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CURRENCIES TECHNICAL ANALYSIS October.16

Euro

The US dollar bulls are back. The pro-dollar sentiment prevails pushing the EUR/USD pair downwards. Sellers managed to retake 1.1800 during the night trades and stopped at 1.1785 in the mid-European session. The resistance resides at 1.1800, the support comes in at 1.1750.

Sellers took a breather, however, they control the market and another downward impetus might force the pair to resume its downward trajectory towards 1.1750. After breaking 1.1800 the EMA50 and EMA100 are the only obstacles which stop the spot from further decline. If the lines reject the pair the common currency may recover some ground.

 

Pound

The pound is still in a positive region. The major is in a flat flirting with 1.3300. The pair bounced from 1.3300 (where the EMA100 lies) and headed downwards in the mid-European session. The resistance lies at 1.3300, the support comes in at 1.3200.

Buyers still plan to regain 1.3300. A cut through here will aim them at the 1.3400 level.

 

USD/JPY

The USD/JPY pair is neutral amid traditional Monday's inactivity. The spot stopped below 112.00 and formed a consolidation range 112.00-111.80. The prices were at the lower limit of the range the first part of the day. The resistance lies at 112.00, the support comes in at 111.00.

Range trading is expected to continue today.

 

GBP/JPY

The neutral stance persists in the GBP/JPY pair. The pair moves back and forth in a 50-pips narrow range below 149.00.The EMA50 is below the price acting as an additional support line. The resistance lies at 149.00, the support is at 148.00.

We believe traders will keep the price in near-term directionless mode today.

 

EUR/JPY

The EUR/JPY pair opened positive on Monday. However, its positive sentiment did not last long. Sellers regained control in the mid-Asian session and started their winning streak. They led the euro to 132.00 first and immediately reclaimed the level. The selling pressure increased during the European hours. The currency pair almost reached 131.50 by noon. The resistance lies at 132.00, the support is at 131.50.

We believe sellers will remain in the driver’s seat today. The 132.00 handle remains a bearish target.

 

USD/CAD

The US dollar tried to recover against its Canadian peer on Monday. Buyers pushed away from the EMA100 in the Asian session and tested 1.2500 in the morning. The buying pressure increased during the European session allowing buyers to regain 1.2500. The pair continued its growth after breaking the level. The resistance is at 1.2600, the support stands 1.2500.

We will place additional buy orders if the EUR/JPY does a breakout at the resistance level of 1.2500. Buyers’ next target stands at 1.2550.

 

DAX

Technically, the main trend is up, however, the level 13000 is unbreakable obstacle for the DAX index. Buyers have been trying to regain the level from the beginning of October. However, their attempts lack any progress. DAX index keeps battling with 13000 handle on Monday. The resistance lies at 13000, the support exists at 12900.  

DAX is likely to stay within the current range on Monday.

 

NASDAQ

NASDAQ gapped upwards at the daily open. The index jumped from 6095 to 6105 where it remained afterwards. The resistance lies at 6120, the support exists in at 6080.

NASDAQ is likely to extend its consolidative pattern on Monday.

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