EURUSD

The Euro remains heavy, following recovery rejection at 1.0475 zone and dip to fresh, marginally lower low at 1.0351. Overall bias remains on the downside, seeing limited corrective attempts as selling opportunities. Daily Tenkan-sen is in steep descend again (currently at 1.0510) and should cap upticks. Initial barrier at 1.0410 zone (5 SMA/descending hourly cloud), so far limits bounce from 1.0351 low. Next barriers lay at 1.0461/75, guarding pivots at 1.0510/50 (Tenkan-sen/Fibo 38.2% of 1.0872/1.0351 downleg). Initial support lies at 1.0335 (Jan 2003 low), ahead of round-figure support at 1.0300. Stronger bearish acceleration could extend further, as parity level is coming in sight.

Res: 1.0415; 1.0430; 1.0478; 1.0510

Sup: 1.0381; 1.0351; 1.0335; 1.0300

GBPUSD

Yesterday’s close below daily cloud keeps the pair under pressure. Daily Tenkan-sen/Kijun-sen lines turned into bearish setup, with other daily indicators being negatively aligned and signaling further weakness. Yesterday’s action was contained just above next strong support at 1.2300 (18 Nov trough), with bears capable of extending towards 1.2244 (Fibo 76.4% of 1.2081/1.2772 recovery), possibly to fully retrace the upleg from 1.2081 (25 Oct low). Broken 55SMA marks immediate barrier at 1.2412, followed by the broken base of thinning daily cloud (currently at 1.2430) which is expected to ideally cap upticks. To neutralize bears, penetration into daily cloud and bounce through daily Tenkan-sen/Kijun-sen lines (1.2518/36) is needed.

Res: 1.2416; 1.2430; 1.2505 1.2536
Sup: 1.2347; 1.2300; 1.2244; 1.2200

USD/JPY

Fresh rally from correction low at 116.53 is showing initial signs of stall, after failing to sustain break above 118.00 handle yesterday.

Also, the price is still holding below bear-trendline (connecting 125.26/123.65 tops), currently at 118.40, firm break of which is needed to signal bullish resumption.

Break above recent peak at 118.65 would open targets at 119.50/120.00 (Fibo 76.4% of 125.84/98.98 descend / psychological barrier).

Overall firm bullish structure is intact for now, however, extended consolidation could be expected while bear-trendline caps.

Dips should stay above 117.00 handle, to keep protected pivots at 116.53 and 116.30 (daily Tenkan-sen, which underpins the action) protected.

Loss of the latter would signal deeper pullback.

Res: 118.05; 118.40; 118.65; 119.07
Sup: 117.38; 117.00; 116.53; 116.30

AUDUSD

The pair entered narrow consolidation above fresh low at 0.7221, posted on five day fall from 0.7500 zone. Upside attempts are limited for now, as strong bearish setup on daily studies keeps bias at the downside, despite oversold conditions. Former low of 21 Nov at 0.7308 and weekly cloud base at 0.7329, are expected to ideally cap upticks, ahead of fresh push lower. Firm break below 0.7200 handle could extend to next targets at 0.7175 (Fibo 161.8% projection) and 0.7143 (22 May trough). Extended rallies would face strong barriers at 0.7372 /95 (daily Tenkan-sen / Kijun-sen lines) and only break here would neutralize downside risk and signal reversal.

Res: 0.7271; 0.7308; 0.7329; 0.7372

Sup: 0.7243; 0.7221; 0.7175; 0.7143

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