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CURRENCIES TECHNICAL ANALYSIS August.24

Euro

Wednesday's rally lost its legs after touching 1.1800. The pair turned bearish after that and returned below 1.1800. The downward pressure remained intact during the European session. The major edged lower and tested EMA100 in the mid-European session. The resistance resides at 1.1800, the support comes in at 1.1750.

If the major keeps losing ground a firm break below the 1.1750 handle would open 1.1700.

 

Pound

The pound maintained its bearish tone on Thursday. Sellers are trying to consolidate their gains after breaking 1.2800. Buyers managed to lift the spot and returned it above 1.2800 in the late European session. The resistance lies at 1.2900, the support comes in at 1.2800.

The bearish momentum is likely to be resumed. After breaking 1.2800 the level 1.2700 is on the radar now.

USD/JPY

The US dollar turned positive right after opening. Buyers broke the 109.00 level in the Asian session and continued pushing the price upwards afterwards. The major continued its rally during the European session. The pair reached 109.40 in the mid-European session. The resistance lies at 110.00, the support comes in at 109.00.

We expect the pair to extend its rise towards the upper limit of the downward channel. Buyers are targeting at 109.80-110.00 now.

 

GBP/JPY

The pound spent the night hovering above 139.00. A bout of fresh buying interest emerged in the morning and helped the pound to reverse a minor portion of its recent losses. The price reached 140.00 in the mid-European session. Buyers kept fighting with the level afterwards. The resistance lies at 140.00, the support is at 139.00.

A bouncing from the current oversold region suggests an upward recovery towards 141.00.

 

EUR/JPY

The euro remained between 129.00 and 128.50 during the first part of the day. The resistance lies at 129.00, the support lies in at 128.50.

We will stay out of trades until we see the pair leave the flat.

 

AUD/USD

Sellers made an attempt to regain 0.7900. They broke the level and even advanced to 0.7850. However, fresh bids around the level stopped bears and returned the spot to 0.7900. The resistance exists at 0.7900, the support stands 0.7850.

We believe that the market negative mood will persist. As the most probable scenario, we consider further moving downwards towards the level at 0.7850.

 

DAX

DAX opened green on Thursday. The index started its day at 12174 and jumped to 12200 right after opening. The hurdle stopped the benchmark which stayed flirting with the level afterwards. The resistance lies at 12200, the support exists at 12100.  

If sellers loosen their grip buyers will have a chance to extend its recovery. A break above 12200 would open the door to 12300.

 

S&P500

S&P500 is recovering after a sharp sell-off the other day. The index dropped to 2440 where it found fresh bids. Having gathered steam the benchmark started a fresh rally heading towards 2450. The resistance lies at 2450, the support exists in at 2440.

If S&P500 reached 2450 the benchmark will have a chance to retake it. However, if the hurdle stands the index will lose its upward momentum and may fell to 2430.

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