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[B]BIAS[/B]: While 0.9821-33 caps there is risk of a deeper correction

[B]Resistance[/B]:... 0.9821-31... 0.9855... 0.9873... 0.9893
[B]Support[/B]:........ 0.9769-80... 0.9737... 0.9705... 0.9668-78

[B]MAIN ANALYSIS[/B]: While we did see a new high on Friday the high was only 2 points above the 0.9871 projection and from there a reversal lower has been seen below the 0.9821-31 support identified on Friday. This may now turn into resistance and while it caps the downside risk could extend to the 0.9737-69 area initially. Take care here as this should trigger a pullback at least - and I can't rule out a resumption of the upside. However, do also note the 0.9705 area and 0.9668-78 support.

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Being supported by the lower line of the price channel on 4-hour chart, AUDUSD rebounds from 1.0100, suggesting that a cycle bottom has been formed. Now the bounce would possibly be resumption of the longer term uptrend from 0.9581 (Jun 1 low), further rise to test 1.0328 previous high resistance could be expected, a break above this level will target 1.0500 zone. Key support is now at 1.0100, only break below this level will indicate that the uptrend from 0.9581 is complete.



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In the previous EURUSD forecast we noted that the SMA 20 was turning bearish due to the sharp dip. This might suggest an extended target of 1.2. The ECB’s move to cut interest rate further affected the currency pair and sentiments towards the Euro Zone. US’s worst than expected NFP also caused a dent in sentiments.

[B]Technical Analysis[/B]

Looking at the EUR/USD chart above, as expected due to the sentiments at ...