EURUSD

Yesterday’s corrective upticks were rejected under daily Tenkan-sen pivot at 1.0510 that proves as solid barrier. However, fresh attempts higher cannot be ruled out, with probes above 1.0510, expected to stay capped under next strong barrier at 1.0611 (daily Kijun-sen line). The pair remains biased lower, as strong upside rejection on 08 Dec continues to weigh on short-term structure. Scope is seen for limited correction ahead of fresh push lower and violation of new 2016 low at 1.0351 to trigger fresh extension of bear-phase from 1.0872 (08 Dec high) towards next supports at 1.0300 (round-figure support) and 1.0276 (Fibo 161.8% projection).

Res: 1.0451; 1.0498; 1.0510; 1.0550

Sup: 1.0420; 1.0400; 1.0385; 1.0351

GBP/USD

Cable remains under increased pressure after breaking below daily cloud. Yesterday’s fresh bearish acceleration took out support at 1.2300, and is approaching next target at 1.2244 (Fibo 76.4% retracement of 1.2081/1.2772 ascend).

Strong bearish tone of daily studies suggests that weakness may extend towards 1.2081 (25 Oct low), to fully retrace 1.2081/1.2772 ascend.

Corrective upticks should be ideally capped under daily 55SMA (currently at 1.2403) which guards daily cloud base pivot (currently at 1.2430).

Res: 1.2296; 1.2376; 1.2403; 1.2430
Sup: 1.2268; 1.2244; 1.2204; 1.2142

AUD/USD

The pair remains under pressure and probes below psychological 0.7200, on fresh extension of the downleg from strong barriers at 0.7500 zone.

No signs of bounce on strongly oversold daily studies for now, but some corrective action should be anticipated.

Likely scenario would be narrow consolidation on lower-volumes pre-holiday trading.

Former low at 0.7308, reinforced by falling 10SMA (currently at 0.7320) should act as solid barrier and limit the upside, before bears resume towards next targets at 0.7175 (Fibo 161.8% projection of the downleg from 0.7523) and 0.7093 (200% projection), seen in extension.

Converged daily Tenkan-sen / Kijun-sen lines mark the upside pivot at 0.7359.

Res: 0.7225; 0.7277; 0.7308; 0.7359
Sup: 0.7195; 0.7175; 0.7143; 0.7093

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