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AUD/NZD Trades Under Fresh Highs; Cable Regaining Traction

Published 08/29/2014, 03:28 AM
Updated 02/21/2017, 08:25 AM

EUR/USD

The euro remains in near-term range and trades in the range’s lower part, after recovery attempts failed to complete Monday’s gap and rally stalled at pivotal 1.3220 barrier, last week’s low. Fresh weakness nearly fully reversed corrective rally off 1.3149, threatening break lower and extension of larger downtrend, as sentiment turned negative and near-term technicals hold bearish tone. Fresh weakness below 1.3149 to open immediate target at 1.3103, Sep 2013 trough, ahead of double-Fibonacci support at 1.3020 zone, 50% retracement of 138.2% expansion of the wave from 1.3699. However, overextended daily conditions may cause prolonged consolidative phase, while clear break above 1.3220 is required to spark fresh recovery action.

Res: 1.3185; 1.3200; 1.3220; 1.3240
Sup: 1.3149; 1.3103; 1.3050; 1.3020

EUR/USD Hour Chart


EUR/JPY

The pair maintains negative near-term tone and accelerated lower, to post fresh low at 136.40 after brief consolidative action off 136.70, was capped at 137.30, by broken bear-trendline, drawn off 137.98 peak. Fresh weakness below pivotal 137.00/136.80 supports confirms resumption of reversal from 137.98 and formation of double-top at 138 zone. This signals further downside, with the notion being supported by bearish near-term studies. Descend so far retraced over 61.8% of 135.71/137.98 upleg, with extension below 136.35, 24 July / 12 Aug lows, required to confirm and open key 135.71, 08 Aug 9-month low, for retest. Corrective rallies should stay capped under 137.00/30 barriers, to keep fresh bears intact.

Res: 136.84; 137.00; 137.30; 137.40
Sup: 136.35; 136.00; 135.71; 135.00

EUR/JPY Hour Chart


GBP/USD

Cable near-term studies are regaining traction, as bounce off 1.6534 low attacks again strong 1.66 barrier. Rallies were so far by descending 4-hour 55SMA at 1.6610, with sustained break here, required to confirm basing attempt and further improve upside-heading 4-hour studies for push towards pivotal 1.6677/85, 20 Aug lower top / 200SMA and possible extension to the key near-term barrier at 1.6735 lower platform. However, overall negative tone sees current movements as corrective action and failure to clear 1.6735 barrier, would keep in play scenario of lower top formation and fresh weakness which is expected to follow.

Res: 1.6610; 1.6622; 1.6651; 1.6677
Sup: 1.6565; 1.6534; 1.6500; 1.6464
GBP/USD Hour Chart


USD/JPY

The pair remains in near-term corrective phase, off fresh high at 104.26, posted on 25 Aug, after fresh bulls cracked key 104.11, 04 Apr peak, the last obstacle en-route to 105.43, 02 Jan peak. Corrective easing establishes below initial 104 support, with 103.50, 22 Aug low and 103.20, Fibonacci 38.2% of 101.49/104.26 upleg, seen as next significant supports, with extended pullback to be contained above 103 zone, previous peaks and psychological support, to keep overall bulls in play.

Res: 103.86; 104.00; 104.16; 104.26
Sup: 103.50; 103.20; 103.07; 102.67

USD/JPY Hour Chart


AUD/USD

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Near-term bulls remain in play, as the pair extended rally off 0.9237 through 0.9327/42 barriers, also penetrating daily cloud base and 55SMA, to touch pivotal 0.9372, lower top of 06 Aug and 50% of 0.9503/0.9237 descend. Break above here is required to confirm base at 0.9237 for more significant correction of 0.9503/0.9237 descend, with 0.94 psychological barrier / 61.8% retracement and 0.9415 lower top, seen as immediate targets. Consolidative phase is expected fresh eventual push through 0.9372. Otherwise, prolonged sideways trade could be expected in the near-term, in case of failure to break 0.9372 barrier. Initial support at 0.9349, so far holds, with extension lower to face ahead of 0.9326/20 higher base/ previous range tops/Fibonacci 38.2% of 0.9236/0.9372 upleg, where pullbacks should find solid support.

Res: 0.9358; 0.9372; 0.9400; 0.9440
Sup: 0.9349; 0.9326; 0.9320; 0.9308

AUD/USD Hour Chart


AUD/NZD

The pair trades in near-term consolidative phase under fresh highs, where acceleration from 1.1055 higher base run out of steam, ticks away from psychological 1.1200 barrier. Consolidative action is for contained at 1.1125, where near-term base has been established, with hourly studies being neutral mode. However, underlying bull-trend remains intact and sees scope for fresh attempt higher, after completion of near-term consolidative phase, which should be ideally contained at 1.1125/00 levels, to keep bullish structure on 4-hour chart intact. Break above 1.1200 to open 1.1300/19, round figure/Fibonacci 76.4% retracement of 1.1576/1.0488 descend.

Res: 1.1187; 1.1200; 1.1250; 1.1300
Sup: 1.1140; 1.1125; 1.1100; 1.1081

AUD/NZD Hour Chart


XAU/USD

Spot Gold maintains positive near-term tone and extended corrective rally off 1272, to reach 1296, 50% retracement of 1319/1272 descend, so far. Strong barrier at 1300, where psychological resistance, Fibonacci 61.8% level and broken bull-trendline off 1240 low mark a breakpoint, comes in near-term focus, with sustained break higher required to improve larger picture technicals, which are still weak and confirm recovery rally resumption towards next strong barriers and key levels at 1319/22 zone. Dips so far found footstep at 1287, previous peak and hourly 55SMA, with higher low at 1280, required to stay intact in case of extended pullback, to keep fresh bulls in play.

Res: 1296; 1300; 1305; 1314
Sup: 1287; 1284; 1280; 1272

XAU/USD Hour Chart

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