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The Aussie bounced on Wednesday after repeated failure to clear support at 0.7818 (50% retracement of 0.7571/0.8065 upleg), as near-term bears off 0.8065 peak are taking a breather.

Recovery is so far holding below initial resistance at 0.7877 (Tuesday's high / broken Fibo 38.2%) with thickening 4-hr cloud (spanned between 0.7900 and 0.7949) weighing on near-term action and seen capping extended upticks.

Renewed attempts lower require close below 0.7818 handle to open way for extension towards 0.7760 (Fibo 61.8% of 0.7572/0.8065).

Conversely, sustained break above 4-hr cloud will generate initial signal of higher low at 0.7807 (Tuesday's low) and would trigger further retracement of pullback from 0.8065.

Res: 0.7877, 0.7893, 0.7900, 0.7948
Sup: 0.7832, 0.7818, 0.7807, 0.7760

USDJPY accelerated higher during Asian trading hours, into wave five of three after a triangle formation in red wave four. As such, this can be final trust up before we get a new deeper pullback into wave four. Ideally, pair will come back down to 110.20/40 area from where we will expect a new continuation higher.

USDJPY, 1H

The EUR/USD currency exchange remains predictable, as another target was reached during Tuesday's trading session. As it can be observed on the chart, the Euro reached the support line of the medium term descending channel pattern against the US Dollar.

On Wednesday various events can be expected. First of all, a new short term ascending pattern should be spotted. Secondly, as the pair has reached above the resistance of the weekly S1, the rate will set out to test the resistance of the various hourly SMAs, which are located near the 1.1770 mark. However, it is most likely that the resistance of the simple moving averages will be passed.

Weak UK and strong US fundamentals on Tuesday resulted in a 108-pip fall of the GBP/USD exchange rate within six hours. As a result, the Pound fell down to the 1.2852 mark, but subsequently remained relatively stable slightly above 1.2860.

Strongly bearish technical indicators suggest that a rebound should occur in this session. The nearest resistance is the weekly S2 at 1.2887; this level, however, should be breached without any hindrance.

It is expected that the rate will trade in the 1.2900/40 area by Thursday morning if no surprising fundamentals or events shake the market tremendously. In case the Pound is pressured to the downside, losses should be limited circa 1.2840.

Following a breach of the upper line of the junior channel, the US Dollar continued to appreciate against the Yen near the weekly R1. Further potential upwards was strengthened by solid data mid-session that resulted in a surge up to the 110.80 mark.

Subsequently, the rate resumed its up-trend until early morning when the lack of market volatility guided the Greenback sideways.

This change in sentiment together with worsening technical indicators demonstrate that the rate is likely to fall today, possibly seeking to retrace from the upper channel line circa 110.00. The 55– and 200-hour SMAs are located near this area.

The bullion reached the targeted 1,270 mark, as the better than expected fundamental data was released during the middle of Tuesday's trading session. In addition, the fall that occurred due to the release of the data stopped exactly at the support of the junior descending channel pattern.

As a result on Wednesday it can be expected that the commodity price will reach higher and touch the upper trend line of the channel. However, by looking at the various level of significance and taking into account already broken lines, it can be assumed that the movement of the metal could be rather flat until it reaches the support of the active dominant pattern just below the 1,270 mark

Cable bounced to 1.2900 zone after better than expected UK jobs data. Jobless claims fell by 4.2K in July, beating forecast for increase in claims by 3.7K while Unemployment rate fell to 4.4% in June from 4.5% forecast / previous month.

The most significant release was average earnings, with headline earnings coming at 2.1% in June vs 1.8% forecast, while ex-bonus earnings rose to 2.1% from 2.0% previous month/ forecast.

Strong jobs sector numbers are bullish signal, but pound remains under pressure and is in downtrend since the beginning of August. Long bearish candle that was left on Tuesday continues to weigh on near-term action, seeing limited upside action before bears resume for renewed attack at daily cloud (spanned between 1.2869 and 1.2818) which contained downside attempts for now.

Broken 55SMA marks solid barrier at 1.2930, followed by Tuesday’s high at 1.2970 and key barrier at 1.3000 (psychological resistance, reinforced by falling daily Tenkan-sen) which is expected to cap extended upticks.

Res: 1.2902, 1.2930, 1.2970, 1.3000
Sup: 1.2840, 1.2811, 1.2749, 1.2715

Bitcoin is pausing after the massive surge over the past few days. Resistance is the all-time high at 4449 (15/08/2017 high). hourly support lies very far at 2403 (26/07/2017 low). The road is wide open for another bullish move.

In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will consolidate above $1500. Long-term support is given at $1464 (04/05/2017 low).

Crude oil is trading lower. Hourly support is given at a distance at 45.40 (24/07/2017 low). Strong resistance can be found at 50.41 (31/07/2017). Expected to show short-term weakness.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).

Silver's bullish pressures are on. Hourly resistance lies at 17.24 (10/08/2017 high) while support can be found at 16.13 (07/08/2017 high). The commodity lies in a short-term uptrend channel. Expected to show continued current bullish momentum.

In the long-term, the death cross indicates that further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009).