EUR/JPY Bounces Off Fresh Low

EUR/USD

The euro trades in consolidative mode after finding ground above 1.33 support. Near-term price action moves around 1.34 handle, still holding below 1.3443, 01 Aug lower top and breakpoint, clearance of which is required to trigger stronger recovery and confirm near-term base. Near-term action is supported by positive hourly studies and 4-hour indicators emerging above the midlines. Also, reversing daily indicators and RSI out of oversold zone, support the notion. Lift above 1.3443, also near 38.2% retracement of 1.3639./1.3316 descend, to open 1.3485, 24 July lower top and 50% retracement, as well as psychological 1.35 barrier. Pullback off fresh recovery high at 1.3431, which dented 1.34 support, also near 38.2% of 1.3316/1.3431 ascend, should hold above 1.3370, Fibonacci 61.8% retracement and hourly 20/55 SMA’s bullish cross, to keep near-term bulls intact for renewed attempt higher. Otherwise, risk of retest of 1.33 support zone and fresh extension of larger downtrend would remain in play.

Resistance: 1.3409; 1.3431; 1.3443; 1.3485
Support: 1.3381; 1.3369; 1.3350; 1.3335





EUR/JPY

The pair bounced off fresh low at 135.71, posted on penetration of important 136.21 support. Near-term basing attempt is under way and requires break above 136.69 lower top and 137.13, Fibonacci 61.8% of 138.01/135.71 descend, to be confirmed. Positive hourly studies support the notion, however, overall negative tone keeps the downside risk while below 138 lower top, reinforced by daily 55 SMA.

Resistance: 137.01; 137.13; 137.50; 138.00
Support: 136.52; 136.25; 136.00; 135.71




GBP/USD

Cable maintains negative tone and reached fresh low at 1.6764, after loss of psychological 1.68 support. The pair is looking for completion of the upleg from 1.67 zone higher base, to 1.7189, as the biggest part of the rally has already been retraced. Near-term consolidative actions are expected to interrupt bears, however, the upside potential so far looks limited, as near-term technicals remain negative. Only break above 1.6885 lower top would signal more significant upside action and delay attempt at 1.67 base.

Resistance: 1.6810; 1.6827; 1.6839; 1.6862
Support: 1.6764; 1.6736; 1.6691; 1.6657



USD/JPY

The pair remains in the downmove off 103.07, 30 July peak, which retraced 76.4% of the rally from 101.07 to 103.07, on a dip to 101.49 so far. Studies on 4-hour chart are weak and maintain the risk of return to 101 base, as the price holds below 200SMA, stabilizing around 102 handle. On the other side, overall bullish picture remains intact and sees fresh upside potential, once the price confirms footstep at 101.49, which requires clearance of 102.45 lower top and Fibonacci 61.8% of 103.07/101.19 descend, to confirm recovery action.

Resistance: 102.18; 102.45; 102.91; 103.07
Support: 101.69; 101.49; 101.07; 100.81




AUD/USD

The pair maintains overall negative structure, as fresh acceleration off 0.9372 lower top of 06 Aug, posted new low at 0.9237, approaching strong 0.92 zone base. Brief upside attempts are expected to delay bears, which are aiming towards 0.92 higher base and 0.9180, Fibonacci 38.2% retracement of larger 0.8658/0.9503 bull phase, with loss of these supports expected to accelerate bears off 0.9503 peak. Near-term price action off 0.9237 low, was so far limited by 4-hour 20SMA, with more significant corrective action to be sparked on a break above 0.9372 lower top.

Resistance: 0.9285; 0.9320; 0.9372; 0.9415
Support: 0.9237; 0.9200; 0.9180; 0.9165



AUD/NZD

The pair trades in near-term range mode after unsuccessful attempt to break above 1.1045 peak, with subsequent pullback now testing range’s lower boundary at 1.0920 zone. Neat-term studies are losing traction and see increased downside risk in case the price breaks below range floor, which would signal more significant correction of 1.0619/1.10145 rally. On the other side, larger picture bulls remain in play and favor further upside, after completion of consolidative phase, with double golden cross at 1.0856, 20/200 and 1.0848, 55/200, underpinning the action and expected to keep the downside protected.

Resistance: 1.0953; 1.0971; 1.1000; 1.1049
Support: 1.0922; 1.0900; 1.0884; 1.0850




XAU/USD

Spot Gold holds positive near-term tone off fresh low at 1280, as recovery rally reached 1322 so far and attempts to stabilize corrective pullback above 1300 support. Positive 4-hour picture favors further upside, which requires break above 1324, 18 July lower top, to confirm higher low formation at 1280 and re-focus key 1344 peak. Daily indicators are at their midlines and require 1300 support, also daily cloud top, to hold and keep recovery attempts in play. Otherwise, near-term risk would be shifted lower and expose 1280 support.

Resistance: 1311; 1322; 1324; 1332
Support: 1305; 1300; 1296; 1287