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Daily Pivots: (S1) 1.6760; (P) 1.6808; (R1) 1.6903; More...

EUR/AUD's rally resumed by breaking through 1.6858 and intraday bias is back on the upside. Current rise from 1.4281 should target 1.7377 projection level next. On the downside, below 1.6708 minor support will turn bias neutral and bring consolidations again first.

In the bigger picture, the rise from 1.4281 (2022 low) is in progress. Next target is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. For now, outlook will stay bullish as long as 1.5846 support holds, even in case of another pull back.

Daily Pivots: (S1) 0.8637; (P) 0.8651; (R1) 0.8678; More...

Intraday bias in EUR/GBP remains neutral as sideway trading is extending. On the downside, below 0.8543 will target a test on 0.8502 low. Decisive break there will resume larger decline from 0.8977. On the upside firm break of 0.8717 resistance will suggest larger reversal and target 0.8874 resistance next.

In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Firm break of 0.8717 support turned resistance will argue that it has completed with three waves down to 0.8502. Further break of 0.8977 will bring retest of 0.9267 high. Nevertheless, rejection by 0.8717, followed by break of 0.8502 will resume the decline towards 0.8201 (2022 low).

Daily Pivots: (S1) 0.9616; (P) 0.9627; (R1) 0.9640; More...

Intraday bias in EUR/CHF remains neutral first. On the upside, break of 0.9647 will resume the rebound form 0.9520. Further sustained break of 0.9670 will be the first sign of bullish reversal and target 0.9840 resistance for confirmation. On the downside, break of 0.9520 will resume the whole fall from 1.0095 towards 0.9407 low.

In the bigger picture, medium term outlook is staying bearish as the pair is capped well below falling 55 W EMA (now at 0.9860). Down trend from 1.2004 (2018 high) is in favor to continue. Sustained break of 0.9407 will target 61.8% projection of 1.1149 to 0.9407 from 1.0095 at 0.9018. For now, this will remain the favored case as long as 0.9840 resistance holds, in case of strong rebound.

On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0930 region. The Euro traded above the 1.0970 resistance zone against the US Dollar.

The pair settled above the 50-hour simple moving average and tested 1.1000. It is now consolidating above a connecting bullish trend line with support at 1.0990. Immediate resistance is near the 1.1015 level.

The next major resistance is near 1.1040. Any more gains might send the pair toward 1.1080 or even 1.1120 in the near term.

Conversely, the pair might start a fresh decline below the trend line. The next key support is near 1.0970, below which EUR/USD could test 1.0930. Any more losses could send the pair toward the 1.0920 support zone.

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Daily Pivots: (S1) 1.3396; (P) 1.3424; (R1) 1.3475; More....

Intraday bias in USD/CAD remains neutral for the moment. Further rally is expected as long as 1.3318 support holds. Current development argues that correction from 1.3976 has completed with three waves down to 1.3091. Above 1.3501 will resume the rise from 1.3091 to 1.3653 resistance next. Break there will further confirm this case and target 1.3976 high.

In the bigger picture, price actions from 1.3976 are viewed as a corrective fall only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976 towards 1.4667/89 long term resistance zone. In case of another fall, downside should be contained by 61.8% retracement of 1.2005 to 1.3976 at 1.2758.

Daily Pivots: (S1) 0.6481; (P) 0.6548; (R1) 0.6583; More...

Intraday bias in AUD/USD stays neutral for the moment. On the downside, decisive break of 0.6457 support will confirm resumption of whole fall from 0.7156. Next target is 100% projection of 0.7156 to 0.6457 from 0.6894 at 0.6195. Nevertheless, firm break of 0.6615 minor resistance will dampen this view, and turn bias back to the upside for stronger rebound.

In the bigger picture, outlook is mixed for now as AUD/USD failed to sustain above both 55 D EMA (now at 0.6686) and 55 W EMA (now at 0.6769). On the upside, break of 0.6894 resistance will solidify the case that down trend from 0.8006 (2021 high) has already completed, and target 0.7156 resistance for confirmation. However, break of 0.6457 will likely resume the down trend through 0.6169 (2022 low).

Daily Pivots: (S1) 143.75; (P) 144.28; (R1) 145.29; More...

Intraday bias in USD/JPY stays on the upside at this point. Decisive break of 145.06 will resume whole rally from 127.20. Next target is 61.8% projection of 129.62 to 145.06 from 137.22 at 146.76. On the downside, however, below 143.27 minor support will delay the bullish case and turn intraday bias neutral again.

In the bigger picture, overall price actions from 151.93 (2022 high) are views as a corrective pattern. Rise from 127.20 is seen as the second leg of the pattern and could still be in progress. But even in case of extended rise, strong resistance should be seen from 151.93 to limit upside. Meanwhile, break of 137.22 support should confirm the start of the third leg to 127.20 (2023 low) and below.

Daily Pivots: (S1) 0.8713; (P) 0.8746; (R1) 0.8800; More....

Intraday bias in USD/CHF stays neutral at this point. On the downside break of 0.8663 minor support should confirm rejection by 0.8818 and turn intraday bias back to the downside for retesting 0.8551 first. Nevertheless, decisive break of 0.8818 will carry larger bullish implication, and target 0.9146 cluster resistance next.

In the bigger picture, down trend from 1.0146 is seen as in progress as long as 0.8188 support turned resistance holds. Next target is 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317. However, sustained break of 0.8818 should indicate medium term bottoming, and bring stronger rise back to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160), even as a correction.

Daily Pivots: (S1) 1.0944; (P) 1.1004; (R1) 1.1042; More...

Intraday bias in EUR/USD stays neutral at this point. On the downside, break of 1.0911 will resume the fall from 1.1274 to 1.0832 support. Sustained trading below there will target 1.0609/34 cluster support. However, firm break of 1.1064 minor resistance will argue that pull back from 1.1274 has completed, and bring stronger rebound.

In the bigger picture, a medium term top could be formed at 1.1274, after failing to break through 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 decisively, on bearish divergence condition in D MACD. Sustained trading below 55 D EMA (now at 1.0966) will bring deeper correction to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to set the range for consolidation.

GBPJPY is trading higher again today, registering its fifth consecutive green candle. The bears tried to take advantage of the July 28 events, but the bulls quickly took control of the market and never looked back. They are currently trying to make a new 8-year high despite the mixed momentum indicators’ picture.

In more detail, the Average Directional Movement Index (ADX) remains uninterested in the current upleg as it continues to trade below its 25-threshold, and thus signaling a range-trading market. Additionally, the RSI is edging gradually higher but has failed, up to now, to record a higher high and support the current upleg in GBPJPY. More importantly, the stochastic oscillator has just entered its overbought territory. This is usually seen as an early rally exhaustion signal, but stronger confirmation is needed to energize the bears.

Should the bulls remain thirsty, they would try to test the resistance set by the February 26, 2015 high at 185.02. If successful, the path would then be clear until the next key level, the December 5, 2014 high at 189.70.

On the other hand, the bears are desperately trying to stage a pullback. They are keen on a move below the June 22, 2023 high at 182.54, and a retest of the busy 180.81-181.42 range populated by the April 9, 2001 high and the 50-day simple moving average (SMA). The door would then be wide open for a more sizeable sell-off as the next key support area resides in the 147.50-174.84 range.

To sum up, despite the mixed momentum indicators, GBPJPY bulls are again firmly in control as the bears appear unable to stage another sell-off similar to the July 27 drop.