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CURRENCIES TECHNICAL ANALYSIS October.3

Euro

The EUR/USD started the day with a persisted bearish tone. Sellers were able to lead the spot to 1.1700 where the US dollar lost momentum. Buyers used this chance to reverse some losses. The pair recovered about 50 pips during the morning hours and approached 1.1750. The resistance resides at 1.1750, the support comes in at 1700.

The EUR/USD pair is still in the red area. The current growth could be attributed to some profit-taking around the US dollar. The pair will turn bearish as soon as the correction is over. Buyers may lift the major to the 1.1770 region while sellers still aim at 1.1700.

 

Pound

The pound found a local bottom at 1.3230. The price bounced off the mark and recovered to 1.3300 where a new wave of selling pressure returned the major to 1.3250. The resistance lies at 1.3300, the support comes in at 1.3200.

If the selling pressure persists the level 1.3100 may become a probable bearish target.

 

USD/JPY

Buyers had nothing to do but to start a consolidation phase after several unsuccessful attempts to regain 113.00. The US dollar still holds its position around the 113.00 hurdle, however, the major gave up its attempt to retake the level. The resistance lies at 113.00, the support comes in at 112.00.

We believe the USD/JPY pair will remain around the current peaks in the upcoming hours. We do not rule out a brief rebound towards 112.50-112.40.

 

GBP/JPY

GBP/JPY found a decent support at 149.00 and bounced off the level. The recovery appeared to be short-lived and stalled at 150.00 where sellers regained control. A fresh selling pressure stopped bulls’ advance and sent the pair lower. The resistance lies at 150.00, the support is at 149.00.

We await a break below 149.00 and another leg lower towards 148.00.

 

EUR/JPY

The EUR/JPY was able to extend its recovery from 132.00 to 133.00 on Tuesday. The resistance lies at 133.00, the support is at 132.50.

The immediate risk is still clearly on the downside. Sellers need to regain 132.00 first to be able to extend their gains.

 

USD/CAD

The greenback extended its near-term bullish momentum on Tuesday. Buyers reclaimed 1.2500 and pushed the major to 1.2535 where the spot faced some selling rejection and eased to 1.2500.The resistance is at 1.2600, the support stands 1.2500.

We assume the pair will stay in an upward channel in a near-term. The pair bounced from the upper limit of the channel and may decline to its lower now. The USD/CAD pair may soften to 1.2470-1.2450 in the coming hours.

 

DAX

DAX remains in bulls' hands on Tuesday. The index negated Monday's losses and returned to 12900 during the morning and day trades. The resistance lies at 12900, the support exists at 12800.  

The DAX index will remain in a buy mode in the near-term. Buyers will keep attacking 12900 until they regain the level. A break above the level will open the way towards 12950.

 

S&P500

S&P500 extended its vertical rise and tested the 2530 hurdle during the morning trades on Tuesday. The index pulled back after touching the level and edged to 2527-2525. The resistance lies at 2530, the support exists in at 2520.

Another attack at 2530 could spark a further rally towards 2535 in the coming sessions.

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