Euro Holds Above Fresh Lows; AUD/NZD Favors Further Upside

EUR/USD

The euro holds above fresh lows, with some improvement seen on the hourly chart, as the price cracked initial 1.3144 barrier. However, overall negative tone and lack of strength for more significant gains, keeps the downside at risk. Immediate supports stand at 1.3130 and more significant 1.31 zone, below which, resumption of larger downmove will look for test of 1.3020, double Fibonacci support and psychological 1.3000level. On the upside, 1.3160 offers immediate resistance, ahead of 1.3185/95 and pivotal 1.3220 lower platform / Fibonacci 38.2% of larger 1.3410/1.3108 descend. Break here to signal stronger recovery towards 1.3295, 22 Aug lower top / Fibonacci 61.8% retracement.

Res: 1.3160; 1.3185; 1.3195; 1.3220
Sup: 1.3130; 1.3100; 1.3080; 1.3020




EUR/JPY

The pair consolidates after fresh extension higher cracked 138 barrier and posted new high at 138.24, where gains were limited by daily cloud top and Fibonacci 38.2% retracement of 142.35/135.71 descend. Consolidative action is so far contained by hourly 55SMA at 137.66, ahead of strong 137.50 zone, previous high and Fibonacci 38.2% of 136.40/138.24 upleg. Positive near-term structure favors fresh attempts through 138.24, towards 138.43, 14 July lower top, 139.00, psychological / 50% retracement and 139.26, 03 July lower high. Deeper pullback could be expected on violation of 137.50 support, while loss of 137.10/00, will be bearish.

Res: 138.24; 138.43; 138.74; 139.00
Sup: 137.66; 137.66; 137.10; 137.00




GBP/USD

Cable remains under pressure, with acceleration from 1.6642, 01 Sep lower top, approaching psychological 1.6400 support. Fresh bears below here to look for test of 1.63 handle and 1.6281, Fibonacci 61.8% retracement of larger 1.4812/1.7189 ascend. Corrective attempts were so far limited under initial 1.65 barrier, with stronger rallies to be limited by 1.6535/45 zone, former consolidation range floor and Fibonacci 61.8% of 1.6642/1.6438 downleg.

Res: 1.6500; 1.6534; 1.6545; 1.6565
Sup: 1.6438; 1.6400; 1.6380; 1.6350



USD/JPY

The pair enters near-term consolidative phase after posting fresh high at 105.30, en-route to key 105.43 barrier. Shallow pullback so far found support at 104.72, 4-hour 200SMA, keeping immediate bulls in play for renewed attempt higher. Positive near-term structure supports the notion, as break above 105.43 will end short-term corrective phase and signal resumption of larger uptrend. Alternative scenario sees deeper pullback towards strong 104.26/00 support zone, loss of which would neutralize immediate bulls.

Res: 105.00; 105.30; 105.43; 105.57
Sup: 104.72; 104.62; 104.26; 104.00



AUD/USD

The pair consolidates under fresh high at 0.9362, ahead of strong barrier and double-top at 0.9372. Positive near-term structure and price action holding near the upper boundary of 0.9237/0.9372 range, keep the upside in focus, with eventual break above 0.9372 barrier, also 50% of larger 0.9503/0.9237 descend, seen as a trigger for stronger bounce and retracement. Conversely, near-term structure would weaken in case of further easing through 0.93 support. Overall picture remains in neutral mode and requires break through range borders to establish fresh direction.

Res: 0.9350; 0.9362; 0.9372; 0.9400
Sup: 0.9320; 0.9300; 0.9285; 0.9260




AUD/NZD

The pair remains supported and favors further upside, after eventual break above 1.12 barrier posted fresh high at 1.1244. Consolidative action is expected to precede fresh extension higher, with initial 1.12 support so far being intact, ahead of next strong level at 1.1187, previous peaks. Extended reversal should ideally hold above 1.1120, Fibonacci 38.2% of 1.0922/1.1244 ascend / previous consolidation range floor, to keep bulls intact.

Res: 1.1200; 1.1243; 1.1300; 1.1319
Sup: 1.1211; 1.1200; 1.1187; 1.1165




XAU/USD

Spot Gold maintains negative tone and consolidates fresh acceleration lower, which posted new low at 1261. Immediate targets lie at 1258 and 1250, with final push lower, expected to fully retrace 1240/1344 ascend. Upside attempts face immediate resistance at 1272, previous low, with stronger rallies to be ideally capped by 1282/85, Fibonacci 61.8% of 1296/1261 descend and 200SMA.

Res: 1272; 1278; 1282; 1285
Sup: 1258; 1250; 1240; 1231