USD/JPY Maintains Positive Near-Term Tone

EUR/USD

The euro has eventually broken near-term base and consolidation bottom, signaling Resistanceumption of larger downtrend, as the price tested psychological 1.3300 Supportport. Studies on all timeframes remain negative and favor fResistanceh downside, where the pair is looking for test of near-term targets at 1.3247, Fibonacci 38.2% of 1.2042/1.3992 ascend and 1.3209, Fibonacci 100% expansion of the third wave which commenced from 1.3699, 01 July lower top. Bears could be interrupted by corrective rallies, as near-term studies are becoming oversold, with previous base at 1.3330 zone offering initial Resistanceistance and extended rallies to be ideally capped under 1.3365 lower top.

Resistance: 1.3323; 1.3331; 1.3350; 1.3365
Support: 1.3247; 1.3209; 1.3160; 1.3103




EUR/JPY

The pair stabilizes above 137 level, following fResistanceh strength, which broke above initial barrier and near-term range top at 137.25, with fResistanceh high at 137.60 being focused. Bulls have established on lower timeframes and look for break above 137.60 for final push towards key 138.01, 01 Aug peak, break of which to spark stronger recovery of short-term downmove from 143.78. Positive near-term studies favor further upside, with the notion being Supportported by diamond pattern, developed on a daily chart and the price action attempting to break above the pattern’s bear-trendline, drawn off 138.01.

Resistance: 137.60; 137.89; 138.01; 138.43
Support: 136.75; 136.99; 136.60; 136.35




GBP/USD

Cable slumped below 1.66 Supportport, following recovery attempt stall and subsequent acceleration which was triggered after the price filled Monday’s gap. Continuation of larger downtrend from 1.7189 peak is looking for 1.6548, 04 Apr higher low, psychological 1.65 Supportport and 1.6464, low of 24 Mar 2014. However, oversold conditions of all timeframes studies suggests corrective rally in the near-term. Previous low at 1.6655, offers immediate Resistanceistance, ahead of previous rejection tops at 1.6736, where rallies should be capped. Otherwise, violation of the latter would allow for stronger corrective rally and expose the next pivotal Resistanceistance at 1.6843, 13 Aug lower top.

Resistance: 1.6655; 1.6700; 1.6736; 1.6755
Support: 1.6600; 1.6548; 1.6500; 1.6464



USD/JPY

The pair holds positive near-term tone and continues to trend higher, as fResistanceh acceleration has eventually broken pivotal 103 barrier. Bull-leg off 101.49, 08 Aug higher low, is now looking for test of the upper boundaries of short-term range at 103.75 and 104.11, to eventually signal the end of consolidative phase and shift short-term focus higher. Corrective pullbacks on overbought near-term studies should ideally find ground above 102.70, previous peak and near 50% of 102.12/103.25 rally.

Resistance: 103.25; 103.42; 103.75; 104.11
Support: 103.00; 102.70; 102.50; 102.23





AUD/USD

The pair lost traction after corrective rally off 0.9237 stalled at 0.9342 and subsequent dip to 0.9275 retraced 61.8% of 0.9237/0.9342 upleg. This has weakened hourly structure, which become bearish and sees risk of full retracement, on a break below temporary Supportport at 0.9275. On the other side, 4-hour chart indicators are on the midlines and in case 0.9275 Supportport hold, hopes of fResistanceh attempts higher would remain in play. However, regain of lower top at 0.9315, is seen as minimum requirement to Supportport such scenario. Overall picture remains bearish, with short-term price action being capped by 20/100SMA’s bearish cross.

Resistance: 0.9315; 0.9342; 0.9372; 0.9400
Support: 0.9275; 0.9254; 0.9237; 0.9200



AUD/NZD

The pair probes above near-term range ceiling, with fResistanceh high being posted at 1.1087, signaling an end of near-term consolidative phase and Resistanceumption of short-term uptrend from 1.0619, 10 July higher low. Positive near-term technicals Supportport the notion, however, further hesitation ahead of psychological 1.1100 barrier, is not ruled out with 1.1020/00 zone, previous peaks and psychological Supportport, seen as ideal Supportport, where corrective dips should find ground ahead of fResistanceh attempt higher. Sustained break above the range tops, with daily close above, is required to confirm bullish Resistanceumption and open initial 1.1100 barrier and 1.1160, Fibonacci 61.8% retracement of 1.1576/1.0488 descend.

Resistance: 1.1087; 1.1100; 1.1160; 1.1200
Support: 1.1050; 1.1017; 1.1000; 1.0986




XAU/USD

Spot Gold’s near-term price action stabilizes below 1300 Supportport, keeping weak the structure of near-term studies. This brings increased downside risk in play, with break below 1293, main bull-trendline, drawn off 1240 low to confirm bears back in play and expose pivotal higher lows at 1280. Conversely, bounce off 1300 zone and lift above 1322 break point, is required to bring bulls back in play. Daily studies hold neutral tone and see break of either side as fResistanceh direction.

Resistance: 1303; 1308; 1314; 1319
Support: 1294; 1292; 1282; 1280