Market Outlook EUR/JPY Remains Supported

EUR/USD

The euro is under increased pressure and probes below 1.36 support, mid-point of 1.3511/1.3699 ascend / daily Kijun-sen line, after brief 1.3600/20 range consolidation. Yesterday’s acceleration lower, following dollar supportive fundamentals, commenced fresh bear-leg, part of reversal from 1.3699 peak and so far retraced over 76.4% of 1.3573/ 1.3699 upleg. Negative tone sees further weakness favored, with immediate focus at 1.3573/63, lows of 26/20 June. Also, daily picture shows confirmation of reversal pattern and favors further downside. Oversold near-term studies, however, may delay fresh bears in favor of corrective attempts. Initial resistance lies at 1.3620, previous consolidation top, ahead of 1.3640 lower platform and 61.8% retracement of 1.3662/1.3594 downleg, where rallies should find solid resistance.

Resistance: 1.3620; 1.3640; 1.3662; 1.3680
Support: 1.3573; 1.3563; 1.3534; 1.3511




EUR/JPY
The pair remains supported and extended near-term bulls off 137.90 higher base, to post fresh high at 136.26. Subsequent corrective pullback probes below 139 handle, with dips expected to find ground above 138.50 higher low, to keep near-term bulls in play for test of daily cloud base at 139.43 and eventual push towards pivotal 140 barrier. Positive 4-hour studies are supportive, while weakening hourly technicals suggest further corrective actions, before bulls re-assert.

Resistance: 138.94; 139.26; 139.43; 140.00
Support: 138.50; 138.27; 138.09; 137.90




GBP/USD

Cable maintains positive tone and continues to trend higher, following dip to 1.71 support after release of US jobs data. Marginally higher high posted at 1.7177, keeps the upside favored and immediate focus at psychological 1.72 barrier. Overbought daily studies, however, suggest corrective actions, with immediate supports at 1.7100, yesterday’s post-data low and 1.7061, previous barriers. Only extension below psychological 1.7000 level and higher base at 1.6950, would sideline bulls for stronger reversal.

Resistance: 1.7177; 1.7200; 1.7250; 1.7300
Support: 1.7140; 1.7100; 1.7061; 1.7000



USD/JPY

The pair’s fresh strength regained levels above 102 handle, where the price is attempting to stabilize after hitting fresh recover high at 102.25. Near-term picture remains positive overall and favors eventual retest and break above the other pivotal barrier at 102.35, to confirm higher low at 101.22 and open way for eventual attack at key 102.78/103.09 barriers. Corrective actions should ideally find support at 102 zone, otherwise, bulls may be further delayed for extended pullback to 101.86/74, 38.2% and 50% retracement of 101.22/102.25 upleg. Loss of 101.74/60 previous resistances, is expected to neutralize near-term bulls and shift focus lower again.

Resistance: 102.25; 102.35; 102.63; 102.78
Support: 101.86; 101.74; 101.60; 101.39




AUD/USD

The pair extended weakness off fresh high at 0.9503 and nearly fully retraced 0.9320/0.9503 ascend, on a fall to 0.9327 so far. Bulls are firmly in play on lower timeframes studies, also establishing on a daily chart, which favors final push through the next strong support at 0.9320, low of 18 June and 61.8% retracement of 0.9209/0.9503 ascend. However, oversold near-term conditions may delay immediate bears. Initial resistance lies at 0.9380, with 0.94 zone, expected to ideally cap.

Resistance: 0.9380; 0.9400; 0.9436; 0.9463
Support: 0.9327; 0.9320; 0.9300; 0.9278




AUD/NZD

The pair maintains negative tone and extended larger bear-trend below psychological 1.07 support, after leaving lower top at 1.0834, before accelerating lower. Negative overall picture favor further downside and eventual push for full retracement of 1.0644/1.1030 ascend. Corrective action on oversold neater studies, should ideally hold below 1.0750 zone, previous low / 50% of 1.0834/1.0669. Only break above 1.0834 peak provides relief.

Resistance: 1.0704; 1.0744; 1.0771; 1.0800
Support: 1.0669; 1.0644; 1.0615; 1.0600



XAU/USD

Spot Gold’s hourly studies are regaining momentum after yesterday’ post-data spike to 1309 and subsequent quick recovery. However, overall near-term picture lost traction on repeated failure above 1330 barrier and following weakness towards key supports. Fresh strength through 1325, previous peaks, is seen as minimum requirement to confirm near-term bulls back in play and avert risk of re-visiting strong 1306./00 support zone and breakpoints. Daily studies remain positive but overextended that keeps downside risk in play.

Resistance: 1325; 1334; 1342; 1356
Support: 1319; 1316; 1309; 1306