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CURRENCIES TECHNICAL ANALYSIS September.6

Euro

The EUR/USD pair witnessed a fresh buying-wave in the European session. The euro pushed away from 1.1900 and EMA50 and edged higher. The spot tested 1.1950 in the mid-European session. The resistance resides at 1.1950, the support comes in at 1.1900.

If the buying pressure persists the euro could gain some traction. In this potential scenario buyers may lead the price to 1.2000.

 

Pound

The pound keeps staying at fresh session peaks on Wednesday after the recent rally. The price was hovering above 1.3000 the first part of the day. The resistance lies at 1.3100, the support comes in at 1.3000.

The pound bulls are back in action. The turnaround in the market sentiment could lead to further strengthening towards 1.3200.

 

USD/JPY

The price maintained its bearish tone on Wednesday. Sellers stopped at 108.50 and took a break to gather steam. The absence of sellers caused a brief pull back to 108.70. The resistance lies at 109.00, the support comes in at 108.00.

When the price consolidates below 109.00 the US dollar may dip further to the level 108.00.

 

GBP/JPY

The GBP/JPY pair keeps gravitating between 142.00 and 141.00. The pair is staying in a narrow range 141.35-141.90. The resistance lies at 142.00, the support is at 141.00.

The EMA100 provides a decent support for the pair. The pair has a chance to return to the upside. However, if the majors break below the line the pair may weaken to 140.00.

 

EUR/JPY

The EUR/JPY pair advanced to 129.50, lost momentum and turned to the upside. The price rebounded from the level and rallied towards 130.00. However, the EMA200 and EMA100 below the mentioned level stopped its advance. The resistance lies at 130.00, the support lies in at 129.50.

We preserve a negative outlook and wait until the current correction is over. A close below 129.50 will point to the return of sellers.

 

USD/CAD

Sellers posted a fresh low at 1.2333. However, they failed to stay around the level and retreated giving the way to buyers. Bulls pushed the price higher and returned the pair to 1.2400 where the spot spent the first part of the day. The resistance is at 1.2400, the support stands 1.2300.

If the price succeeds and fixes below the 1.2400 level, the market may start a new decline towards 1.2300.

 

DAX

DAX gapped higher at the open. The price jumped to 12100 where the buying impetus slowed down. However, a bout if fresh buying interest ahead of the NY opening pushed the benchmark further. As a result DAX advanced up to 12200. The resistance lies at 12200, the support exists at 12100.  

We preserve our negative outlook until we see a break above 12200. A return below 12100 would generate negative signal and risk further easing towards 12000.

 

NASDAQ

NASDAQ managed to reverse some losses after its recent sell-off. The index bounced from 5900 and reversed up to 5960. The benchmark faced selling rejection around the level and pulled back. The resistance lies at 5960, the support exists in at 5920.

A failure to break above 5960 may return bearishness to the market. Sellers may drive the price tо 5920 in this scenario.

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