EUR/USD

The Euro erased most of its gains from last Friday, as upside barriers at 1.2380 proved to be tough resistance, with some negative comments from Germany, accelerating losses. Brief dip below 1.2300 handle, along with weak hourly studies, keeps the downside vulnerable, as another attempt through bear-trendline, connecting 1.3282/1.2441 tops failed. More sideways movements could be seen, as long as 1.2288 holds, with only break above 1.2380/1.2400 to signal fresh direction, otherwise, re-visit of the lower range boundaries, would be the likely near-term scenario.

Res: 1.2350, 1.2367, 1.2380, 1.2386
Sup: 1.2300, 1.2294, 1.2288, 1.2250

GBP/USD

The pair’s near-term price action moves in a narrowing range, unable to sustain gains above 1.5700 handle, ahead of very strong resistance zone above this level. However, larger picture’s bulls remain in play, as 4h studies hold above the midlines and 55 day EMA keeping the downside protected at 1.5675, along with trendline support at 1.5665, loss of which to delay bulls in favor of stronger retracement.

Res: 1.5716, 1.5727, 1.5743, 1.5766
Sup: 1.5670, 1.5659, 1.5646, 1.5634

USD/JPY

Corrective pullback on overbought near-term technicals, signaled in our morning update, now tests initial 79.40/30 support, as the price breaks below hourly 55 day EMA. Weak hourly studies and loss of momentum, are likely to trigger stronger reversal, with test of 79.00 zone, also Fib 38.2% of 78.15/79.65 ascend, seen next and ideally, reversal should occur at this area to keep short-term bulls intact for fresh attempt towards 80.00, our next target. Only clear break below 79.00, where 50% retracement and 55 day EMA lie, would delay bulls.

Res: 79.56, 79.65, 79.94, 80.09
Sup: 79.26, 79.08, 79.00, 78.90

AUD/USD

Extends the short-term weakness off 1.0611, 09 Aug peak, a loss of 1.0500 handle triggered fresh slide to 1.0400 zone, also near 50% of 1.0175/1.0611 upleg. Near-term corrective action off last Friday’s fresh low at 1.0409, remains for now capped at 1.0470 breakpoint, with descending 20 day EMA, reinforcing the barrier. As studies on 4h chart maintain negative tone, further retracement would be the likely scenario, with Fibonacci supports at 1.0393 and 1.0342, 50% and 61.8%, seen as next targets. Only break above 1.0470 and trendline resistance at 1.0500, would provide relief.

Res : 1.0467, 1.0500, 1.0520, 1.0540
Sup : 1.0434, 1.0409, 1.0400, 1.0342