EUR/USD – 1.0270 hit, maintain bullish bias with tightened key support now at 1.0100
EUR/USD rallied as expected and hit the 1.0270 resistance/target (printed an intraday high of 1.0273 on 20 July) as per highlighted in our prior report on 19 July..
Elements remain positive and maintain bullish bias with a tightened key short-term pivotal support now at 1.0100 for a further potential push-up within its corrective rebound phase towards the next resistance at 1.0350/1.0400.
However, a break with an hourly close below 1.0100 sees a drop to retest the key medium-term support zone of 1.0000/0.9950.
GBP/USD – Maintain bullish bias with 1.1870 remains as key support
GBP/USD has staged the expected push-up to retest its intermediate resistance at 1.2040 before it traded sideways in yesterday’s (20 July) session.
No change, maintain a bullish bias for another leg of potential corrective rebound towards the next resistance at 1.2095 and a break above it opens up scope for 1.2170 next.
On the other hand, a break with an hourly close below 1.1870 negates the bullish tone for a slide to retest the 14 July 2022 swing low of 1.1760, and below it sees a further drop towards 1.1680/1650 next.
USD/JPY – Pull-back support/target at 137.10 almost met, flip back to a bullish bias
In our prior report dated 19 July, we highlighted the risk of a minor pull-back for USD/JPY and its price actions have staged to expected drop and almost hit the 137.10 support/target (printed an intraday low of 137.38).
Elements have now turned positive, hence the odds to see a continuation of the minor pull-back scenario has reduced at this juncture. Flip back to a bullish bias above 137.10 key short-term pivotal support and a break above 138.70 reinforces another potential impulsive up move sequence towards the next resistance at 140.10.
On the other hand, a break with an hourly close below 137.10 negates the bullish tone for an extension of the pull-back towards the next support zone of 136.35/135.95.
AUD/USD – Mixed elements; sideways between 0.6935 & 0.6860
AUD/USD has staged the expected rally and hit the 0.6915 resistance/target (printed an intraday high of 0.6930 on 20 July) as per highlighted in our prior report dated 19 July.
Prefer to turn neutral now due to mixed elements. Only a clearance with an hourly close above 0.6935 resumes the corrective rebound towards 0.7000.
On the flip side, a break with an hourly close below 0.6860 sees a pull-back towards 0.6900/6780 where another leg of corrective rebound may materialize next.
Time-stamped: 21 July 2022 at 10.30 am SGT
Source: CMC Markets
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