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Technical Analysis (2016-05-27)

EUR/USD
Previous Day Range High: 1.1217 Low: 1.1150 Close: 1.1191
Technical Chart Resistance
R-2:1.1253
R-1:1.1222





Support
S-1:1.1155
S-2:1.1119



Forecast
High:1.1191
Low:1.1155






A temporary low is in place at 1.1128 and intraday bias is turned neutral first. Some consolidations could be seen but upside would be limited by 38.2% retracement of 1.1615 to 1.1128 at 1.1314 and bring fall resumption. As noted before, rise from 1.0517 is completed at 1.1615 already, on bearish divergence condition in daily MACD. Below 1.1128 will target channel support (now at 1.1062). Sustained break of the channel will confirm this case and target 1.0461/0517 support zone.
USD/JPY
Previous Day Range High: 110.23 Low: 109.42 Close: 109.77
Technical Chart Resistance
R-2:110.62
R-1:110.20






Support
S-1:109.38
S-2:109.00



Forecast
High:110.20
Low:109.38







Intraday bias in USD/JPY stays neutral for the moment. Further rise could be seen but with 111.85 resistance intact, outlook stays bearish and down trend from 125.85 is expected to extend through 105.54. Below 108.71 minor support will turn bias to the downside for 105.54 low first. Break of 105.54 will target next long term fibonacci level at 100.70, which is close to 100 psychological level.
GBP/USD
Previous Day Range High: 1.4740 Low: 1.4640 Close: 1.4664
Technical Chart Resistance
R-2:1.4781
R-1:1.4723





Support
S-1:1.4623
S-2:1.4581



Forecast
High:1.4723
Low:1.4623





Focus stays on 1.4769 resistance in GBP/USD. Break will extend the rebound from 1.3835 and target medium term fibonacci level at 1.5117. Though, below 1.4604 minor support will turn focus back to 1.4331. Below 1.4331 will extend the fall from 1.4769 to 1.4089 support first. Overall, near term outlook stays a bit mixed as the pair is staying well inside near term channel but fails to break through long term trend line resistance decisively yet.
USD/CHF
Previous Day Range High: 0.9928 Low: 0.9872 Close: 0.9896
Technical Chart Resistance
R-2:0.9954
R-1:0.9925





Support
S-1:0.9870
S-2:0.9843



Forecast
High:0.9925
Low:0.9870





Intraday bias in USD/CHF remains neutral for consolidation below 0.9937 temporary top. Downside should be contained by 38.2% retracement of 0.9443 to 0.9937 at 0.9748 and bring rally resumption. Above 0.9937 will target 61.8% retracement of 1.0327 to 0.9443 at 0.9989. Sustained trading above will pave the way for retesting 1.0327 high.
AUD/USD
Previous Day Range High: 0.7244 Low: 0.7162 Close: 0.7217
Technical Chart Resistance
R-2:0.7289
R-1:0.7253





Support
S-1:0.7172
S-2:0.7126




Forecast
High:0.7253
Low:0.7172





No change in AUD/USD's outlook and further fall is expected with 0.7259 minor resistance intact. Sustained trading below 61.8% retracement of 0.6826 to 0.7833 at 0.7211 will target a test on 0.6826 low. Meanwhile, considering bullish convergence condition in 4 hours MACD, break of 0.7259 minor resistance will indicate short term bottoming. In such case, stronger rebound could be seen to 55 days EMA (now at 0.7411) before another fall.
USD/CAD
Previous Day Range High: 1.3037 Low: 1.2911 Close: 1.2972
Technical Chart Resistance
R-2:1.3099
R-1:1.3036





Support
S-1:1.2910
S-2:1.2848



Forecast
High:1.3036
Low:1.2910





The retreat from 1.3187 is still in progress and intraday bias remains neutral. We're favoring the case that whole fall from 1.4689 has completed at 1.2460. Above 1.3187 will target 38.2% retracement of 1.4689 to 1.2460 at 1.3311 first. However, bearish divergence condition in 4 hours MACD raised some doubt on this view. Break of 1.2770 support will suggests that rebound from 1.2460 has completed and fall from 1.4689 is going to extend through 1.2460 low.