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The pair has continued to churn in a sideways fashion in the past two days. No change, maintain neutrality stance within a zone of 1.1110 and 1.1050. A clearance with an hourly close above 1.1110 sees an extension of the minor corrective rebound to target the 1.1180 major descending resistance from 24 Sep 2018 high.
On the flipside, an hourly close below 1.1050 opens up scope for a slide towards 1.0990 and 1.0940 next.
GBP/USD – 1.2880 remains the key short-term support
click to enlarge chart
The pair has pull-backed and traded sideways righted at the pull-back support of the former minor “bullish flag” resistance from 21 Oct 2019 high. In addition, the hourly RSI oscillator has staged a bounce from a corresponding support that is closed to its oversold region which indicates a revival of short-term upside momentum.
Maintain bullish bias as per highlighted in our previous report (click here for a recap) above the 1.2880 key short-term pivotal support for another round of potential upleg to retest 1.3010 before targeting the next intermediate resistance at 1.3210/3240 (3 Apr/03 May 2019 swing high area & Fibonacci expansion).
However, a break with an hourly close below 1.2880 implies a failure bullish breakout to see the continuation of the corrective decline towards the next support at 1.2700.
USD/JPY – Bears need to break below 108.25
click to enlarge chart
The pair has drifted lower as expected to test the medium-term bearish Ascending Wedge support in place since 26 Aug 2019 swing low area and started to churn sideways again.
Maintain bearish bias below 109.05 key short-term pivotal resistance and a break with an hourly close below 108.25 (Ascending Wedge support & 15 Nov 2019 low) is likely to reinforce the bearish breakdown to target the next supports at 107.90 follow by 106.60 next.
On the other hand, an hourly close above 109.05 negates the bearish tone for a push up to retest the recent 08 Nov 2019 swing high of 109.50.
AUD/USD – Further potential drop in progress
click to enlarge chart
The pair has shaped a series of minor “lower highs” since 19 Nov 2019; maintain bearish bias below 0.6845 key short-term pivotal resistance for a further potential drop to retest 0.6770 before targeting the next near-term support at 0.6720 (09/16 Oct 2019 swing low areas & lower boundary of the minor descending channel in place since 05 Nov 2019 high).
On the other hand, a clearance with an hourly close above 0.6845 negates the bearish tone for squeeze up to retest 0.6900/6930 (31 Oct/05 Nov 2019 swing high & the major descending channel resistance from 03 Dec 2018 high).
Charts are from eSignal
Original from: www.forex.com
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