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CURRENCIES TECHNICAL ANALYSIS October.17

Euro

The market sentiment remained negative on Tuesday. Sellers regained 1.1800 and broke below the EMA50 and EMA100 afterwards. Bears were driving the pair lower the first part of the day and reached 1.1750 by noon. The resistance resides at 1.1800, the support comes in at 1.1750.

We believe the euro will remain under pressure and will keep losing ground today. The nearest sellers’ target is at 1.1750.

 

Pound

The pound left the upward channel and headed south. Sellers were driving the major downwards the whole morning and reached 1.3200 in the late European session. The resistance lies at 1.3300, the support comes in at 1.3200.  If sellers start to challenge the 1.3200 area it is likely to break. The bearish momentum may be continued towards 1.3100 afterwards.

 

USD/JPY

It looks that sellers are taking a breather as the US currency met a technical support at 111.70. The US dollar bounced off the mark and returned to 112.00. Buyers broke the level and headed towards 112.50, however, their advance was blocked by the EMA50 and the EMA100. The current high is located at 112.30. The resistance lies at 113.00, the support comes in at 112.00.

Should the US dollar recover ground and advance beyond the 112.50 mark, the rally can extend in the short term up to 113.00.

 

GBP/JPY

The GBP/JPY extended its consolidative phase on Tuesday. The price was locked between 149.00 and 148.40 during the European session and headed lower ahead of the NY opening. The resistance lies at 149.00, the support is at 148.00.

We believe the spot will turn bearish in the coming sessions. Sellers might drive the pound to 147.00.

 

EUR/JPY

Sellers almost left the upward channel when a fresh bout of a buying interest emerged and lifted the EUR/JPY pair out of the red figures. The market turned around a few pips above 131.50 and rallied towards 132.50. The 132.50 level rejected the spot downwards which had to return to 132.00 after that. The resistance lies at 132.50, the support is at 132.00.

If a selling pressure remains intact a firm break below 132.00 handle would open 131.50.

 

NZD/USD

Buyers gave up an idea to start a rally after several unsuccessful attempts to regain 0.7200. The pair NZD/USD rebounded from the overbought zone and headed lower on Tuesday. Sellers led the price to 0.7150 where the spot took a pause. The resistance is at 0.7200, the support stands 0.7150.

After a daily close below 0.7150 we could see the pair extending down to the 0.7100 region during the next sessions.

 

DAX

DAX is still neutral trading in a tight range around 13000. The resistance lies at 13000, the support exists at 12900.  We believe the DAX index will stay at 13000 today.

 

S&P500

S&P500 remains flat on Tuesday. The index keeps moving back and forth in a tight range between 2551 and 2556. The resistance lies at 2550, the support exists in at 2560.

We believe the index will remain in the current tight range today.

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