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CURRENCIES TECHNICAL ANALYSIS October.4

Euro

The euro is on recovery-mode on Wednesday. The spot bounced from the lower limit of the descending channel and moved upwards reverting a part of the ground lost at the beginning of the week. The resistance resides at 1.1800 , the support comes in at 1.1750.

The euro approached the upper boundary of the downward channel and risks to bounce back. In this potential scenario sellers will drag the major to 1.1700 first, en route to 1.1650. Otherwise, buyers could extend their recovery up to 1.1800.

 

Pound

The pound slightly changed its position since yesterday staying around its fresh low. The major bounced off the 1.3200 handle and advanced up to 1.3280 during the course of the day. The resistance lies at 1.3300, the support comes in at 1.3200.

Sellers threaten the 1.3200 handle now. If the level falls they could extend their bearishness towards 1.3150. Meanwhile, buyers have a chance to test 1.3300 in the coming sessions.

 

USD/JPY

The USD/JPY pair remained in an uptrend on Wednesday trading around fresh session lows. The US dollar failed to regain 113.00 the other day and bounced off the level. Sellers kept driving the spot lower afterwards and brought the major to 112.40 today. The resistance lies at 113.00, the support comes in at 112.00.

The upward structure is likely to remain unchanged in the near term. The dollar bulls will keep attacking the 113.00 hurdle until they break the level.

 

GBP/JPY

The pound recovery was stalled just above 150.00. The pair turned around after posting a local high at 150.22 and moved lower. Sellers dragged the pair below 150.00 and pushed the price to 149.00 after that. The resistance lies at 150.00, the support is at 149.00.

The GBP/JPY pair remains focused on a potential test of 149.00.

 

EUR/JPY

The euro bulls were unable to climb above 133.00 and retreated almost immediately after testing the level. The single currency pushed away from 133.00 and edged lower towards 132.50. The level did not stop bears who regained the level and level EUR/JPY to 132.30. The resistance lies at 132.50, the support is at 132.00.

Inability to retake 133.00 points to strong sellers. The risk remains towards the downside, with a break below the immediate support level.

 

NZD/USD

NZD/USD bears still lead the way. Fresh bearish acceleration on Tuesday met target at 0.7150. Sellers, however, failed to regain the level and had to retreat. The spot rebounded from the level and jumped to 0.7200. The resistance is at 0.7200, the support stands 0.7150.

The most likely scenario involves further weakening and advance down to the 0.7100 handle.

 

DAX

DAX gapped upwards at the daily open. The price jumped from 12900 to 12974, but failed to advance further. The market turned bearish and dropped back to 12900. The resistance lies at 13000, the support exists at 12900.  

The overall trend remains bullish. We believe the DAX index will continue its positive bias and will grow to 13000.

 

NASDAQ

NASDAQ remained in an uptrend on Wednesday. The index stays below the 6000 hurdle trying hard to retake the level. The resistance lies at 6000, the support exists in at 5960.

As we see the upward momentum is strong enough to hold the index around 6000. We believe buyers will do their best to regain the level. If they succeed the spot may extend its bullishness towards 6030.

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