EURUSD

Recovery off 1.0365 low was capped by falling 5SMA at 1.0478 and subsequent weakness returned below 1.0400 handle, turning focus to the downside. Technicals are bearish on all timeframes, with yesterday’s terrorist attack in Germany, adding pressure on the Euro. Yesterday’s bearish candle with long upper shadow weighs and renewed attack at 1.0365 low seen as likely near-term scenario. Below here, 1.0335 (Jan 2003 low) and 1.0300 (psychological support) are seen as immediate targets. Hourly lower top at 1.0416 marks initial resistance, ahead of 1.0450, with extended upticks expected to hold under 1.0478/1.0500 zone.

Res: 1.0415; 1.0450; 1.0478; 1.0516

Sup: 1.0365; 1.0335; 1.0300; 1.0250

GBPUSD

Cable is establishing below daily cloud base, following repeated recovery rejection at 1.2500 zone and fresh weakness that cracked the base of narrowing daily cloud (currently at 1.2410). Yesterday’s bearish acceleration found footstep at 1.2350 (near Fibo 61.8% of 1.2081/1.2772 upleg), with narrow consolidation seen preceding fresh weakness below 1.2350 handle, towards next strong support at 1.2300 (18 Nov trough). Broken cloud base caps for now, with daily close below needed for bearish signal. Upside rejections at 1.2500 zone mark the first upper trigger, ahead of converged daily Tenkan-se / Kijun-sen lines at 1.2539, break of which would ease downside pressure.

Res: 1.2410; 1.2476; 1.2505 1.2539

Sup: 1.2350; 1.2300; 1.2244; 1.2200

USDJPY

The pair returns above 118.00 handle on fresh bullish acceleration after corrective dip was contained at 116.53. Near-term focus remains at the upside on strongly bullish technicals, with today’s rally probing above Fibo 76.4% of 118.65/116.53 pullback, signaling that correction is over. Fresh bulls are attacking cracked bear-trendline off 125.26 (Aug 2015 high) at 118.44, with sustained break here needed to confirm bullish resumption. Immediate target lies at 119.07 (FE 300% of the wave C from 102.53), followed by 119.50 (Fibo 76.4% of 125.84/98.98 descend) and psychological 120.00 barrier, in extension. Initial support lies at 117.00, ahead of correction low at 116.53, which guards lower pivot at 115.87 (daily Tenkan-sen line).

Res: 118.65; 119.07; 119.50; 120.00

Sup: 117.00; 116.53; 115.87; 114.70

AUD/USD

Steep four-day descend hit fresh low at 0.7237 and is likely to extend further, driven by bearish technicals and negative sentiment.

Fresh bear-leg from 0.7523 could extend to 0.7226 (Fibo 138.2% projection) initially, with further easing to look for supports at 0.7175 (Fibo 161.8% projection) and key med-term support at 0.7143 (24 May trough).

Session high at 0.7260 marks initial resistance, ahead of former low at 0.7308 and weekly cloud base at 0.7329, which should ideally cap recovery attempts on oversold daily studies.

Res: 0.7260; 0.7308; 0.7329; 0.7393
Sup: 0.7226; 0.7175; 0.7143; 0.7063

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