The Euro ended Tuesday’s trading in red after breaking below 1.2795 support and posting fresh low at 1.2754, where weekly Ichimoku cloud base contained dips, just ahead of key 1.2750/44 support. Eventual push below the latter that also marks multi-month platform, is required to complete weekly Head and Shoulders pattern that would trigger more significant losses, with round figure 1.2700 support and 1.2660, November 2012 low, seen as next targets. Consolidative actions may precede fresh weakness, as technical hold firm bearish tone, with 1.2800/50 zone expected to cap. Only lift above 1.29 barrier would ease immediate bear pressure.
Res: 1.2800; 1.2850; 1.2880; 1.2900
Sup: 1.2777; 1.2754; 1.2744; 1.2700
GBPUSD
Cable broke below the last obstacle at 1.4830, 12/03 low and posted fresh annual low on a dip to 1.4812 so far. Hesitation ahead of psychological 1.4800 support, is seen likely, with key barriers at 1.4980/1.5000 protecting the upside. Bearish resumption below 1.4800, sees no significant obstacles en-route towards 1.4345/1.4230, Jun / May 2010 lows and short-term targets.
Res: 1.5910; 1.4980; 1.5000; 1.5057
Sup: 1.4919; 1.4871; 1.4856; 1.4830
USDJPY
Sort-term structure weakened, as the price broke below 100.75, two-day consolidation range and cracked the next support at 100.40, 50% retracement of 99.25/101.52 upleg. Negative hourly studies keep the downside in focus, however, reversal above 100.00 support, would keep broader bulls in play for fresh attempt higher. Conversely, loss of 100 handle is expected to sideline bulls and allow for stronger correction.
Res: 100.75; 101.00; 101.29; 101.52
Sup: 100.28; 100.00; 99.48; 99.25
AUDUSD
The pair extended short-term recovery rally from 0.9035 base after clearing previous strong barrier at 0.9179. Short-term price action gets congested at 0.9200 barrier, as the price fails to break higher and enters consolidative mode. Short-term bulls would remain intact while range bottom at 0.9130 zone holds and would look for further recovery towards 0.9250, 01/07 high and 0.9300, 50% of 0.9555/0.9035.
Res: 0.9225; 0.9252; 0.9270; 0.9343
Sup: 0.9130; 0.9100; 0.9081; 0.9035
