112.55 pullback and sustained break above would generate stronger signals of reversal.
Rising daily cloud is thickening and offers significant support that underpinned larger bull-cycle from 101.17 and penetration into cloud (cloud top is currently at 113.77) would signal fresh extension of correction from 118.59 (03 Jan peak).

Res: 115.03; 115.60; 116.30; 116.85
Sup: 114.43; 114.03; 113.77; 113.47

AUDUSD

Pullback from 0.7566 (highs of past two days/double upside failure) was contained by converged 100/200 SMA’s (0.7495) and subsequent bounce is turning near-term focus higher. Strong bullish signal was generated on break above 100/200 SMA’s/daily cloud and along with bullishly aligned daily studies, indicate further upside.

Firm break above 0.7566 peaks could trigger fresh bullish acceleration towards 0.7600/30 zone.

Caution on renewed attacks at daily cloud base/100/200 SMA’s, as close below here would generate initial signal of recovery rally stall.

Res: 0.7566; 0.7579; 0.7600; 0.7630
Sup: 0.7515; 0.7490; 0.7456; 0.7412

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