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CURRENCIES TECHNICAL ANALYSIS September.26

Euro

The euro broke below a daily ascendant trend line on Monday. After a brief overnight pause around 1.1850 sellers continued pushing the spot downwards and tested 1.1800 in the late European session. The resistance resides at 1.1850, the support comes in at 1800.

The pair is poised to extend its decline in the upcoming sessions. Sellers need to retake 1.1800 first but it is hard right now as they lost momentum. The spot is likely to pull back towards the 1.1850 area. Alternatively, bears may push the price towards 1.1750. In this potential scenario we expect a rebound towards 1.1800-1.1830 afterwards.

 

Pound

The pound left the sideways range and moved lower on Monday. Sellers retook 1.3500 and pushed the price to 1.3425 where the downward momentum lost steam. After posting a fresh low at 1.3429 the pound pulled back and returned to the 1.3500 region in the night.

The morning brought fresh selling interest. The pair bounced from 1.3500 and softened to 1.3450 by the noon. Sellers continued driving the spot lower in the second part of the day. The resistance lies at 1.3500, the support comes in at 1.3400.

A decisive break below 1.3500 opened the door towards 1.3400.

 

USD/JPY

The USD/JPY came under a heavy selling pressure and gave up its gains moving below 112.00. The retracement was stalled at 111.40 where sellers lost steam and the spot was able to reverse some losses. The resistance lies at 112.00, the support comes in at 111.00.

The first critical support lies at 111.40. A cut here might open the door for more weakness towards 111.00. If the level stands the 112.00-112.50 hurdle will be back on the radar.

 

GBP/JPY

The pound sharply fell against the yen when an increased selling pressure weighed on the major sending the spot towards 150.00. The pair faced some buying rejection around the level and bounced off the level. However, buyers lost steam around the hurdle and sellers pushed the pair back to the level. The resistance lies at 151.00, the support is at 150.00.

We are still positive until we see a break below a critical 150.00. Buyers still have a chance to push the price back to highs. Otherwise, sellers will drive the pair to 147.00 in the coming days.

 

EUR/JPY

The sentiment around the euro turned negative on Monday. As a result the spot sharply fell. Sellers broke a number of levels on their way down and only stopped at 132.00. The major spent the night and the level and returned to a slide in the morning. Bears reclaimed the 132.00 handle and lead the pair towards 131.80 afterwards. The resistance lies at 132.00, the support is at 131.50.

Our bullish expectations were wrong. The spot turned negative and is likely to continue its negative bias. Meanwhile, the pair may recover some ground on the back of profit taking. The euro may grow to 132.30.

 

NZD/USD

The NZD/USD pair is gaining downward strength according to technical readings. The pair broke through 0.7250 on early Tuesday leaving a risk of more weakness on the cards. The NZD continued its sell-off after breaking 0.7250 and approached 0.7200 ahead of the NY opening. The resistance is at 0.7250, the support stands 0.7200.

If the selling pressure persists the US dollar could gain momentum dragging its peer towards 0.7150.

 

DAX

DAX gapped lower at the open. However, sellers lost momentum at once allowing the index to recover. The price moved upwards, closed the gap and advanced to 12600 where buyers faced sellers’ resistance. The resistance lies at 12600, the support exists at 12500.  

Any further upmove is expected to face stiff resistance. Buyers need to do the best to regain the level. If they succeed the benchmark will advance to 12700. If they fail DAX may soften to 12500-12450.

 

NASDAQ

NASDAQ bounced off the border of the oversold zone and reverted some of yesterday’s losses. The index bounced from 5840 and recovered up to 5880 first. The level did not stop buyers who pushed the price to 5885 later the day. The resistance lies at 5920, the support exists in at 5880.

If the offered tone around NASDAQ remains intact the benchmark may soften to 5840.

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