Technical Out Look Of Major Pairs
Technical Out Look Of Major Pairs
EUR/AUD drops further to as low as 1.5343 as correction from 1.5770 extends. At this point, we'd still expect downside to be contained above 1.5226 key support to bring rally resumption. Above 1.5482 minor resistance will turn bias to the upside for 1.5770. Break there will resume the medium term rise and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. However, sustained break of 1.5226 will carry larger bearish implications and turn outlook bearish.
Intraday bias in EUR/GBP stays neutral at this point. With 0.8866 resistance intact, near term outlook remains mildly bearish and deeper fall is expected. Break of 0.8688 will extend the fall from 0.9305 and target 61.8% projection of 0.9305 to 0.8745 from 0.8981 at 0.8468 first and then 100% projection at 0.8151 next. However, break of 0.8866 resistance will indicate near term reversal and turn bias back to the upside for 0.8981 resistance instead.
Intraday bias in EUR/CHF remains neutral and outlook is unchanged. It's close to topping, if not formed. This is supported by persistent bearish divergence condition in 4 hour MACD, and rising wedge like structure. On the downside, break of 1.1597 support will will be a strong sign of trend reversal and should turn outlook bearish for 38.2% retracement of 1.0629 to 1.1736 at 1.1313.
EUR/USD's rebound from 1.1717 was limited at 1.1862 and retreated deeply. Intraday bias is turned neutral first. Overall, near term outlook remains bullish with 1.1712 cluster support (61.8% retracement of 1.1553 to 1.1960 at 1.1708) intact. Further rally is expected and above 1.1862 will target 1.1900 first. Break will target 1.2029 high next. However, decisive break there will indicate that rebound from 1.1553 has completed at 1.1960. In that case, deeper fall would be seen to 1.1553 and possibly below to extend the decline from 1.2091.
The corrective pattern from 1.3549 is still unfolding and intraday bias remains neutral. Another fall cannot be ruled out yet. But after all, as long as 1.3220 support holds, we'd continue to favor another rise. On the upside, break of 1.3549 will target 1.3651 high next. However, firm break of 1.3220 will turn near term outlook bearish for 1.3038 key support level.
Breach of 0.9895 minor resistance argues that pull back from 0.9977 might be completed at 0.9839. But upside momentum is weak so far. Intraday bias is turned neutral first. On the downside, break of 0.9839 will extend the fall from 0.9977. Such decline is seen as part of the correction pattern from 1.0037. It could target 0.9734 support and below. But 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. On the upside, break of 0.9977 will revive near term bullishness and target 1.0037 and above.
At this point, the fall from 113.74 is still seen as a correction. As long as 111.98 support holds, further rally is expected in USD/JPY. Above 112.87 minor resistance will turn bias to the upside for 113.74. Break will target 114.73 key resistance. However, 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.
Intraday bias in AUD/USD remains mildly on the upside as rise from 0.7500 short term bottom is still in progress. Further rally could be seen. For now, we'd expect strong resistance from 0.7732 cluster resistance (38.2% retracement of 0.8124 to 0.7500 at 0.77385) to limit upside to bring fall resumption. Below 0.7579 minor support will turn bias to the downside for 0.7500 and below. However, sustained break of 0.7732 should invalidate our bearish view and bring stronger rise through 61.8% retracement at 0.7886.
USD/CAD dropped sharply from 1.2891, but still it's staying in range below 1.2916. Consolidation from there is in progress and intraday bias remains neutral. Also, outlook remains bullish with 1.2598 resistance turned support intact. On the upside, firm break of 1.2916 will resume whole rally 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 1.2888). Near term outlook will be turned bearish in this case.
Intraday bias in USD/JPY remains neutral at this point. Decline from 113.74 is still seen as a correction. As noted before, as long as 111.98 support holds, further rally is expected in the pair. On the upside, above 113.68 will extend the rise from 110.83 to 114.73 resistance first. Decisive break there will resume whole rise from 107.31. More importantly, that will confirm completion of medium term correction from 118.65 at 107.31. In that case, retest of 118.65 should be seen next. However, break of 111.98 support will extend the correction from 114.73 with another fall, possibly to 61.8% retracement of 107.31 to 114.73 at 110.14 before completion.
As long as 0.9895 minor resistance holds, intraday bias in USD/CHF remains on the downside for deeper fall. Decline from 0.9977 is part of the correction pattern from 1.0037. It could target 0.9734 support and below. But we'd 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. On the upside, above 0.9895 minor resistance will turn bias back to the upside for 0.9977 instead.
GBP/USD is still bounded in the corrective pattern from 1.3549 and intraday bias remains neutral. Another fall cannot be ruled out yet. But after all, as long as 1.3220 support holds, we'd continue to favor another rise. On the upside, break of 1.3549 will target 1.3651 high next. However, firm break of 1.3220 will turn near term outlook bearish for 1.3038 key support level.
Intraday bias in EUR/USD remains on the upside for the moment. Corrective pull back from 1.1960 has completed at 1.1717 already. Also, as the pair defended 1.1712 cluster support (61.8% retracement of 1.1553 to 1.1960 at 1.1708), near term bullish outlook is retained. Further rise should be seen to 1.1960 first. Break will target 1.2029 high next. And even in case of retreat, outlook will remain bullish as long as 1.1708/12 cluster support holds.
GBP/JPY's corrective fall from 153.39 is still in progress and intraday bias remains neutral. As long as 149.74 support holds, outlook remains bullish in the cross. Break of 153.39 will resume the medium term up trend and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. However, break of 149.74 will dampen our bullish view and turn bias back to the downside for 146.96 key support instead.
EUR/JPY is still bounded in range of 131.16/134.48 and intraday bias remains neutral. Further rise is expected as long as 131.16 support holds. 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.
Intraday bias in EUR/GBP stays neutral at this point. With 0.8866 resistance intact, near term outlook remains mildly bearish and deeper fall is expected. Break of 0.8688 will extend the fall from 0.9305 and target 61.8% projection of 0.9305 to 0.8745 from 0.8981 at 0.8468 first and then 100% projection at 0.8151 next. However, break of 0.8866 resistance will indicate near term reversal and turn bias back to the upside for 0.8981 resistance instead.
EUR/AUD's correction from 1.5770 is still in progress and would extend lower. But at this point, we'd still expect downside to be contained above 1.5226 key support to bring rally resumption. Above 1.5556 minor resistance will turn bias to the upside for 1.5770. Break there will resume the medium term rise and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. However, sustained break of 1.5226 will carry larger bearish implications and turn outlook bearish.
Intraday bias in EUR/CHF remains neutral first. We maintained the view that EUR/CHF is close to topping, if not formed. This is supported by persistent bearish divergence condition in 4 hour MACD, and rising wedge like structure. On the downside, break of 1.1597 support will will be a strong sign of trend reversal and should turn outlook bearish for 38.2% retracement of 1.0629 to 1.1736 at 1.1313.
AUD/USD's strong rebound and break of 0.7652 indicates short term bottoming at 0.7500, on bullish convergence condition in 4 hour MACD. Intraday bias is now on the upside for further rise. However, we'd expect strong resistance from 0.7732 cluster resistance (38.2% retracement of 0.8124 to 0.7500 at 0.77385) to limit upside to bring fall resumption. Below 0.7579 minor support will turn bias to the downside for 0.7500 and believe. However, sustained break of 0.7732 should invalidate our bearish view and bring stronger rise through 61.8% retracement at 0.7886.
USD/CAD is staying in range below 1.2916 and intraday bias remains neutral first. On the upside, firm break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. In case of another fall, we'd expect strong support from 1.2598 to contain downside and bring rebound. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.
USD/JPY's pull back from 113.74 extended lower but it's kept well above 111.98 minor support. Intraday bias remains neutral and such decline is still seen as a correction. As noted before, as long as 111.98 support holds, further rally is expected in the pair. On the upside, above 113.68 will extend the rise from 110.83 to 114.73 resistance first. Decisive break there will resume whole rise from 107.31. More importantly, that will confirm completion of medium term correction from 118.65 at 107.31. In that case, retest of 118.65 should be seen next. However, break of 111.98 support will extend the correction from 114.73 with another fall, possibly to 61.8% retracement of 107.31 to 114.73 at 110.14 before completion
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