EURUSD

The Euro remains biased lower and eyes strong support at 1.1217 (daily cloud base), following strong two-day fall from 1.1381 peak that found temporary footstep at 1.1225 (Fibo 61.8% of 1.1129/1.1381 rally).
Red candles with long upper shadows that were left in past two days, signal strong downside pressure for final attack at key daily cloud base support, loss of which would trigger fresh bearish acceleration through interim supports at 1.1185, towards key near-term support at 1.1129 (16 June spike low).
Meantime, corrective action off 1.1225 low, is seen preceding fresh leg lower, with solid resistances at 1.1285/1.1320 zone (Fibo 38.2% and 61.8% retracement of 1.1381/1.1226 fall), which are expected to cap, guarding upside pivot at 1.1379 (daily Ichimoku cloud top).

Res: 1.1285; 1.1300; 1.1320; 1.1348
Sup: 1.1225; 1.1217; 1.1185; 1.1129

GBPUSD

High volatility continues to dominate, as Brexit referendum nears. Cable so far remains bullishly aligned, as momentum studies and daily MA’s remain in bullish setup after yesterday’s failure to sustain gains above key 1.4737/68 barriers and subsequent pullback that found temporary support at 1.4614. However, today’s renewed attempts higher were so far unable to clear cracked 200SMA at 1.4681.
This may put an additional pressure on the pair’s near-term action and further delay fresh attempts higher, as yesterday’s upside rejection at 1.4780 ended in daily close below 200SMA, which marks initial upside pivot.
Key near-term supports lay at 1.4614/00 (yesterday’s correction low / Fibo 23.6% of 1.4010/1.4780 rally), loss of which would sour near-term tone and sideline fresh bullish attempts.

Res: 1.4713; 1.4737; 1.4768; 1.4780
Sup: 1.4637; 1.4614; 1.4598; 1.4525

USDJPY

The pair remains congested above fresh low at 103.53, which was retested yesterday. Failure to break lower triggered limited bounce, which stalled on a probe at 105 barrier. This marks the upper boundary of near-term congestion, laying just under initial pivotal resistance zone at 105.20/40 (Fibo 38.2% of 107.89/103.54 descend / sideways-moving daily Tenkan-sen line).
Firm bearish setup of daily studies keeps the downside under pressure for renewed attack at key 103.53 support, break of which would trigger fresh bearish acceleration and eye next strong support at 100.80 (Feb/July 2014 higher base).
Extended sideways trading is seen as favored near-term scenario, before bears resume. Alternative scenario requires sustained break above 105.40 to sideline persisting downside risk and open way for stronger correction of the downleg from 107.89 (07 June lower top).

Res: 104.59; 105.00; 105.20; 105.40
Sup: 104.30; 104.00; 103.53; 103.00

AUDUSD

Aussie benefits from weaker dollar and is in renewed attempt higher, after yesterday’s failure to sustain break above strong 0.7500 barrier. Little negative impact was seen after yesterday’s trading ended in red candle with long upper shadow that usually signals strong selling pressure.
Daily studies maintain firm bullish tone and favor fresh attempts above 0.7500 hurdle, to confirm recovery resumption on sustained break higher.
Yesterday’s high and upside rejection level at 0.7510, marks initial barrier, followed by daily cloud top at 0.7538 and 0.7569 (Fibo 61.8% of larger 0.7833/0.7143 descend) that mark next targets and strong barriers.
Lows of today and yesterday at 0.7440 formed a higher base and mark solid support, which is expected to hold and guard 0.7410 support (converged daily 10 & 100SMA’s).

Res: 0.7510; 0.7538; 0.7569; 0.7599
Sup: 0.7440; 0.7410; 0.7397; 0.7358, Daily Market Outlook