Euro Under Pressure, Resumes Large Downtrend

EUR/USD

The euro remains under pResistancesure and Resistanceumes larger downtrend, after the last corrective attempt was capped at 133 zone, where fResistanceh leg lower commenced. FResistanceh weakness took out temporary footstep at 1.3240, with today’s gap-lower opening, cracking its next target at 1.32 zone. The pair’s overall bearish outlook favors further downside, with next targets at 1.3103, Sep 2013 higher low and 1.3022, Fibonacci 138.2% expansion of the wave from 1.3699. Oversold near-term studies suggest corrective rallies would interrupt descend, with initial Resistanceistance at 1.3220, Friday’s low and 1.33 zone expected to cap.

Resistance: 1.3220; 1.3260; 1.3300; 1.3330
Support: 1.3184; 1.3150; 1.3103; 1.3150




EUR/JPY

The pair corrects fResistanceh gains which came ticks ahead of key 138.01 Resistanceistance, 01 Aug high and daily Ichimoku cloud base. The pullback found temporary Supportport at 139.40, bear-trendline off 138.01 and former diamond pattern’s upper boundary, with dips expected to be ideally contained here, before fResistanceh attempt through 138.01. Sustained break here is required to confirm near-term bottom at 135.71 and allow for stronger corrective rally, with immediate barrier laying at 138.25, Fibonacci 38.2% retracement of 142.35/135.71 descend, ahead of lower top of 14 July at 138.43 and psychological 139 barrier, also 50% retracement. However, caution is required, as daily Outside Day pattern warns of possible stall of the rally and prolonged sideways trade, which requiResistance confirmation on an bearish extension below 137.00/136.80 Supportports.

Resistance: 137.65; 137.88; 138.01; 138.25
Support: 137.40; 137.25; 137.00; 136.80




GBP/USD

Cable remains under pResistancesure and continues to trend lower, as week’s gap-lower opening took out the next target at 1.6548, 04 Apr higher low, eyeing psychological 1.65 Supportport and 1.6464, low of 24 Mar 2014. Sustained break below 200SMA, signals further significant losses in the near-term. Corrective rallies on overextended 4-hour conditions face initial Resistanceistance at 1.66 zone and stronger correction to be ideally capped under 1.6677 lower top. Otherwise, extended corrective action is expected to delay bears.

Resistance: 1.6600; 1.6622; 1.6651; 1.6677
Support: 1.6534; 1.6500; 1.6464; 1.6400



USD/JPY

The pair maintains overall bullish tone and continues to trend higher, as fResistanceh bulls cracked key 104.11, 04 Apr peak, the last obstacle on the way to 105.43, 02 Jan peak. Bullish structure is Supportported by gap –higher opening, with sustained break and close above here, to confirm bullish Resistanceumption. Initial Supportport lies at 104 zone, ahead of trough at 103.50 and previous peaks at 103.07, above which, corrective dips should be contained.

Resistance: 104.26; 104.50; 104.83; 105.00
Support: 104.00; 103.50; 103.07; 102.70



AUD/USD

The pair trades in near-term corrective mode off fResistanceh low at 0.9237, after weakness off 0.9342 fully retraced 0.9237/0.9342 rally. Near-term mode is neutral and sideways trading is expected to continue, while 0.9342 top caps. Break here to signal double-bottom formation on 4-hour chart and stronger rally, which requiResistance break above pivotal 0.9372, 06 Aug lower top, to confirm the scenario.

Resistance: 0.9342; 0.9372; 0.9400; 0.9415
Support: 0.9289; 0.9271; 0.9237; 0.9200




AUD/NZD

The pair Resistanceumes larger uptrend off 1.0619, 10 July low, after fResistanceh acceleration from 1.1055 higher base, eventually broke above psychological 1.1100 barrier and tested the next target at 1.1160, Fibonacci 61.8% retracement of 1.1576/1.0488 descend. Daily close above here to confirm break and look for 1.1200, round figure Resistanceistance and previous July/Sep 2013 lower base, ahead of 1.1319, Fibonacci 76.4% retracement.

Resistance: 1.1160; 1.1200; 1.1250; 1.1319
Support: 1.1100; 1.1079; 1.1050; 1.1000




XAU/USD

Spot Gold remains under pResistancesure overall, as fResistanceh weakness under 1300/1293, psychological/trendline Supportport, posted new low at 1272, above which near-term consolidation is under way. Prevailing bearish tone favors further downside, with 1265, Fibonacci 76.4% retracement of 1240/1344 ascend and 1258, 17 June higher low, offering Supportports en-route towards key Supportport at 1240, 03/05 June higher base. Corrective rallies were so far capped at 1282, just ahead of 200SMA at 1284, which should ideally hold upside attempts, with extended rallies, expected to hold under broken bull-trendline off 1240, currently at 1298.

Resistance: 1284; 1290; 1296; 1298
Support: 1272; 1265; 1258; 1240