EURUSD at correction highs, ahead of US jobs data

EURUSD

The Euro regained traction and bounced strongly yesterday, leaving long bullish daily candle. Bounce comes after double-Doji, which signaled hesitation at strong daily Ichimoku cloud that temporarily stopped downtrend from 1.1374 (11 Feb peak).
The rally peaked at 1.0971 (Fibonacci 61.8% of 1.1065/1.0823 downleg), which was retested today, but without clear break higher so far.
Bearish setup of daily MA’s is dented and further recovery could be anticipated, as daily Slow Stochastic reversed from oversold territory and shows more room upside.
Psychological 1.1000 barrier marks next resistance, ahead of 1.1038/44 breakpoint zone (daily 30/200SMA’s).
Corrective easing on overbought near-term studies, was so far contained by 100SMA at 1.0928, which guards pivotal 1.0880 support (Fibonacci 61.8% of 1.0823/1.0971 upleg). Sustained break here will signal an end of correction phase and revive near-term bears.
US jobs data, due later today, are expected to define pair’s near-term direction.


Res: 1.0971; 1.1000; 1.1040; 1.1065
Sup: 1.0928; 1.0897; 1.0880; 1.0851






GBPUSD

Four-day recovery peaked at 1.4192 and closed above1.4151, Fibonacci 38.2% of 1.4665/1.3834 downleg, which generated another bullish signal.
Overnight’s pullback off 1.4192 peak, extends in early Europe and probes below initial support at 1.4130 (Fibonacci 38.2% of yesterday’s 1.4030/1.4192 rally), eyeing 1.4105/1.4092 support zone (yesterday’s intraday high / Fibonacci 61.8% retracement), which should ideally contain extended dips, to keep in play fresh attempts higher.
Falling daily 20SMA marks next significant barrier at 1.4213, followed by 30SMA at 1.4273 and break above is needed to confirm reversal.
Caution on overbought daily Slow Stochastic, although, bearish signal hasn’t been generated yet.
Extension below 1.4030/15 (yesterday’s low / broken daily 10SMA), will be bearish.

Res: 1.4169; 1.4192; 1.4213; 1.4273
Sup: 1.4105; 1.4092; 1.4030; 1.4015









USDCAD

The pair remains within near-term consolidation range, confirmed by repeated Doji yesterday, near-term studies still in bearish mode and oversold daily Slow Stochastic not generating bullish signal so far.
Daily studies maintain firm bearish setup, which suggests limited upside action, before bears resume towards next targets at 1.3303 (50% of 1.1917/1.4688 ascend) and 200SMA at 1.3277.
Consolidation top lies at 1.3496, followed by falling daily 10SMA at 1.3542, which marks strong layer of resistance and is expected to cap extended upside attempts.
Conversely, firm break above 10SMA, would give initial signal of stronger correction of the downleg from 1.4688.

Res: 1.3471; 1.3496; 1.3542; 1.3637
Sup : 1.3397; 1.3369; 1.3303; 1.3277





AUDUSD

The fifth consecutive day of the rally from 0.7106 higher base, has eventually reached key barrier at 0.7383, marking full retracement of 0.7383/0.6825 descend.
Firm bullish structure on all timeframes shows scope for final break above key 0.7383 barrier, which marks ceiling of med-term consolidation. Sustained break higher is needed to confirm bottom and signal stronger correction of larger downtrend.
Lower top of 11 Aug 2015 at 0.7435, offers immediate barrier above 0.7383, followed by 0.7493, mid-point of 0.8161/0.6825 downleg and 0.7530 zone (Apr 2015 consolidation floor).
Session low at 0.7337, offers initial support, with extended dips, expected to hold above broken 200SMA at 0.7253.

Res: 0.7400; 0.7435; 0.7493; 0.7550
Sup: 0.7337; 0.7279; 0.7253; 0.7224