Cable bounced back to strong 1.5506 barrier on upbeat UK data

EURUSD

Near-term structure weakens after repeated failure to clear daily 10SMA at 1.1362, with yesterday’s close in red and fresh extension lower, pressuring near-term base and pivotal support at 1.1300/1.1290 zone. Near-term range bottom, reinforced by daily 20SMA, marks the breakpoint for extension of pullback from 1.1494, 15 Oct high, which would open next pivot at 1.1260, daily Ichimoku cloud base.
On the other side, daily bulls remain in play for now, with oversold daily slow Stochastic, signaling possible reversal.
However, directionless mode is expected while the price remains between daily 20 and 10 SMA’s, with break of either side, to give initial signal of fresh near-term direction. Today’s ECB meeting is seen as key event for the Euro.

Res: 1.1350; 1.1362; 1.1385; 1.1400
Sup: 1.1290; 1.1260; 1.1215; 1.1200

GBPUSD

Increased downside pressure that came after double upside rejection at 1.5506 and two days close in red, along with today’s probe below pivotal daily Ichimoku cloud base at 1.5417, has faded. Subsequent, data-inspired rally retested 1.5506 peaks, neutralizing downside threats and shifting near-term focus higher again.
The notion is supported by near-term studies gaining traction and bullish daily technicals. However, clear break above daily cloud top, which contains near-term consolidation and strong 1.5506 peaks barrier, is required to confirm bullish resumption.
Meantime, prolonged consolidation within daily Ichimoku cloud, would be likely near-term scenario.

Res: 1.5478; 1.5506; 1.5526; 1.5550
Sup: 1.5462; 1.5436; 1.5420; 1.5395

USDJPY

Five-day recovery rally from 118.05, 15 Oct spike low, stalled at 120.08, where broken bull-trendline off 118.57 and former triangle support, capped gains. Corrective pullback is under way and may accelerate further, as daily slow Stochastic is overbought. Also negatively aligned daily Ichimoku studies signal fresh bears that will keep intact widening daily cloud, key near-term barrier.
Initial support, daily 10SMA at 119.60, has been cracked, with extension below 119.30, Fibonacci 38.2% of 118.05/120.08 upleg, required to confirm reversal.

Res: 119.80; 119.97; 120.08; 120.32
Sup: 119.60; 119.00; 119.06; 118.82

AUDUSD

Aussie enters near-term recovery mode, after probing below strong 0.72 support zone, daily Ichimoku cloud top and near Fibonacci 38.2% of 0.6935/0.7380 rally. The pair so far failed to close below the handle, signaling a pause in near-term bear-run off 0.7380 peak, which requires clear break below 0.72 support zone, to signal resumption of near-term downtrend.
On the other side, this level is seen as ideal reversal point for correction of broader bull-run, as daily Indicators are bullishly aligned, with daily slow Stochastic approaching oversold territory, but mixed setup of daily MA’s, keeps the structure vulnerable.
Consolidation phase is now limited between daily 20SMA at 0.7176, as support and daily 10 SMA at 0.7274, marking pivotal resistance. Break of either side will confirm fresh direction.

Res: 0.7237; 0.7274; 0.7305; 0.7335
Sup: 0.7180; 0.7157; 0.7105; 0.7064

Cable bounced back to strong 1.5506 barrier on upbeat UK data