Short Term Technical Analysis for Majors (07:45 GMT)

EURUSD

The Euro cracked psychological 1.06 support, on extension of last Friday’s bearish acceleration that left bearish outside day. Strong bearish stance is also confirmed by negative weekly close. Firm break below 1.06 handle, is expected to trigger stops and accelerate towards next target at 1.0519, 10 Apr low with key med-term support at 1.0461, Mar 2015 year-to date low, seen in extension.
Limited corrections are expected, with falling daily 10SMA / Tenkan-sen, which maintains month-long descend, offering strong resistance at 1.07 zone, where upticks should be ideally capped.
Only sustained break above 1.0760, last Friday / 16 Nov peaks, would ease strong bearish pressure and allow for extended recovery.
Res: 1.0661; 1.0706; 1.0727; 1.0760
Sup: 1.0599; 1.0560; 1.0519; 1.0461








GBPUSD

Cable reversed quickly and left long daily bearish candle on Friday, following last Thursday’s upside rejection at strong 1.5340 zone, daily Ichimoku cloud base / 200SMA. Friday’s action was capped by south-turning daily 30SMA, where tower top was left at 1.5308.
Bearish acceleration closed below daily 10SMA at 1.5206 and so far touched 1.5138, below Fibonacci 61.8% of 1.5025/1.5334 upleg.
Near-term studies turned bearish on current weakness, while daily bears are re-confirmed on return to firm bearish setup of daily MA’s.
The pair is looking for next support at 1.5100, Fibonacci 76.4% level / hourly higher base, the last obstacle on the way to 1.5025, 06 Nov low and psychological 1.5000 support.
Oversold 4-hour slow Stochastic may trigger extended consolidation, with broken daily 10SMA, currently at 1.5205, expected to ideally cap.
Only break above falling daily 20SMA at 1.5246, would sideline near-term bears.

Res: 1.5175; 1.5205; 1.5246; 1.5260
Sup: 1.5138; 1.5100; 1.5025; 1.5000









USDJPY

The pair is gaining traction on bounce from 122.60/70 zone, last Thu/Fri lows and establishes above 123 handle. Fresh rally commenced after bears showed hesitation at 122.60 low, which stayed intact and Doji candle was left on Friday.
Weekly close was also bullish, despite strong selling pressure earlier.
Higher low is now forming at 122.60, for renewed attacks at key 123.74 barrier, peak of 18 Nov, which guards our short-term target at 124.14.
Broken daily 10SMA offers initial support at 123, ahead of 122.60 higher base and pivotal 122.20 higher low, reinforced by rising daily 20SMA.

Res: 123.31; 123.47; 123.74; 124.14
Sup: 123.00; 122.61; 122.20; 121.47









AUDUSD
Aussie pulls back below thin daily cloud base at 0.7170, after strong two-day bullish acceleration peaked at 0.7248. Recovery failed to close above 0.7240, Fibonacci 61.8% of 0.7380/0.7014 descend, missing another bullish signal, in favor of corrective pullback.
The pair found footstep at 0.7157, double-Fibonacci support, also former consolidation tops, which should act as ideal support and limit near-term bears off 0.7248.
Slow Stochastic of 4-hour chart is entering oversold territory and could be seen as initial reversal signal. However, regain of minimum 0.72 level, which lies near Fibonacci 38.2% of 0.7248/0.7157, is needed to confirm scenario.
Caution on overbought conditions of daily slow Stochastic and MACD / Momentum studies hovering around the midlines.
Return below 0.7157 will trigger fresh bears and signal extension of reversal from 0.7248.

Res: 0.7200; 0.7240; 0.7265; 0.7300
Sup: 0.7157; 0.7136; 0.7100; 0.7067

Short Term Technical Analysis for Majors (07:45 GMT)

Short Term Technical Analysis for Majors (07:45 GMT)

EURUSD

The Euro bounced after posting fresh low at 1.0615 yesterday, on profit-taking action that peaked at 1.0717. Falling daily 10SMA, reinforced by falling daily Tenkan-sen, which maintains downmove for the past month, capped so far the rally at 1.0717.
This barrier should ideally keep the upside protected, however, extension higher cannot be ruled out, as hourly studies turned positive.
Overall picture remains firmly bearish and favors fresh action lower, on completion of current consolidation.
Next significant barriers lay at 1.0760, hourly double top and 4-hour Ichimoku cloud base and 1.0800/28, Fibonacci 38.2% of 1.1094/1.0615 / 12 Nov low and mark the upside breakpoint
Res: 1.0717; 1.0760; 1.0800; 1.0828
Sup: 1.0666; 1.0629; 1.0615; 1.0600







GBPUSD

Cable probes above four-day 1.5262/1.5153 congestion, following two-day rally from 1.5153, 17 Nov range low, where higher low is forming, after false break below strong weekly Ichimoku cloud support at 1.5191.
Cracking descending daily 20SMA / Kijun-sen line at 1.5267, could be seen as initial bullish signal, though, gains so far stay below psychological 1.5300 barrier.
The notion is supported by near-term studies, which gained bullish tone.
On the other side, daily technicals remain bearishly aligned, with the pair facing strong resistance zone above 1.53 barrier, which consist of sideways-moving daily 30SMA and 200SMA at 1.5306 and 1.5339, respectively.
Sustained break here is needed to confirm bearish resumption and neutralize existing risk of recovery stall.

Res: 1.5291; 1.5306; 1.5340; 1.5370
Sup: 1.5248; 1.5226; 1.5206; 1.5185









USDJPY

The pair pulls back in corrective action, after marginally higher high was posted at 123.74. Probe below initial support and former consolidation floor at 123.17, Fibonacci 38.2% of 122.20/123.74, generated initial signal of deeper pullback, which so far hit support at 123.08, rising daily 10SMA.
Strong support lies at 123 zone, defined by 10SMA and 4-hour Ichimoku cloud top and should ideally contain dips, to prevent deeper pullback.
However, near-term studies are weakening and cannot rule out further correction.
Extended corrective action, also signaled by daily RSI / slow Stochastic, reversing from overbought territory, should not exceed key near-term support at 122.20, 16 Nov higher low.

Res: 123.36; 123.74; 124.14; 124.50
Sup: 123.08; 122.90; 122.79; 122.56








AUDUSD
The pair rallies above near-term 0.7156/0.7067 consolidation, after strong barriers of falling daily 20SMA and trendline resistance at 0.7125, were taken out.
Today’s fresh strength, follows yesterday’s indecision, shaped in Doji with long tail, commences the third wave of recovery from 0.7014, low of 10 Nov. Daily close above 0.7156, former range top and Fibonacci 38.2% of 0.7380/0.7014 downleg, is seen as minimum requirement to confirm bullish resumption. The notion is supported by probe above the top of thin daily cloud top, which twists higher.
Next important barriers lay at 0.7210/22, Fibonacci 100% expansion / 04 Nov lower top.
Daily indicators are heading north and gaining bullish momentum for fresh upside extension.
Broken daily 20SMA / bear-trendline, now offer strong support, guarding 0.7067 higher low and downside breakpoint.

Res: 0.7177; 0.7197; 0.7210; 0.7222
Sup: 0.7151; 0.7125; 0.7067; 0.7048

Short Term Technical Analysis for Majors (07:45 GMT)

Short Term Technical Analysis for Majors (07:45 GMT)

EURUSD

The Euro is back above 1.10 handle, where it closed on Friday, after recovery rally was capped by bear-trendline that connects 1.1712 and 1.1458 peaks at 1.1070 and daily candle with long upper shadow, signaled strong selling interest.
Further recovery cannot be ruled out, as daily slow Stochastic is heading north, after reversing from oversold zone, with potential probes above trendline resistance, now at 1.1055, expected to find strong barriers at 1.1082, falling daily 10SMA that formed Golden Cross and 200SMA 1.1107, which is expected to cap extended rallies.
Downside remains at risk, as bearish signal was given by strong bearish monthly close, with prolonged consolidation, signaled by weekly long-legged Doji and failure to close below monthly wedge support line, expected to precede fresh leg lower.


Res: 1.1048; 1.1082; 1.1107; 1.1138
Sup: 1.1011; 1.0964; 1.0895; 1.0862







GBPUSD

Cable remains well supported and looks for retest of strong 1.5506 barrier, lower platform, where several upside attempts were rejected, following last Friday’s strong rally that left the longest daily bullish candle after 14 Oct rally.
Bullish weekly and monthly close, support further upside, with another bullish signal, given by monthly Bullish Engulfing pattern.
Fresh strength probes above thin daily Ichimoku cloud, which doesn’t act as strong barrier.
Daily studies are positive, with daily MA’s, turning into firm bullish setup, after Friday’s strong rally, supporting final attack at1.5506 breakpoint.
Corrective dips could be anticipated before final break above 1.5506 platform, as near-term studies are entering overbought territory


Res: 1.5506; 1.5566; 1.5605; 1.5656
Sup: 1.5435; 1.5380; 1.5365; 1.5326









USDJPY

The pair continues to trade within 120.00/121.46, near-term congestion, following repeated rejection at strong 121.46 barrier. Return below daily cloud top at 120.73, which now acts as initial barrier and so far caps today’s action, weakens again near-term structure.
Extended consolidation is seen as favored near-term scenario, before the pair establishes in fresh direction, as the price remains in short-term directionless mode, holding within two-month range between 121.64 and 118.05.

Res: 120.70; 121.02; 121.46; 121.64
Sup: 120.16; 120.00; 119.60; 119.35








AUDUSD
The pair extends near-term recovery attempt off 0.7064, correction low, following Friday’s strong bullish close and today’s fresh rally that penetrated daily Ichimoku cloud base at 0.7120. Near-term technicals are gaining traction and see potential for further recovery.
Bullish monthly close could be seen as initial signal. However, rallies need to break above daily Ichimoku cloud top at 0.7180, reinforced by daily Tenkan-sen line and Fibonacci 38.2% of 0.7380/0.7064 downleg, to sideline downside risk and signal stronger correction.
Daily slow Stochastic is reversing from oversold zone and support scenario.
Lift above initial pivot at 0.7180, to expose next significant barriers at 0.7222, daily 20SMA and 0.7260, Fibonacci 61.8% retracement, break of which to confirm reversal.

Res: 0.7180; 0.7122; 0.7260; 0.7296
Sup: 0.7120; 0.7082; 0.7064; 0.7000

Short Term Technical Analysis for Majors (07:45 GMT)

Short Term Technical Analysis for Majors (07:45 GMT)

EURUSD

The pair closed in red yesterday, with psychological 1.13 support, reinforced by daily Kijun-sen line, containing dips for now. Near-term technicals are bearishly aligned and see risk of slide below 1.13 handle, for test of strong support zone that lies just below. Daily 20SMA offers initial support at 1.1280, followed by thin 1.1260/73 daily Ichimoku cloud and 1.1253, Fibonacci 61.8% of 1.1103/1.1494 rally.
However, setup of daily MA’s and indicators, remains bullish and signals possible reversal above strong support zone. Oversold daily slow Stochastic, support the notion.
Break below 1.1250 is needed to confirm bearish resumption, while bullish scenario requires lift above initial barrier at 1.1378, Fibonacci 38.2% of 1.1494/1.1304 / hourly lower base, as bullish signal. Return above 1.14 handle, is needed to confirm near-term bulls fully in play.


Res: 1.1378; 1.1395; 1.1422; 1.1450
Sup: 1.1300; 1.1270; 1.1253; 1.1230







GBPUSD

Cable remains in narrow near-term consolidation, entrenched within daily Ichimoku cloud, with fresh attempts above cloud top, underway. Near-term structure remains bullish and sees final push through 1.55 barrier and resumption of recovery rally, as favored scenario.
Bullish daily studies, with fresh attempts through 100SMA, which capped upside attempts in past few sessions and expanding 20d Bollinger bands, support scenario.
Daily slow Stochastic, which moves sideways in the overbought territory, warns of possible extended consolidation.
Daily cloud base at 1.5404, marks pivotal support and break lower would activate alternative scenario of stronger correction of 1.5198/1.5506 upleg.

Res: 1.5506; 1.5526; 1.5561; 1.5597
Sup: 1.5453; 1.5425; 1.5404; 1.5352







USDJPY


The pair extends near-term recovery from fresh low at 118.05 and probes above 119.65, last Friday’s recovery top / daily Kijun-sen line, after yesterday’s narrow consolidation. Near-term bulls are gaining traction and threaten to break above the first pivot at 119.85, daily 20SMA, which is expected to cap recovery rallies.
Break higher would sideline downside attempts, in favor of stronger recovery above 12 barrier, which would bring in focus breakpoint zone, shaped in thin daily Ichimoku cloud and laying at 120.32/70 span.
Otherwise, daily close below 20SMA, would signal an end of corrective phase and shift near-term focus lower again.

Res: 119.85; 120.00; 120.32; 120.70
Sup: 119.40; 119.12; 118.90; 118.70







AUDUSD

Aussie probes above descending daily cloud top again, following yesterday’s unsuccessful attempts above 0.73 barrier that left red daily candle with long upper shadow and weakened near-term structure.
Near-term studies hold neutral tone, as the price is entrenched within 0.7240/0.7305 range, in directionless mode.
Daily picture show the price action holding in triangular consolidation, following 0.7380/0.7196 corrective pullback. Setup of daily technicals remains bullish and favors fresh upside attempts, with 0.7305, marking initial barrier, followed by falling 100SMA at 0.7341 and 15 Oct lower top at 0.7361, to expose key 0.7380 peak.
On the downside, yesterday’s low at 0.7235, offers immediate support, guarding 0.7196 breakpoint, 14 Oct pullback’s low.

Res: 0.7305; 0.7341; 0.7361; 0.7380
Sup: 0.7273; 0.7235; 0.7196; 0.7157

Short Term Technical Analysis for Majors (07:45 GMT)

Short Term Technical Analysis for Majors (07:45 GMT)

EURUSD

Near-term structure remains bullish, as renewed strength attempts again at 1.14 barrier, after pullback from yesterday’s peak at 1.1395, found footstep at 1.1342, broken bull-channel resistance. Completion of consolidation phase, confirmed by yesterday’s Doji, to open fresh acceleration towards next targets at 1.1458/65, peaks of 18 Sep / 15 May and 1.1473, Fibonacci 61.8% of 1.1725/1.1086 descend. Daily close above the latter, would trigger fresh acceleration higher.
Yesterday’s low at 1.1342, offers good support, ahead of 1.1309, Fibonacci 38.2% of 1.1170/1.1395 rally, loss of which would revive near-term bears.


Res: 1.1396; 1.1458; 1.1473; 1.1500
Sup: 1.1375; 1.1360; 1.1342; 1.1307








GBPUSD

Cable is regaining traction and probes above three-day congestion top at 1.5380, after consolidative phase was contained at very strong 1.53 support zone, reinforced by daily 20SMA, with 200SMA, laying ticks above. Sustained break above 1.5380, which also marks the mid-point of 1.5656/1.5105 descend, is needed to resume recovery rally from 1.5105, interrupted by 1.5300/1.5380 consolidation. Next targets lay at 1.5427, daily 55SMA, ahead of 1.5446, Fibonacci 61.8% retracement.
Prolonged consolidation should hold above 1.53 handle, otherwise, sustained break here would signal lower platform formation and possible end of recovery phase.

Res: 1.5386; 1.5427; 1.5446; 1.5500
Sup: 1.5318; 1.5300; 1.5260; 1.5240







USDJPY

Near-term price action attacks the lower boundary of the triangle, after yesterday’s action was limited by daily 20SMA, keeping intact triangle’s top at 120.27 and more significant thin 127.37/70 daily Ichimoku cloud. Alignment of daily technicals is negative and will favor fresh downside attempts, while daily cloud caps. Sustained break below triangle support, currently at 120.68, will put pressure on short-term congestion floor at 119 zone and signal fresh direction, on violation of the latter.
Conversely, upside resumption requires break above daily cloud and 200SMA, currently at 120.87.

Res: 120.08; 120.27; 120.37; 120.70
Sup: 119.68; 119.23; 119.05; 118.67








AUDUSD
Aussie enters near-term corrective phase, after strong and uninterrupted rally from 0.6935 double-bottom, peaked at 0.7380, being limited by falling daily 100SMA. Corrective easing that returned into daily cloud and cracked psychological 0.7300 handle, so far holds above initial support at 0.7278, former peaks / Fibonacci 23.6% of 0.6935/0.7380 rally. Extended dips, which are signaled by overbought daily slow Stochastic, turning lower, should be ideally contained above 0.7210, Fibonacci 38.2% of 0.6935/0.7380, to keep overall bulls intact.

Res: 0.7362; 0.7380; 0.7409; 0.7435
Sup: 0.7291; 0.7273; 0.7210; 0.7180

Short Term Technical Analysis for Majors (07:45 GMT)

Short Term Technical Analysis for Majors (07:45 GMT)

EURUSD

Near-term action returns into daily Ichimoku cloud, base of which acted as strong resistance in past few days. Fresh attempts above bear-trendline, connecting 1.1712 and 1.1458 tops and daily Kijun-sen line at 1.1272, give positive signal and turn focus towards the upper boundary of near-term congestion at 1.131, also 61.8% of 1.1458/1.1103 and daily cloud top at 1.1356. The latter marks pivotal barrier and sustained break here is required to end near-term range phase and signal bullish resumption.
On the other side, daily 20SMA, offers support at 1.1244 and repeated close below here, would signal false breaks higher and confirm extended range-trading.
Pivotal support lies at 1.1147, 200SMA / bull-trendline off 1.1103 low.


Res: 1.1308; 1.1317; 1.1356; 1.1400
Sup: 1.1260; 1.1244; 1.1232; 1.1210







GBPUSD

Cable is attempting through strong barrier at 1.5315, Fibonacci 38.2% of 1.5656/1.5105 fall, reinforced by daily 20, 30 and 200SMA. Yesterday’s close that occurred above broken bull-trendline, connecting 4.4563 and 1.5163 lows, at 1.5300, gives positive signal for firm break above pivotal 1.5315 barrier. Daily close above here to confirm break and open immediate barrier at 1.5380, daily Kijun-sen line and 50% retracement. Further acceleration would expose 1.5446, Fibonacci 61.8% of 1.5656/1.5105. Session low and consolidation floor at 1.5295, offers initial support, ahead of 1.5260, Fibonacci 38.2% of 1.5135/1.5337 rally and pivotal 1.5240 support, tops of former 1.5105/1.5240 consolidation.

Res: 1.5337; 1.5381; 1.5446; 1.5500
Sup: 1.5295; 1.5260; 1.5240; 1.5213







USDJPY

Near-term focus shifts towards triangle’s lower boundary, after unsuccessful attempts to sustain attempts above triangle resistance, which were capped by daily cloud base, pivotal resistance. Technicals of lower timeframes are losing traction and could trigger further weakness, as daily studies remain bearish. Daily close below 119.60, triangle support line, is required to confirm scenario and expose 119 zone, floor of near-term congestion.

Res: 120.13; 120.55; 120.70; 120.86
Sup: 119.60; 119.47; 119.05; 118.67








AUDUSD
The pair corrects strong rally of past few days that peaked at 0.7233 yesterday, capped by the upper 20d Bollinger band and Fibonacci 61.8% of 0.7435/0.6906. The pullback is seen preceding final attack at 0.7278 peak and key resistance and should be ideally contained at 0.7145 Fibonacci 38.2% of 0.7000/0.7233 upleg. Otherwise, deeper correction could be expected towards pivotal 0.7090 support, daily 20SMA / Fibonacci 61.8% retracement. Only break here would neutralize near-term bulls.

Res: 0.7214; 0.7233; 0.7278; 0.7310
Sup: 0.7163; 0.7145; 0.7109; 0.7090

Short Term Technical Analysis for Majors (07:45 GMT)

Short Term Technical Analysis for Majors (07:45 GMT)

EURUSD

The Euro ended Friday’s trading positively and closed above daily 20SMA, following choppy trading after release of solid US jobs data. Friday’s upside attempts were capped by daily Tenkan-sen line and 50% retracement of 1.1112/1.0844 downleg at 1.0978, just ahead of pivotal resistance zone that lies between 1.0985 and 1.1010, former tops / Fibonacci 61.8% retracement / daily Kijun-sen line. Positively aligned near-term studies suggest further upside, with sustained break above 1.1010 barrier, needed to confirm. On the other side, daily structure remains negative overall, with repeated weekly long-legged Doji candle, seeing prolonged consolidation as likely scenario. On the larger picture, initial range lies between 1.0844 and 1.1125, with break of either side, required to establish short-term direction. Daily 20SMA offers initial support at 1.0945 and contains for now, with close below here, to soften near-term tone.

Res: 1.0978; 1.1010; 1.1065; 1.1100
Sup: 1.0945; 1.0905; 1.0872; 1.0854








GBPUSD

Cable maintains negative near-term tone, after Friday’s repeated close in red and fresh weakness that touched strong support at 1.5420, daily Ichimoku cloud base. Subsequent bounce and overnight’s narrow-range consolidation are likely to delay fresh bears, as rising daily cloud base, continues to support. However, daily indicators are breaking below their midlines, with setup of daily MA’s turning into bearish mode and weekly Bearish Engulfing candle, keeping the downside pressured. Daily cloud base marks the first breakpoint, ahead of 200SMA that lies at 1.5381 and break lower to confirm lower platform at 1.5670 zone. Overnight’s price action was shaped in tight Doji, holding below psychological 1.55 level that marks initial resistance, ahead of Friday’s high at 1.5542 and daily Tenkan-sen at 1.5555, break of which to ease immediate downside pressure.

Res: 1.5495; 1.5542; 1.5555; 1.5579
Sup: 1.5477; 1.5443; 1.5420; 1.5363







USDJPY

The pair extended pullback off 125 tops that proved to be strong near-term resistance, with Friday’s repeated close in red, confirming scenario. Dips found temporary support at 124.09, Friday’s / overnight’s lows / just above rising daily 20SMA that underpins the action, where hourly base is forming. Bounce so far tested Fibonacci 38.2% of pullback from 125.03 peak, with positively aligned 4-hour studies and bullish daily technicals, being supportive for further upside that is needed to signal an end of corrective phase. Extension above 124.55/68, former low of 06 Aug / Fibonacci 61.8%, is needed to confirm and re-focus 125 barrier. Otherwise, upside failure, would keep the downside at risk and look for retest of strong 124 support zone, loss of which to signal extended corrective phase off 125 tops.

Res: 124.55; 124.68; 125.00; 125.55
Sup: 124.26; 124.09; 123.50; 123.00







AUDUSD
Near-term price action consolidates under 0.74 barrier that was cracked on Friday’s rally to 0.7416. Bullish daily close that occurred above daily 20 SMA, maintains positive near-term tone and gives initial signals of stronger correction. North-heading daily indicators and break above daily 20SMA, support the notion, however, sustained break above 0.74 barrier, is seen as initial step, with extension above next pivot at 0.7495, former lower platform, required to confirm scenario. Otherwise, expect prolonged consolidation, while recent tops at 0.7426, 04 Aug and 0.7416, 07 Aug, remain intact. Alternative scenario sees risk of 4-hour double top formation, on fresh acceleration lower and violation of pivotal 0.7332/13 supports, lows of 07/06 Aug.

Res: 0.7416; 0.7426; 0.7447; 0.7495
Sup: 0.7384; 0.7332; 0.7313; 0.7258

Short Term Technical Analysis for Majors (07:45 GMT)