Short Term Technical Analysis for Majors (07:00 GMT)
 

EURUSD

The Euro remains under pressure, as near-term downtrend off 1.3400 upside rejection, completed 1.3187/1.3450 upleg on extension to 1.3172, over 38.2% retracement of larger 1.2754/1.3450 ascend. The price hovers around 1.32 handle at the beginning of the week, trading in near-term consolidative mode. Negative tone prevails and sees the downside favored, with repeated attempt through 1.3205/1.3187 supports, expected to open 200DMA at 1.3140 and 1.3100, round figure/50% retracement support. However, overextended 4-hour studies and bearish divergence on hourly chart, see potential for more significant corrective action. Lower platform at 1.3253, also Fibonacci 38.2% of 1.3397/1.3172, offers initial resistance, ahead of Fibonacci 50% barrier at 1.3284 and psychological 1.33 resistance, also 22/08 low and near 61.8% retracement, where rallies should be ideally capped. Any break higher, would ease bear pressure and signal near-term base.

Res: 1.3253; 1.3284; 1.3300; 1.3344
Sup: 1.3205; 1.3172; 1.3140; 1.3100






GBPUSD

Cable recovers 50% of 1.5716/1.5427 fall, on acceleration from last Friday’s low at 1.5461, with Monday’s gap-higher opening. Positive near-term studies are supportive, as repeated attempt below 200DMA at 1.55, so far showed false breaks. However, regain of 1.5600, near 61.8% retracement and lower top at 1.5636, is required to confirm recovery and re-focus 1.5700, round figure and 1.5716, 21/08 peak / 100% Fibonacci expansion of the upleg from 1.5100, as larger picture bulls remain intact for now. Only break below 1.5420 higher platform, would bears back in play and signal completion of daily Head and Shoulders pattern.

Res: 1.5572; 1.5600; 1.5636; 1.5700
Sup: 1.5546; 1.5504; 1.5461; 1.5427





USDJPY

The pair continues to trend higher, off 96.80 low, with price approaching psychological 99.00 barrier and 99.14, 23/08 high. Repeated attempt above bear-channel off 101.52 peak, sees scope for eventual attempt through 99.14, near-term congestion top, above which to confirm higher base at 96.80 and allow for further retracement of 101.52/96.80 downleg. Positive studies on lower timeframes support the notion. Initial supports lay at 98.50 and 97.87.

Res: 99.00; 99.14; 99.25; 99.93
Sup: 98.50; 98.27; 98.00; 97.87






AUDUSD

The Aussie remains under pressure, as fresh extension of downleg from 0.9332 peak, retested 0.8890 low, where temporary footstep was found. Corrective rally is under way, with the price cracking 50% retracement of 0.9068/0.8890 descend and approaching psychological 0.9000 barrier. Sustained break here is seen as minimum requirement to signal near-term base and allow for stronger recovery, however, gains should be limited, as larger timeframes studies being negative and keeping the risk of full retracement of 0.8846/0.9232 upleg in play.

Res: 0.9000; 0.9026; 0.9068; 0.9100
Sup: 0.8962; 0.8923; 0.8890; 0.8846