This major currency pair broke below 1.0100, and is at risk of a parity retest.(click to enlarge chart)
EUR/USD has staged a bearish breakdown below the 1.0100 key short-term pivotal support as highlighted in our previous report dated 17 August.
Key technical elements have turned negative as the price actions of EUR/USD has started to oscillate within a minor descending channel from its 11 August 2022 high. Flip to bearish bias in any bounces below 1.0150 key short-term pivotal resistance for a further potential push down to retest the 1.0000 parity and psychological support level.
However, a clearance with an hourly close above 1.0150 negates the bearish tone for a push-up to retest 1.0270.
GBP/USD broke below 1.2020. Watch 1.1870 next.(click to enlarge chart)
GBP/USD has staged a breakdown below the 1.2020 key short-term pivotal support as highlighted in our previous report dated 17 August.
Mixed elements now; prefer to turn neutral between 1.1870 (the former descending trendline from 18 February 2022 high now turns pull-back support) and 1.2020. A break with an hourly close below 1.1870 validates a further drop to test the 14 July 2022 swing low area of 1.1760.
On the flip side, a clearance with an hourly close above 1.2020 reinstates the bullish tone for a push-up to test 1.2280.
A further potential up move looks likely.(click to enlarge chart)
USD/JPY has staged an upside clearance above 134.70, the upper limit of the neutrality range zone as highlighted in our previous report dated 17 August.
Bullish move validated; watch the 135.30 key short-term pivotal support for a further potential rally towards the next resistance at 137.50/95.
However, a break with an hourly close below 135.30 negates the bullish tone for a choppy pull-back towards 134.55 and 133.50 (the lower boundary of a minor ascending channel from the 2 August 2022 low).
The current potential bearish move is in intact.(click to enlarge chart)
AUD/USD has staged a breakdown below the 0.6945 key short-term pivotal support, as highlighted in our previous report dated 17 August.
Key elements indicate an increased odds of a deeper slide since the 11 August 2022 swing high area of 0.7135. Flip to bearish bias in any bounces below 0.6990 key short-term pivotal resistance for a further potential push down towards the following supports at 0.6850 and 0.6800.
On the other hand, a clearance with an hourly close above 0.6990 negates the bearish tone for a push-up to retest 0.7070 and 0.7135/7150.
Time-stamped: 17 Aug 2022 at 1.30pm (SGT)
Source: CMC Markets
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