The Dollar consolidates after Friday's sharp fall and subsequent quick recovery; US NFP data in focus

EURUSD

The Euro ended week below 1.10, after Friday’s rally nearly fully reversed 1.1128/1.0981 downleg, on rally to 1.1121, Friday’s peak. Daily bullish candle, with very long upper shadow, shows strong selling interest and keep near-term technicals in negative mode. On the other side, weekly long-legged Doji candle suggests further indecision, ahead of coming US NFP data, scheduled on Friday. Bearish end of the month confirm overall negative tone and keeps focus at the downside, where 1.08 zone marks the first breakpoint, ahead of 1.0519/1.0461, Apr / Mar lows and floor of 1.0461/1.1465 congestion. Near-term studies remain weak, with daily 20SMA offering initial barrier at 1.0982, along with bear-trendline off 1.1434 at 1.0993 that reinforces psychological 1.10 barrier. Freshly established range between 1.0981 and 1.1128 is expected to hold price action in the near-term, with extension above 1.10 handle, expected to stay under 1.1055, Fibonacci 61.8% of Friday’s 1.1121/1.0963 fall. On the downside, near-term base is forming at 1.0963, marking initial support, ahead of 1.0920, Friday’s low and pivotal 1.0891, low of 30 July, loss of which to open key 1.08 support zone.

Res: 1.1000; 1.1020; 1.1055; 1.1077
Sup: 1.0963; 1.0920; 1.0891; 1.0868







GBPUSD

Near-term price action remains in sideways mode, entrenched between 1.5547 and 1.5688 boundaries, unable so far to break above daily cloud. Neutral daily tone supports scenario of prolonged consolidation, along with mixed signals from larger timeframes, where weekly picture shows bullish mode, while monthly studies remain bearish. Range floor is reinforced by daily 20SMA, above which lies initial support, daily 10SMA at 1.5578. Break lower would risk retest of larger range bottom and pivotal support at 1.5464. On the upside, immediate resistance lies at 1.5641, daily Ichimoku cloud top, ahead of break point zone at 1.5670/98, near-term congestion top / Fibonacci 61.8% of larger 1.5928/1.5327 downleg.

Res: 1.5641; 1.5670; 1.5698; 1.5729
Sup: 1.5610; 1.5547; 1.5526; 1.5488







USDJPY

The pair consolidates around 124 handle, following last Friday’s bumpy ride, when the price spiked at 124.36 and subsequent reversal found support at 123.50. This marks initial range, with neutral near-term tone, supporting further consolidation. Friday’s negative close sidelines immediate upside attempts, after strong three-day rally peaked at 124.56, with weekly long-legged Doji, confirming the notion. However, bullish monthly close, maintains overall positive picture. Daily 10SMA at 123.82, marks initial support and contains for now, ahead of pivotal daily 20SMA / daily Ichimoku cloud top that reinforces near-term range floor at 123.50. Break here would soften near-term tone and expose another strong support at 123.00, low of 27 July and low of larger 123.00/124.56 range. On the upside, 124.56 marks pivotal barrier and sustained break higher to signal completion of near-term consolidation and resumption of the upleg from 120.39, low of 08 July.

Res: 124.10; 124.36; 124.56; 124.72
Sup: 123.82; 123.50; 123.31; 123.00





AUDUSD
The pair ended Friday’s trading in long-legged Doji candle, confirming indecision and suggesting prolonged consolidation above fresh 6-year low at 0.7233. Friday’s bumpy ride was held within 130 pips, with upside rejection at 0.7362, where rallies were capped by falling daily 20SMA, confirming near-term congestion tops and limited upside actions. Neutral near-term studies confirm further consolidation, however, the downside remains focused, as daily technicals remain bearish. The notion is supported by long red monthly candle that confirm overall strong bearish tone.

Res: 0.7316; 0.7349; 0.7367; 0.7415
Sup: 0.7284; 0.7233; 0.7204; 0.7150