Thread: Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

The Euro cracked psychological 1.33 resistance on Wednesday’s rally through 1.3280, two-day consolidation top. Fresh gains reached 1.3323 so far, over 61.8% retracement of 1.3450/1.3103 downleg, with positive near-term studies being supportive for further advance. Clearance of 1.33 barrier would open way for final push towards key levels at 1.3414/50, 19/06 and 20/08 highs, also five-month cycle peaks. From the other side, daily studies are still weak and keep the risk of possible stall in play. Near-term bulls may be delayed, as 4-hour studies are overbought, with corrective easing expected to face immediate support at 1.3280, previous range top / daily 20DMA, ahead of more significant 1.3240/30 higher platform that should contain dips.
Res: 1.3323; 1.3355; 1.3400; 1.3414
Sup: 1.3280; 1.3253; 1.3230; 1.3220






GBPUSD

Near-term bulls remain unobstructed, as the pair rallies higher and broke above psychological 1.58 barrier, after clearing key short-term resistance at 1.5751. Fresh bull phase above 1.5751, attempts at initial target at 1.5843, 08/02 high, ahead of 1.5877; 01/02 high and psychological 1.5900 barrier. Studies remain positive on all timeframes and keep the upside favored, however, corrective pullback on overbought conditions is likely to precede fresh rallies. Immediate support lies at 1.5800, with previous peak at 1.5751, seen next and 1.5700 zone expected to contain.
Res: 1.5831; 1.5843; 1.5877; 1.5900
Sup: 1.5800; 1.5751; 1.5717; 1.5700






USDJPY

The pair came under increased pressure, after pullback from fresh high at 100.60, accelerated lower and broke below important 99.32 support and weekly low. With hourly studies being negative and 4-hour indicators approaching their midlines, immediate risk is seen on violation of 99.00 support that will fill Monday’s gap and open way for further easing towards 98.00, 50% retracement of 96.80/100.60 upleg and 98.53, 06/09 spike low, loss of which to confirm near-term top at 100.60. Conversely, reversal above 99.00, would keep near-term bulls in play, as positive daily studies support such scenario. Res: 99.60; 100.00; 100.36; 100.44
Sup: 99.18; 99.00; 98.70; 98.53






AUDUSD

The Aussie’s near-term bulls extended higher to briefly test the upper boundary of pivotal 0.9300/50 resistance zone. Subsequent sharp pullback weakened hourly structure, as the price dipped about 100 pips, but could be still seen as corrective, as 4-hour structure is positive. However, reversing 4-hour indicators suggest that further easing cannot be ruled out, with strong 0.9232/20 and 0.9200 support area, coming in sight. Ideally, dips should be contained here, to keep overall near-term positive structure intact, as fresh strength above 0.9350 is required to signal reversal.


Res: 0.9275; 0.9300; 0.9316; 0.9353
Sup: 0.9232; 0.9220; 0.9200; 0.9170


EURUSD
The Euro cracked psychological 1.33 resistance on Wednesday’s rally through 1.3280, two-day consolidation top. Fresh gains reached 1.3323 so far, over 61.8% retracement of 1.3450/1.3103 downleg, with positive near-term studies being supportive for further advance. Clearance of 1.33 barrier would open way for final push towards key levels at 1.3414/50, 19/06 and 20/08 highs, also five-month cycle peaks. From the other side, daily studies are still weak and keep the risk of possible stall in play. Near-term bulls may be delayed, as 4-hour studies are overbought, with corrective easing expected to face immediate support at 1.3280, previous range top / daily 20DMA, ahead of more significant 1.3240/30 higher platform that should contain dips.
Res: 1.3323; 1.3355; 1.3400; 1.3414
Sup: 1.3280; 1.3253; 1.3230; 1.3220






GBPUSD

Near-term bulls remain unobstructed, as the pair rallies higher and broke above psychological 1.58 barrier, after clearing key short-term resistance at 1.5751. Fresh bull phase above 1.5751, attempts at initial target at 1.5843, 08/02 high, ahead of 1.5877; 01/02 high and psychological 1.5900 barrier. Studies remain positive on all timeframes and keep the upside favored, however, corrective pullback on overbought conditions is likely to precede fresh rallies. Immediate support lies at 1.5800, with previous peak at 1.5751, seen next and 1.5700 zone expected to contain.
Res: 1.5831; 1.5843; 1.5877; 1.5900
Sup: 1.5800; 1.5751; 1.5717; 1.5700






USDJPY

The pair came under increased pressure, after pullback from fresh high at 100.60, accelerated lower and broke below important 99.32 support and weekly low. With hourly studies being negative and 4-hour indicators approaching their midlines, immediate risk is seen on violation of 99.00 support that will fill Monday’s gap and open way for further easing towards 98.00, 50% retracement of 96.80/100.60 upleg and 98.53, 06/09 spike low, loss of which to confirm near-term top at 100.60. Conversely, reversal above 99.00, would keep near-term bulls in play, as positive daily studies support such scenario. Res: 99.60; 100.00; 100.36; 100.44
Sup: 99.18; 99.00; 98.70; 98.53






AUDUSD
The Aussie’s near-term bulls extended higher to briefly test the upper boundary of pivotal 0.9300/50 resistance zone. Subsequent sharp pullback weakened hourly structure, as the price dipped about 100 pips, but could be still seen as corrective, as 4-hour structure is positive. However, reversing 4-hour indicators suggest that further easing cannot be ruled out, with strong 0.9232/20 and 0.9200 support area, coming in sight. Ideally, dips should be contained here, to keep overall near-term positive structure intact, as fresh strength above 0.9350 is required to signal reversal.


Res: 0.9275; 0.9300; 0.9316; 0.9353
Sup: 0.9232; 0.9220; 0.9200; 0.9170

Australian employment reports are weak, is there any risk in going with the AUD?