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CURRENCIES TECHNICAL ANALYSIS October.12

Euro

The ascending trend-channel is still in place. Buyers managed to reclaim 1.1850 and pushed the pair to 1.1880 where the EMA200 stopped its further advance. The line rejected the spot which eased to the nearest support at 1.1850. The resistance resides at 1.1900, the support comes in at 1. 1850.

A decisive break below 1.1850 could open the door towards a minor correction to 1.1800.

 

Pound

The GBP/USD pushed away from 1.3200 in the night. Buyers drove the pound to 1.3264 breaking through the EMA50 and touching the EMA200 on its way. The major lost momentum after posting a fresh high and slightly eased. The resistance lies at 1.3300, the support comes in at 1.3200.

The market undertone is still positive and the pound still has room to post new highs. Buyers most probably are going to push the spot towards 1.3330.

 

USD/JPY

The bearish trend remained intact on Thursday. The US dollar failed to revert its losses in the night and got under fresh selling pressure in the morning. The price bounced from 112.50 and softened towards 112.00. Besides, the EMA100 works as an initial resistance for the pair not allowing it to build on a recovery. The resistance lies at 113.00, the support comes in at 112.00.

We believe USD/JPY will slide to fresh lows in the near term. Sellers aim at 112.00 now and may try to attack the handle again in the upcoming sessions.

 

GBP/JPY

The GBP/JPY left its side-trend and advanced to 149.00 where the pair faced a rejection and bounced downwards. The resistance lies at 149.00, the support is at 148.00.

The GBP/JPY pair is likely to retest 148.00 in the near-term. If the level stands the pound may return to the 149.00 hurdle. If it is broken the price may decline to 147.50.

 

EUR/JPY

Buyers failed to regain 133.50 and spent the whole night flirting with the level. The morning brought fresh bearishness which dragged the pair down. The spot bounced from the 133.50 and headed towards 133.00.The resistance lies at 133.50, the support is at 133.00.

The pair is still in a short-term upward channel. The common currency just tested its lower end. If it breaks lower sellers may drive this market to 132.50. If buyers regain control they may try to retake 133.50.

 

NZD/USD

The NZD extended its rebound from 0.7050 on Thursday. After breaking from the handle the major was able to reverse some losses. Buyers broke 0.7100 and climbed to 0.7122 afterwards. The resistance is at 0.7150, the support stands 0.7100.

We expect a further extension towards 0.7150 in the upcoming days.

 

DAX

Buyers remain in control despite severely overbought conditions. They still plan to reclaim 13000, however, they lack enough steam to do this. The index is still in a side-trend and it looks like it stuck there for a long time. The resistance lies at 13000, the support exists at 12900.  

The index is likely to stay within the current range today.

 

NASDAQ

Buyers attacked 6080 but failed to regain this hurdle. This is the third buyers' attempt since they reached the level on Monday. After touching the level NASDAQ turned flat and remained at the level. The resistance lies at 6080, the support exists in at 6040.

The NASDAQ index is likely to preserve its neutral stance today.

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