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Daily Pivots: (S1) 1.5319; (P) 1.5384; (R1) 1.5484; More...

Intraday bias in EUR/AUD remains neutral for the moment. While corrective pattern from 1.5704 might extend, downside should be contained by 55 day EMA (now at 1.5265) to bring rebound. On the upside, break of 1.5704 will resume larger rise from 1.4281. However, sustained trading below 55 day EMA will bring deeper correction towards 1.4965 resistance turned support.

In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.

Daily Pivots: (S1) 0.9774; (P) 0.9799; (R1) 0.9844; More....

Intraday bias in EUR/CHF stays neutral for the moment. On the downside, break of 0.9720 will extend the fall from 0.9953 to 61.8% retracement at 0.9616, and possibly below. On the upside, however, break of 0.9839 resistance will turn bias back to the upside for retesting 0.9953 instead.

In the bigger picture, rejection by 0.9970 support turned resistance retains medium term bearishness. That is, while 0.9407 is a medium term bottom, price actions from there would develope into a corrective pattern rather than a reversal. That is, down trend resumption through 0.9407 is favored at a later stage. This will remain the favored case now, as long 38.2% retracement of 1.1149 to 0.9407 at 1.0072 holds.

AUDUSD is still standing above the long-term downtrend line; however, the momentum is too weak to sustain the bullish movement that started after the bounce off the 0.6270 support level.

The MACD oscillator is strengthening the positive move above its trigger and zero lines, suggesting more gains, but, on the other hand, the RSI is sloping marginally down after several failed attempts to climb into the overbought region. In trend indicators, the 20- and 50-day simple moving averages (SMAs) created a bullish crossover, confirming the upside structure.

In the wake of negative pressures, the market could meet support at the 0.6680 barrier before it heads lower to the Ichimoku cloud and the 0.6520 support. A successful close below this level could see a retest of the SMAs at 0.6490, while in case of steeper declines, the pair could breach this region, diving to the 0.6270 mark.

On the flip side, a move to the upside could see immediate resistance at the 0.6920 level ahead of the 200-day SMA at 0.6940. Even higher, the 0.7010 line could be a strong obstacle as it could be the sign for switching the outlook to bullish.

Turning to the short-term picture, the market seems to be in bullish mode given that the pair trades above the downtrend line. In the bigger picture, a break above the 200-day SMA is expected to endorse the near-term outlook.

USDCHF suffered a painful drop of 5% last week, but the 2020 support trendline came to the rescue, halting the freefall at a seven-month low of 0.9355.

Although in bearish territory, the RSI and the stochastics are pushing higher to exit the oversold region, reflecting fading selling forces.

Daily Pivots: (S1) 1.0338; (P) 1.0388; (R1) 1.0445; More...

EUR/USD is staying in consolidation from 1.0481 and intraday bias remains neutral. Downside of retreat should be contained by 1.0092 resistance turned support to bring another rally. Break of 1.0481 will resume the rise from 0.9534 and target 1.0609 fibonacci level.

In the bigger picture, a medium term bottom was in place at 0.9534, on bullish convergence condition in daily MACD. Even as a corrective rise, rally from 0.9534 should target 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Sustained trading above 55 week EMA (now at 1.0566) will raise the chance of trend reversal and target 61.8% retracement at 1.1273. This will now remain the favored case as long as 1.0092 resistance turned support holds.

Daily Pivots: (S1) 1.1851; (P) 1.1896; (R1) 1.1961; More...

GBP/USD is staying in consolidation from 1.2028 and intraday bias stays neutral. Downside of retreat should be contained by 1.1597 minor support to bring another rally. On the upside, above 1.2028 will resume the rise from 1.0351 to 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759.

Daily Pivots: (S1) 0.9399; (P) 0.9434; (R1) 0.9483; More...

USD/CHF is staying in consolidation above 0.9355 and intraday bias remains neutral. Upside of recovery should be limited below 0.9680 minor resistance to bring another decline. Below 0.9355 will resume the fall from 1.0146 to 0.9287 fibonacci level.

In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55 day EMA (now at 0.9793) holds.

Daily Pivots: (S1) 138.74; (P) 139.52; (R1) 140.30; More...

USD/JPY is staying in consolidation above 137.66 temporary low and intraday bias remains neutral. Stronger rise cannot be ruled out, but upside should be limited below 145.16 support turned resistance. Break of 137.66 will resume the decline from 151.93, to 133.07 fibonacci level, as a correction to the larger up trend.

In the bigger picture, a medium term top should be formed at 151.93. Fall from there is correcting larger up trend from 102.58. It's too early to call for bearish trend reversal. But even as a corrective move, such decline should target 38.2% retracement of 102.58 to 151.93 at 133.07, or further to 55 week EMA (now at 130.58).

Daily Pivots: (S1) 1.3255; (P) 1.3301; (R1) 1.3374; More....

Intraday bias in USD/CAD stays neutral for at this point. Strong support could be seen from 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204) to bring rebound. Break of 1.3494 support turned resistance will turn bias back to the upside. However, sustained break of 1.3204/7 will carry larger bearish implication and target 1.2952 support next.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. . However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

A closer look at the 1H timeframe shows the marking of a large corrective wave b, which is part of the global zigzag. Correction b most likely takes the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four primary waves are completed, and the last wave is still under construction.

It is assumed that the primary wave Ⓩ will be a double zigzag of the intermediate degree (W)-(X)-(Y). After the end of the actionary wave (W), the price began an upward movement in the intervening wave (X). Like wave (W), intervening wave (X) can end in the form of a minor double zigzag W-X-Y.

The end of the bullish trend is expected near 22.420. At that level, wave (X) will be at 61.8% of wave (W).

An alternative markup scenario assumes that the XAGUSD currency pair has completed the construction of an ascending intervening wave (X) of the intermediate degree. As in the main version, it has the form of a double zigzag W-X-Y, only already fully completed.

Thus, in the next coming trading days, we can expect a drop in the value of XAGUSD and the formation of a bearish actionary wave (Y). Perhaps this wave will have a standard zigzag shape A-B-C, as shown in the chart.

The first target, where the bears are aimed, is located at the previous minimum of 17.538, which was marked by the actionary intermediate wave (W).