EUR/USD turned bullish on Tuesday. The spot broke above 1.1750 at the daily open. Buyers continued pushing the common currency upwards the whole night and the morning. The euro touched 1.1800 by noon. The resistance resides at 1.1800 , the support comes in at 1.1750.
Sustained break above the 1.1750 region was seen as minimum requirement needed to confirm bullish resumption. Now when the level is broken the major has a potential to continue its winning streak to 1.1850.
The pound preserved its positive bias and was able to refresh its highs on Tuesday. The GBP/USD pair started the day at 1.3130 and climbed to 1.3200 during the first part of the day. The resistance lies at 1.3200, the support comes in at 1.3100.
If the price succeeds and fixes above the current resistance, the market may start a new incline towards 1.3250.
Sellers are trying to intensify their control over the market. They increased selling pressure during the night and morning trades trying to leave the current range. Unfortunately, all their attempts were useful and faced buyers’ resistance. The resistance lies at 113.00, the support comes in at 112.00.
The USD/JPY pair is trapped between 112.50 and 113.00. We believe that the spot will continue its consolidation phase today. We do not exclude other sellers’ attempts to leave the range.
The pound keeps trading within a positive territory on Tuesday. Sellers’ attempt to lower the price was stopped in the night. The pound remained at 148.00 and spent the whole day at the level. The resistance lies at 149.00, the support is at 148.00.
GBP/JPY is having difficulties to go any higher. The price may rebound now from the upper boundary of the descending channel and edge lower. In this scenario, sellers may drag the price to 147.00.
The EUR/JPY pair is still neutral being sandwiched between 132.50 and 132.00. The resistance lies at 132.50, the support is at 132.00.
In the medium term, our outlook for the pair is neutral. We believe that the spot will remain in the current range today.
The AUD/USD pair remained in a downward channel on Tuesday. Buyers’ attempt to build on a correction failed. The spot stopped a few pips below 0.7800. in a small range, between 0.7750 and 0.7765. The pair preserved its neutral-to-bearish tone during the day session. The resistance is at 0.7800, the support stands 0.7750.
The pair may start a decline any moment now. A close below 0.7750 will generate fresh bearish signal for further advance towards 0.7700.
DAX is still neutral moving up and down between 12930-12980. The resistance lies at 13000, the support exists at 12900. We assume the DAX index will remain in the current range today.
NASDAQ failed to reclaim 6080 when the benchmark faced sellers' resistance around the level. The index bounced from the hurdle and dropped to 6050. A fresh buying momentum stopped the index from further decline. The benchmark bounced from 6050 and reversed some of its losses when approached 6080 again. The resistance lies at 6080, the support exists in at 6040.
The selling tone may prevail today. The NASDAQ index may soften to 6040 in the upcoming sessions.
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