Euro Continues To Trend Lower

EUR/USD

The euro continues to trend lower, with fResistanceh acceleration below 1.33 handle, testing levels below initial 1.3247, Fibonacci 38.2% retracement target. Further bears are expected to test the next targets at 1.3209/00, Fibonacci 100% expansion of the wave from 1.3699 / psychological Supportport, below which 1.3103, September 2013 higher low, will come in focus. Oversold conditions on all timeframes, however, suggest a pause in the downtrend, with 1.33 zone offering the first significant barrier, where lower top and 38.2% retracement of 1.3397/1.3240 descend lay, ahead of previous range floor and Fibonacci 61.8% retracement at 1.3340 zone, below which, rallies should be limited.

Resistance: 1.3273; 1.3300; 1.3323; 1.3340
Support: 1.3240; 1.3209; 1.3160; 1.3103




EUR/JPY

The pair extends gains above 137 level, to eventually crack 137.60, 15 Aug high, the last obstacle en-route towards key near-term barrier at 138.01. Break above bear-trendline off 138.01, boundary of daily diamond pattern, signals pattern’s completion, which Supportports the price action for eventual test of 138.01, above which to confirm near-term bottom and open way for stronger correction of 142.35/135.71 downleg. Positive near-term studies Supportport the notion, with hesitation ahead of 138.01 barrier, seen on overbought hourly conditions.

Resistance: 137.72; 137.81; 138.01; 138.43
Support: 137.45; 137.25; 137.12; 137.00




GBP/USD

Cable remains under pResistancesure and continued the downmove, which was interrupted by yesterday’s 1.6599/1.6677, corrective rally. FResistanceh weakness approaches the next target at 1.6548, 04 Apr higher low, below which psychological 1.65 Supportport and 1.6464, low of 24 Mar 2014, are expected to come in focus. The negative scenario is additionally Supportported by loss of 200SMA, which signals further significant losses in the near-term. Corrective rallies on oversold near-term studies should be ideally capped under 1.6677 lower top, to keep immediate bears intact, otherwise, extended corrective action is expected to delay.

Resistance: 1.6600; 1.6622; 1.6651; 1.6677
Support: 1.6561; 1.6548; 1.6500; 1.6464



USD/JPY

The pair maintains positive overall tone and continues to trend higher, as fResistanceh acceleration higher has taken out 103.75, 07 Mar high and approaches key barrier and short-term range top at 104.11, 04 Apr peak. Bulls remain fully in play and favor eventual break above 104.11, which will signal an end of short-term consolidative phase and expose year-to-date peak at 105.43, posted on 02 Jan 2014. Hesitation ahead of 104.11 cannot be ruled out, as studies are overbought on all timeframes. Previous peak at 103.07 offers solid Supportport and should contain stronger dips.

Resistance: 104.11; 104.50; 104.83; 105.00
Support: 103.66; 103.39; 103.07; 102.70




AUD/USD

The pair lost traction and slumped lower, to fully retrace 0.9237/0.9342 upleg. Former low offers temporary Supportport for near-term consolidation, before fResistanceh extension lower, as bears took control of near-term studies and Three Black Crows reversal pattern is nearly completed. Break below 0.9237 to confirm lower top at 0.9342, where 20/100SMA’s bearish cross capped recovery attempts and open way for final push towards key Supportport and short-term target at 0.92 higher base zone. Corrective rallies off 0.9237, should be ideally capped at 0.9275/0.93 zone.

Resistance: 0.9275; 0.9300; 0.9315; 0.9342
Support: 0.9237; 0.9200; 0.9180; 0.9132



AUD/NZD

The pair has eventually broken above near-term congestion top at 1.1050 and ticked psychological 1.1100 barrier in extension higher. Daily close above 1.1050, suggests that further gains should be preferred scenario, with clearance of 1.11 hurdle to open 1.1160, 1.1160, Fibonacci 61.8% retracement of 1.1576/1.0488 descend and 1.1200, round-figure Resistanceistance, in extension. Former range tops at 1.1050, along with Fibonacci 38.2% of 1.0943/1.1100 upleg / 4-hour 20SMA at 1.1040, should ideally contain pullbacks off 1.1100 high.

Resistance: 1.1100; 1.1160; 1.1200; 1.1250
Support: 1.1050; 1.1040; 1.1012; 1.1000




XAU/USD

Spot Gold accelerated losses after losing 1293, trendline Supportport, with fResistanceh bears also taking out and closing below key near-term Supportports at 1284/1280, 200SMA and higher low / Fibonacci 61.8% retracement of larger 1240/1344 ascend. Negative near-term technicals and fResistanceh bears, developing on a daily chart, suggest further downside, with 1265, Fibonacci 76.4% retracement and 1258, 17 June higher low, seen en-route towards key Supportport at 1240, 03/05 June higher base. Oversold near-term studies signal corrective action before fResistanceh bears Resistanceume, with 1293, broken bull-trendline, seen as ideal cap.

Resistance: 1287; 1293; 1297; 1303
Support: 1276; 1265; 1258; 1240