The bearish trend remained intact on Wednesday. The pair extended its monthly decline, regained 1.1750 and posted a fresh low at 1.1729 in the mid-European session. The spot pulled back above the 1.1750 after refreshing lows. The resistance resides at 1.1800, the support comes in at 1750.
Below 1.1750, EUR/USD will likely target the 1.1700 support area.
GBP/USD extended its weekly decline on Wednesday. The pound was softening the whole night and the morning and pierced 1.3400 in the mid-European session. Sellers posted a fresh low at 1.3359 but failed to stay there and retreated back to 1.3400. The resistance lies at 1.3500, the support comes in at 1.3400.
A break below 1.3400 should increase selling interest. Our profit targets will be 1.3350 and 1.3300.
The USD/JPY pair jumped to 2-months highs on Wednesday. The yen was trading on a soft note vs. its US counterpart the first part of the day. The major pushed away from 112.00 in the night and climbed to 113.00 during the night and morning trades. The level stopped bulls' advance and rejected the pair downwards. The resistance lies at 113.00, the support comes in at 112.00.
To resume the uptrend, the US dollar has to break the resistance level at 113.00.
The neutral stance persists in the GBP/JPY pair on Wednesday. The pair lacked any firm direction and stayed around 151.00. Earlier, buyers were able to recover some ground and push the price to 151.00 where they lost buying impulse. The resistance lies at 152.00, the support is at 151.00.
We expect to see renewed bullish pressure in the upcoming sessions. Buyers aim at 152.00 now.
The euro extended its recovery and reversed a minor portion of its recent losses on Wednesday. Buyers broke 132.50 in the morning session and are trying to consolidate above the level now. The resistance lies at 133.00, the support is at 132.50.
In order to recover some strength, the euro needs to rise back and hold above 133.00. A break above the level will probably maintain buyers in the driver's seat. A failure here will make the negative scenario real and may push the pair towards 131.50.
The AUD looks vulnerable and is prone for more weakness. The major opened weaker and extended its losses afterwards. Sellers were driving the spot lower the whole night and the morning and reached 0.7850 in the late European session. The resistance is at 0.7900, the support stands 0.7850.
The AUD/USD pair may recover from 0.7850. A failure to hold above the handle risks a slide to 0.7800.
DAX had a positive start to the day. The index gapped through 12600 and extended its upward trajectory after that. Buyers pushed the benchmark to 12681 and slightly pulled back afterwards. The resistance lies at 12700, the support exists at 12600.
If the bullish tone persists we expect a test of the level 12700 in the upcoming hours.
S&P500 still tries to regain the 2500 level. However, buyers meets stiff sellers’ resistance on any their upmove. The resistance lies at 2500, the support exists in at 2490.
We believe the ask tone will remain intact. Buyers will keep trying to break through the current resistance.
Read the full review on our site:
FortFS launches Ultimate Cashback promotion! The promotion is aimed to get the balance compensation per each trade closed with the negative result. Compensated amount is fixed and is equal to 8,88% of the loss amount. All compensations are credited into the trading account automatically.
What is the unlimited leverage? Usually it means borrowed funds provided by broker to clients to enable clients to open larger positions and to increase income from investing without increasing their investments. However, the leverage always has an established limit which is originally determined by the broker and cannot be changed.