The euro changed its undertone and turned bearish in the Asian session. The major pushed away from 1.1850 and softened to 1.1800. The level stopped sellers who took a pause gathering strength for a new leg lower. The resistance resides at 1.1850, the support comes in at 1.1800. Taking into consideration the market negative mood we cannot rule out the chance that the pair would try to get to the level at 1.1750.
The negative bias prevails and keeps the pound in the red. The pair extended its losses in the night when the sterling moved to 1.3100. The major found fresh bids at the level and rebounded from the handle in the early European session. The pair was able to reverse all the night losses by noon. The resistance lies at 1.3200, the support comes in at 1.3100. The pound may extend its recovery and reach 1.3200. However, we consider this scenario as an alternative. As a main scenario we expect its further decline and a move towards 1.3030.
The US dollar bulls still keep their control over the USD/JPY pair. The currency pair regained traction in the night and broke above 113.00. Buyers led the pair to 113.40 where they lost steam. The resistance lies at 114.00, the support comes in at 113.00. We believe the buying interest will remain firm in the near term. After breaking the 113.00 hurdle the resistance 114.00 came back into play.
A buying momentum around the British pound lifted the GBP/JPY pair to 149.00. The spot just touched the level and stayed in its region after that. The resistance lies at 149.00, the support is at 148.00. As we can see the GBP/JPY pair has not set its direction yet. The spot moved up and down between 149.00 and 148.00. We prefer to stay out of trades until we see a firm break below or above the current range.
The pair remained in an uptrend on Friday. Bulls regained 133.50 in the night and advanced up to 133.90 after that. The buying momentum lost legs in the late European session. As a result, the spot slightly eased to 133.75. The resistance lies at 134.00, the support is at 133.50. We believe the pair reached its maximum. Taking into consideration the overbought readings the spot is likely to roll back to 133.00.
The NZD is heavily offered on Friday. The downward momentum lost legs after breaking 0.7000. The pair stopped with a decline and started a correction. The resistance is at 0.7000 the support stands 0.6950. The pair seems to be heading towards the 0.7030 region now.
DAX gapped upwards at the daily open and broke through 13000. The index continued its growth after the level break and climbed to 13064 where the benchmark advance stalled and the index eased to 13000. The resistance lies at 13100, the support exists at 13000. A break above 13000 could lead the DAX index to the next hurdle at 13100.
Bulls made another attempt to regain 6120 in the night but failed and retreated to 6110 where they spent the whole day. The resistance lies at 6120, the support exists in at 6080. We believe bulls will keep attacking 6120 until they regain the level.
Read the full review on our site:
Welcome Bonus $75 returns, for 10 days only! Experiment with market trading without depositing. Trade indices, Forex, precious metals, futures, stocks – full range of instruments on one account!
Starting from 06 June 2019, FortFS reduces spreads for 4 most popular contracts! From 06 June until 19 July 2019, the 4 most popular contracts spreads will be: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 Good Luck! Fort Financial Services – Citadel of trading