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CURRENCIES TECHNICAL ANALYSIS August.28

Euro

The EUR/USD remained in bulls' hands. A fresh buying interest emerged on Friday. As a result the pair rallied and broke the 1.1850 and 1.1900 levels on its way. The spot almost reached 1.1950 when the buying momentum lost steam. The spot rebounded to 1.1900 on Monday. The resistance resides at 1.1950, the support comes in at 1.1900.

We believe the bullish market structure will remain in place in the near-term. All eyes are right now at the resistance level 1.1950. A cut through here will turn our attention to the 1.2000 level.

 

Pound

The trend is objectively bearish, however, buyers temporally regained control and pushed the pound to the upper limit of the downward channel. The major bounced from 1.2800 and jumped to 1.2900. The major spent the Monday around its fresh high. The resistance lies at 1.2900, the support comes in at 1.2800.

The current growth we consider corrective. The cable needs to break above 1.3000 to neutralize selling pressure. However, we do not exclude that the spot may reach 1.2950 in the short term.

 

USD/JPY

Fresh selling pressure around 109.60 did not let buyers to approach 110.00. The spot dropped to 109.00 after reaching the mark where it spent almost all Monday. The resistance lies at 110.00, the support comes in at 109.00.

The recent sell-off points to the sellers' strength. We believe they will stay in the driver's seat and will push the spot to 108.50 soon.

 

GBP/JPY

The pair maintained bulls’ tone on Monday. The spot flirted with the 141.00 level the whole day. The resistance lies at 141.00, the support is at 140.00.

Buyers still need to retake 141.00 to neutralize sellers' pressure. A break above the level will open the way towards 142.00.

 

EUR/JPY

The pair held a bullish tone on Monday. The euro pulled back to 130.00 at the daily open where the major found fresh bids and recovered to 130.50. The resistance lies at 130.50, the support lies in at 130.00.

We still see a potential for a EUR/JPY rally. However, bulls need to retake 130.50 first to extend bullishness towards 131.50.

 

NZD/USD

Bulls stopped their advance when they found an obstacle at 0.7250. The currency pair bounced from the hurdle and softened to 0.7240. The resistance is at 0.7250, the support stands 0.7200.

Despite the growth the pair is still in a downward channel. We believe the spot will continue its slide and may retest 0.7200 soon.

 

DAX

DAX opened in the red on Monday. The index gapped downwards at the open. The price jumped from 12164 to12056. The benchmark spent the day around its fresh lows afterwards. The resistance lies at 12100, the support exists at 12000.  

We assume the index will remain in the red region. We expect the DAX index to retest 12000 soon.

 

S&P500

S&P500 remained under pressure staying around 2440. The resistance lies at 2450, the support exists in at 2440.

The downward trajectory is likely to be regained. After returning below 2440 sellers will aim at 2430.

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