EURUSD

The Euro fell further on Thursday and hit target at 1.0519 (Dec 2015 low / the upper boundary of critical support zone between 1.0519 and 1.0461). Wednesday’s long bearish candle weighs on near-term structure, with daily technical studies being in strong bearish setup.
Psychological 1.0500 support is in immediate focus, ahead of 1.0461 (2015 low), violation of which would trigger fresh extension of larger bearish cycle.
The pair is riding on the wave C of five wave descend from 1.1455 (2016 high) that could extend to its 138.2% Fibonacci Expansion at 1.0381, after breaking below 1.0519/1.0461 congestion.
Meantime, consolidation above strong 1.0519 support could be anticipated. Initial resistance lies at 1.0570 (Fibo 38.2% of 1.0656/1.0519 downleg / near former low of 18 Nov), followed by 1.0603 (Fibo 61.8% retracement) and Wednesday’s high at 1.0642.
Tuesday’s high and top of three-day consolidation at 1.0656 marks the upper breakpoint, violation of which would sideline immediate downside threats.

Res: 1.0570; 1.0603; 1.0642; 1.0656
Sup: 1.0519; 1.0500; 1.0461; 1.0400

GBPUSD

Cable returned back above 1.2400 handle, following yesterday’s probe below daily Kijun-sen pivot at 1.2376 that was contained at 1.2358, marking a false break lower. Fresh upside attempts attack downside-turning Tenkan-sen line at 1.2445 and may extend towards the base of falling daily cloud (currently at 1.2472) which maintains descend from 1.2671 (11 Nov strong upside rejection).
Expect near-term structure to remain biased lower while daily cloud caps. Repeated attempt below daily Kijun-sen line will generated fresh negative signal, however, firm break below key 1.2300 support (18 Nov low), is needed to confirm bearish resumption.
Conversely, probes into daily cloud and lift above lower platform at 1.2510 would generate stronger bullish signals.
Res: 1.2472; 1.2510; 1.2527; 1.2590
Sup: 1.2400; 1.2376; 1.2358; 1.2300

USDJPY
The pair spiked above 113.00 barrier on fresh bullish acceleration that penetrated weekly Ichimoku cloud (spanned between 111.62 at 115.60). Fresh bulls eye next target at 114.28 (Fibo 61.8% of larger 123.74/98.98 fall), close above which will add on firm bullish stance, as the pair is on track for the third straight strong bullish weekly close. Scenario of extension towards weekly cloud top is also in play, as daily indicators continue to head north, despite being deeply in the overbought territory.
Dips are seen as buying opportunities, with session low at 112.36 offering initial support ahead of daily cloud base at 111.60 which should contain extended dips.
Res: 113.51; 114.00; 114.28; 114.53
Sup: 112.59; 112.36; 111.60; 111.34

AUDUSD
Aussie managed to recover ground despite dipping to marginally lower low at 0.7362 today, following Wednesday’s strong upside rejection at 0.7443 (50% of 0.7579/0.7308 downleg / falling daily Tenkan-sen line) and subsequent reversal.
Fresh recovery that spiked above 0.7400 handle was so far capped by hourly cloud top, despite persisting bullish signals on daily RSI / Slow Stochastic reversal from oversold territory. Near-term studies are mixed, while daily technicals remain firmly bearish, suggesting limited upside actions before bears take control again.
Firm break above hourly cloud top (currently at 0.7413) would signal stronger recovery, while downside will remain at increasing risk while recovery attempts remain capped. Yesterday’s low at 0.7362 (also Fibo 61.8% of 0.7308/ 0.7443 upleg), marks trigger for stronger bearish acceleration.
Res: 0.7416; 0.7443; 0.7475; 0.7504
Sup: 0.7375; 0.7362; 0.7340; 0.7308

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