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Daily Pivots: (S1) 151.62; (P) 151.92; (R1) 152.34; More...

Intraday bias in GBP/JPY remains neutral for the moment. Further rally is mildly in favor with 151.32 minor support intact. Above 152.27 will target 153.42 resistance first. Decisive break there will argue that whole corrective pattern from 156.05 has completed, and bring retest of this high. On the downside, however, break of 151.32 minor support will turn bias back to the downside for 149.16 support instead.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

Daily Pivots: (S1) 130.39; (P) 130.52; (R1) 130.75; More....

EUR/JPY is staying in consolidation form 130.73 temporary top and intraday bias remains neutral first. As long as 129.14 support holds, further rise is in favor. Corrective fall from 134.11 could have completed at 127.91 already. On the upside, break of 130.73 will resume the rebound from 127.91 to 132.68 resistance next. However, break of 129.14 will dampen this bullish view and bring retest of 127.91 low instead.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.

Daily Pivots: (S1) 0.8573; (P) 0.8594; (R1) 0.8611; More...

Intraday bias in EUR/GBP remains mildly on the upside. Rise from 0.8448 would target 0.8668 resistance. Firm break there will be a strong sign of near term bullish reversal at least. Next target is 0.8718 resistance. On the downside, break of 0.8561 support, however, would argue that the rebound has completed, and turn bias back to the downside for retesting 0.8448 low.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8668 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

Daily Pivots: (S1) 1.5929; (P) 1.5954; (R1) 1.5985; More...

Intraday bias in EUR/AUD remains neutral for the moment. On the upside, break of 1.6166 minor resistance will argue that pull back from 1.6434 has completed. That would also revive near term bullishness after defending 1.5898 structural support. Intraday bias will be turned back to the upside for retesting 1.6434 high. On the downside, however, sustained break of 1.5898 will indicate that corrective rise from 1.5250 has already completed. Near term outlook will be turned bearish for 1.5614 support first.

In the bigger picture, rise from 1.5250 medium term bottom is currently seen as a correction to the down trend from 1.9799 first. Stronger rise could be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We'd tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5898 support will indicate that the rebound has completed. Larger down trend from 1.9799 might be ready to resume through 1.5250 low.

EUR/USD

Current level - 1.1846

After reaching the local high at the end of the last week at 1.1897, the single European currency began to lose ground against the U.S. dollar. At the time of writing, we are seeing consolidation just above the support level at 1.1835. If the bears remain in control, we could see a larger drop in the value of the single european currency against the greenback towards the next significant support zone at 1.1800. In the upward direction, the main resistance remains at 1.1900.

USD/JPY

Current level - 110.24

The currency pair continued to trade in the narrow range between 109.58 - 110.20 during the last trading session, as the break of the zone at 110.20 is not a sufficient factor to confirm that the pair has left the narrow channel. Оnly a confirmed breach of the zone at 110.40, could signal a continuation of the upward movement towards the next significant resistance at 110.80. The main support remains the level at the lower border of the formed range - 109.58.

GBP/USD

Current level - 1.3778

Since the end of last week, the British pound has been losing ground against the U.S. dollar, with previously staging a two-week recovery from the low at 1.3600 and a test of the resistance zone at 1.3868, which can be considered as a local high according to the smaller time frames. The move we are seeing this week can be considered as a corrective phase, and the most likely scenario is for the resumption of the upward movement, which in the event of a resistance breach at 1.3870, could reach the next significant zone at 1.4000.

The single currency surges as the eurozone's Q2 growth beats expectations.

After a short-lived consolidation, the break above 0.8610 has put the rally back on track. Strong momentum is an indication that sellers have rushed to cover their positions.

The coast is now clear to July's high at 0.8660. However, the initial impulse has run into exhaustion as the RSI showed an overbought situation.

A limited retracement would let the bulls catch their breath. A rebound from 0.8575 would attract momentum traders.

Daily Pivots: (S1) 1.0860; (P) 1.0875; (R1) 1.0905; More....

EUR/CHF's rise from 1.0694 resumed after brief retreat and intraday bias is back on the upside. Next target is 1.0985 resistance. On the downside, below 1.0843 minor support will turn bias neutral and bring consolidations again first.

In the bigger picture, rebound from 1.0505 (2020 low) should have completed at 1.1149 already. The three-wave corrective structure argues that the downtrend from 1.2004 (2018 high) is not over yet. Medium term outlook will now stay bearish as long as 55 week EMA (now at 1.0859) holds. Break of 1.0505 low would be seen at a later stage. However, sustained trading above 55 week EMA will bring retest of 1.1149 high instead.

The Japanese yen inched higher after an upbeat GDP in Q2. The pair is trading in a narrowing range, a sign of the market’s indecision before a major breakout.

From the daily chart’s perspective, the bullish bias still prevails.

Buyers have bid up from 109.10 and 109.55 is the latest support. A rally above the psychological level of 110.00 is pushing to the key resistance at 110.50.

A bullish breakout would cement the optimism. A fall below said support would shake out short-term buyers and send the pair to revisit 109.10.

The Australian dollar turned south after the RBA signaled an extension of its QE program.

The pair’s rapid rise above the daily resistance (0.7400) has pushed sellers to the exit. However, the RSI’s repeated tops in the overbought zone have taken a toll on the momentum. A steady pullback is necessary to let the bulls consolidate their gains.

The former supply zone around 0.7360 has turned into support. An oversold RSI may attract buying interest. 0.7500 would be the next target in case of a rebound.

Daily Pivots: (S1) 1.1825; (P) 1.1855; (R1) 1.1872; More...

Intraday bias in EUR/USD remains neutral for the moment. On the upside, sustained break of 1.1907 resistance will indicate that fall from 1.2265, as well as the consolidation pattern from 1.2348, have completed. Near term outlook will be turned bullish for 1.2265/2348 resistance zone. However, on the downside, rejection by 1.1907 followed by break of 1.1792 support will dampen the bullish case, and turn bias back to the downside for 1.1663 support instead.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally remains in favors long as 1.1602 support holds, to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289 and below.