Cable consolidates under fresh 5-week high; N/T bulls remain in play

EURUSD

The Euro consolidates around 1.0850, daily cloud base and mid-point of last Friday’s action that peaked at 1.0898 and subsequent pullback being contained at 1.08 zone. Near-term studies maintain positive tone, following Friday’s positive close. Also, green candle on a weekly chart suggests further recovery action. Break above 1.09 to open immediate barrier at 1.0935, daily 55SMA, ahead of upper Bollinger at 1.0975, with further acceleration higher to expose key barriers at 1.1034/50, 06 Apr / 26 Mar peaks. Extended corrective dips to face strong supports 1.0800 higher low, ahead of last Friday’s low at 1.0782, also 50% of 1.0664/1.0898 upleg and 1.0766, where formation of daily 10/20SMA’s bull-cross is underpinning the action and only break would neutralize bulls.

Res: 1.0885; 1.0898; 1.0935; 1.0975
Sup: 1.0837; 1.0803; 1.0782; 1.0766





GBPUSD

The pair maintains strong bullish tone and continues to trend higher. Last Friday’s acceleration that posted fresh 5-week high, left long green daily candle and closed just under daily high at 1.5185, supports the scenario of further recovery, as positive weekly close also gives strong bullish signal. Also, daily close above 1.5160/73, former spike-high, posted on 18 Mar and Fibonacci 61.8% retracement of 1.5551/1.4563 descend, support the notion. Break of immediate barrier at 1.52, to open 1.5254/68, highs of 06/05 Mar and focus 1.5300/18, psychological barrier / Fibonacci 76.4% retracement. Corrective action overbought near-term studies, faces initial support at 1.5092, Daily Ichimoku cloud top, ahead of last Friday’s low at 1.5025, above which extended corrective dips should be ideally contained, to keep intact psychological 1.50 support.

Res: 1.5200; 1.5264; 1.5318; 1.5370
Sup: 1.5140; 1.5092; 1.5025; 1.5000





USDJPY

The pair remains under pressure as today’s fresh weakness extended to a session low at 118.76, with subsequent corrective action above 118.92, daily cloud base, being under way and expected to precede fresh push lower. Last Friday’s strong bearish acceleration that resulted in long red daily candle, maintains strong near-term downside pressure that looks for final push towards key supports at 118.52/31 support, lows of 20 Apr / 26 Mar, for completion of 118.31/120.08 upleg. On the other side, weekly long-legged Doji candle, signals hesitation on approach to pivotal 118.31 support, however, longer upper shadow of the candle and close in red, shows persisting selling pressure. Corrective action so far reached 119.26, Fibonacci 38.2% of 120.07/118.76 downleg, ahead of strong barrier at 119.60 zone, lower top, reinforced by daily 20SMA/ Kijun-sen, which is expected to ideally cap rallies. Only break here would neutralize near-term bears and re-focus pivotal 120.08 barrier, 23 Apr hourly double-top.

Res: 119.26; 119.60; 120.08; 120.35
Sup: 119.00; 118.76; 118.52; 118.31





AUDUSD

The pair holds positive near-term tone and consolidates under pivotal 0.7841 barrier, following last Friday’s bullish acceleration that came ticks away from here and ended day in long green candle. The third consecutive positive daily close signals further acceleration that requires break above 0.7841, to confirm higher low at 0.7681. The bull-leg off 0.7681 could extend to its initial targets at 0.7860 and 0.7903, Fibonacci 61.8% and 76.4% expansion, ahead of key barriers at 0.7926/36, daily Ichimoku cloud top / peak of 24 Mar. Break here is required to confirm major reversal. Weekly Doji would signal prolonged consolidation, however, very long lower shadow of weekly candle, still shows strong buying interest and keeps the upside focused.

Res: 0.7841; 0.7860; 0.7903; 0.7936
Sup: 0.7790; 0.7763; 0.7742; 0.7709