Daily Outlook Of Major Pairs
Daily Outlook Of Major Pairs
As long as 151.85 minor resistance holds, pull back from 153.39 should extend lower for 146.96 key support level. We'd look for strong support from there to bring rebound. On the upside, above 151.85 minor resistance will indicate that the pull back is finished. And intraday bias will be turned back to the upside for 153.39.
Intraday bias in EUR/JPY remains neutral and range trading continues. As long as 131.16 support holds, further rise is mildly in favor. Decisive break of 134.48 will resume medium term rise from 114.84 and target 141.04 resistance next. However, sustained break of 131.16 support will now indicate near term trend reversal and turn outlook bearish for 127.55 key support.
EUR/AUD's correction from 1.5770 could extend lower. But we'd expect strong support from 1.5226 to contain downside to bring up trend resumption. On the upside, above 1.5482 will bring retest of 1.5770 first. However, sustained break of 1.5226 will carry larger bearish implications and turn outlook bearish.
Intraday bias in EUR/GBP remains neutral for the moment. Another fall is mildly in favor as long as 0.8866 holds. Below 0.8760 minor support will turn bias to the downside for 0.8688 first. Break will resume whole decline from 0.9305. However, firm break of 0.8866 resistance will indicate near term reversal and turn bias back to the upside for 0.8981 resistance and above.
Intraday bias in EUR/CHF remains neutral at this point and outlook is unchanged. We believe that the cross is close to topping, if not formed. This is under persistent bearish divergence condition in 4 hour MACD, and rising wedge like structure since 1.1709. On the downside, decisive break of 1.1597 support will a strong sign of trend reversal and should turn outlook bearish for 38.2% retracement of 1.0629 to 1.1736 at 1.1313.
Intraday bias in EUR/USD remains neutral for the moment. Focus is on 1.1712 cluster support (61.8% retracement of 1.1553 to 1.1960 at 1.1708). Decisive break there should confirm completion of rebound from 1.1553 at 1.1960. This would also be supported by a head and shoulder pattern (ls: 1.1860; h: 1.1960; rs: 1.1862). And in that case, deeper fall should be seen through 1.1553 to extend the medium term decline from 1.2091. Meanwhile, above 1.1862 will revive near term bullishness and target 1.1960 and above.
GBP/USD's correction from 1.3549 is still extending and intraday bias remains neutral at this point. As long as 1.3220 support holds, we'd favor another rise. Break of 1.3549 will target 1.3651 high next. Break there will resume medium term rally from 1.1946. However, firm break of 1.3220 will turn near term outlook bearish for 1.3038 key support level.
Intraday bias in USD/CHF remains neutral for the moment. On the upside, above 0.9977 will resume the rebound from 0.9734 for 1.0037 resistance. Break there will resume whole rally from 0.9420 and target 1..0342 key resistance next. On the downside, below 0.9839 will likely extend the correction from 1.0037 through 0.9734. But in that case, we'd expect strong support from 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to contain downside and bring rebound.
Intraday bias in USD/JPY remains neutral for the moment. With 111.98 intact, we'd favor another rise in the pair. Above 112.87 minor resistance will turn bias to the upside for 113.74. Break will target 114.73 key resistance. However, firm break of 111.98 support will extend the decline from 114.73 with another fall, possibly to 61.8% retracement of 107.31 to 114.73 at 110.14 before completion.
With a temporary top formed at 0.7694, intraday bias in AUD/USD is turned neutral first. Price actions from 0.7500 are viewed as a corrective pattern. Upside should be limited by 0.7732 cluster resistance (38.2% retracement of 0.8124 to 0.7500 at 0.7738). On the downside, below 0.7604 minor support will bring rest of 0.7500. Break will resume whole fall from 0.8124. However, sustained break of 0.7732 should invalidate our bearish view and bring stronger rise through 61.8% retracement at 0.7886.
Intraday bias in USD/CAD remains neutral as sideway consolidation from 1.2916 might extend further. But after all, with 1.2598 resistance turned support intact, outlook remains bullish and further rally is expected. On the upside, break of 1.2916 will resume the rise from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2885). Near term outlook will be turned bearish in this case.
EUR/USD rebounded to as high as 1.1862 last week but reversed from there. Initial bias is neutral this week first with focus on 1.1712 cluster support (61.8% retracement of 1.1553 to 1.1960 at 1.1708) again. Decisive break there should confirm completion of rebound from 1.1553 at 1.1960. This would also be supported by a head and shoulder pattern (ls: 1.1860; h: 1.1960; rs: 1.1862). And in that case, deeper fall should be seen through 1.1553 to extend the medium term decline from 1.2091. Meanwhile, above 1.1862 will revive near term bullishness and target 1.1960 and above.
USD/JPY dropped to as low as 112.02 last week but recovered ahead of 111.98 support. Initial bias remains neutral this week first. With 111.98 intact, we'd favor another rise in the pair. Above 112.87 minor resistance will turn bias to the upside for 113.74. Break will target 114.73 key resistance. However, firm break of 111.98 support will extend the decline from 114.73 with another fall, possibly to 61.8% retracement of 107.31 to 114.73 at 110.14 before completion.
GBP/USD correction from 1.3549 extended last week and outlook is unchanged. Initial bias is neutral this week. As long as 1.3220 support holds, we'd favor another rise. Break of 1.3549 will target 1.3651 high next. Break there will resume medium term rally from 1.1946. However, firm break of 1.3220 will turn near term outlook bearish for 1.3038 key support level.
USD/CHF dropped to 0.9839 last week but drew support from 55 day EMA and recovered. Near term outlook is mixed up a bit and initial bias is neutral this week first. on the upside, above 0.9977 will resume the rebound fro m0.9734 for 1.0037 resistance. Break there will resume whole rally from 0.9420 and target 1..0342 key resistance next. on the downside, below 0.9839 will likely extend the correction from 1.0037 through 0.9734. But in that case, we'd expect strong support from 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to contain downside and bring rebound.
AUD/USD's strong rebound last week indicates short term bottom at 0.7500. The pair should now engage in consolidation above 0.7500 in near term. At this point, we'd expect upside to be limited by 0.7732 cluster resistance (38.2% retracement of 0.8124 to 0.7500 at 0.77385). On the downside, below 0.7604 minor support will bring rest of 0.7500. Break will resume whole fall from 0.8124. However, sustained break of 0.7732 should invalidate our bearish view and bring stronger rise through 61.8% retracement at 0.7886.
USD/CAD's sideway consolidation continued last week and outlook is unchanged. Initial bias remains neutral this week first. With 1.2598 resistance turned support intact, outlook remains bullish and further rally is expected. On the upside, break of 1.2916 will resume the rise from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2885). Near term outlook will be turned bearish in this case.
GBP/JPY's fall from 153.39 accelerated lower last week and broke 149.74 support. Initial bias is on the downside this week for 146.96 key support level. We'd look for strong support from there to bring rebound. On the upside, above 151.85 minor resistance will indicate that the pull back is finished. And intraday bias will be turned back to the upside for 153.39.
EUR/JPY's sideway trading from 134.39 continued last week and outlook is unchanged. Initial bias remains neutral this week first. As long as 131.16 support holds, further rise is mildly in favor. Decisive break of 134.48 will resume medium term rise from 114.84 and target 141.04 resistance next. However, sustained break of 131.16 support will now indicate near term trend reversal and turn outlook bearish for 127.55 key support.
EUR/GBP gyrated higher last week but stayed below 0.8866 resistance. Initial bias remains neutral this week first. Another fall will be expected as long as 0.8866 holds. Below 0.8760 minor support will turn bias to the downside for 0.8688 first. Break will resume whole decline from 0.9305. However, firm break of 0.8866 resistance will indicate near term reversal and turn bias back to the upside for 0.8981 resistance and above.
EUR/AUD's fall from 1.5770 extended to as low as 1.5321 last week and initial bias stays mildly on the downside this week. Nonetheless, such decline is seen as a correction. Hence, we'd expect strong support from 1.5226 to contain downside to bring up trend resumption. On the upside, above 1.5482 will bring retest of 1.5770 first. However, sustained break of 1.5226 will carry larger bearish implications and turn outlook bearish.
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