Short Term Technical Analysis for Majors (07:00 GMT)
Remains in a range established yesterday, after fall from 1.2667 peak found support at 1.2450 zone. Sideways movements in past 24-hours were limited at 1.2530, Fib 38.2% of 1.2287/1.2667 upleg and descending 55 day EMA. Hourly studies hold neutral tone, while 4-hour chart indicators are in the negative territory. Unless initial barrier at 1.2530, as well as 1.2560, 50% retracement is breached, downside will remain vulnerable, while regain of Fib 61.8% at 1.2584 and 1.2600 handle will re-focus 1.2667. Key supports lie at 1.2440 and 1.2400, below which, bears will be taking control for fresh leg lower and possible retest of 1.2300/1.2287.
Maintains short-term positive tone off 1.5267 low, after finding ground at 1.5450, trendline support. Yesterday’s fresh strength and brief break above bear-trendline off 1.5600 and previous high at 1.5581, comes closer to our near-term target and key barrier at 1.5600, break of which to open fresh bull-leg, as part of short-term corrective bounce from 1.5267, 01 June low. Near-term studies in the positive territory, remain supportive, with break above 1.5600 to open 1.5640/50 zone next. Any pullbacks should be contained at 1.5500/1.5480, 20 day EMA / bull trendline.
Near-term price action remains congested under 80.00 barrier, as several attempt here failed. However, downside stays protected above 79.00 support, with ascending 55 day EMA holding dips, along with bull trendline off 77.65 low. Clearance of range top at 79.80 zone and 80.00/13, figure resistance / Fib 38.2% of 84.17/77.65 descend, is required to resume short-term recovery and open 80.50/60 next. Minor support lies at 79.35, while only loss of 79.00 and 200 day MA at 78.68, would bring bears back in play.
Consolidates recent strong rally off 0.9477, Monday’s low, after gains reached level just under our initial targets at 0.9656/75. As near-term consolidation range remains supported by ascending 55 day EMA at 0.9580 zone and near-term studies holding positive tone, possibilities of fresh extension higher are likely. Clearance of 0.9656/75 to open 0.9700 and possibly re-focus 0.9769, 01 June peak. On the downside, loss of near-term range floor and Fib 38.2% of .9477/0.9649 upleg at 0.9580, would delay, while break below 0.9550 will sideline near-term bulls.
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