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CURRENCIES TECHNICAL ANALYSIS September.7

Euro

EUR/USD was confined to a tight range during the night and early morning trades. A bout of fresh buying pressure pushed the spot out of the range post European opening. The euro regained 1.1950 and rallied towards 1.2000. The single currency reached the hurdle in the late European session. The resistance resides at 1.2000, the support comes in at 1.1950.

The EUR/USD pair is likely to continue its growth. After breaking above 1.2000 the pair may extend is gains towards 1.2050.

 

Pound

The GBP/USD pair retains its positive tone on Thursday. Buyers stepped back after posting highs at 1.3079.  The pound eased to 1.3040 first but soon regained positive traction and continued its rally. The resistance lies at 1.3100, the support comes in at 1.3000.

Short-term trend dynamics are bullish. The pair is waiting for fresh drivers which may trigger an extension towards 1.3100.

 

USD/JPY

The US dollar found strength to recover on Wednesday. The price jumped from 108.50 and moved through 109.00 towards 109.50. However, the spot did not reach the mark and stopped a few pips below it. The pair slightly eased to the 109.00 region during the night and morning trades. The resistance lies at 109.00, the support comes in at 108.00.

A break below 109.00 will suggest further weakness towards 108.00.

 

GBP/JPY

The positive bias around the pound helped the GBP/JPY pair to gain some traction. The spot left a tight range between 142.00 and 141.00 and rallied upwards breaking 142.00 on its way. Buyers were able to lead the price up to 142.60 where they faced some selling rejection from the EMA200. Inability to break the line caused some profit-taking action. As a result the spot eased to 142.00. The resistance lies at 143.00, the support is at 142.00.

The EMA200 and the 143.00 hurdle are in the pair’s way. A cut through here will open a door for a further advance to 143.50. A failure may return bearishness causing some negative traction towards 141.00.

 

EUR/JPY

The EUR/JPY pair maintained its bid tone on Thursday. Buyers reversed all losses after the recent sell-off and pushed the spot towards 130.50. The resistance lies at 130.50, the support lies in at 130.00.

The pair is approaching a strong resistance. If the euro breaks the level, the major may strengthen further that should send this market looking for the 131.00 level.

 

NZD/USD

The pair is gaining downward strength according to technical readings. Buyers’ attempt to build on a recovery failed. Sellers stopped them above 0.7200 and turned the market down afterwards. Bears drove the price below the 0.7200 handle targeting at 0.7150. The resistance is at 0.7200, the support stands 0.7150.

If NZD/USD stays below 0.7200 the pair may extend its declines down to 0.7150.

 

DAX

DAX had a positive start to the day. The index was flirting with the 12300 hurdle the first European hours. However, the benchmark found strength to retake the level in the late European session. DAX broke through the level and advanced up to 12350. The resistance lies at 12400, the support exists at 12300.  

We prefer not to trade today amid high risks in the market.

 

S&P500

S&P500 is still under pressure after touching 2470. Ask orders around the level pushed the index to the nearest support 2460. The resistance lies at 2470, the support exists in at 2460.

In the event that the sellers manage to force the below 2460 S&P500 will decline to 2450.

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