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CURRENCIES TECHNICAL ANALYSIS October.23

Euro

Buyers lost strength around 1.1850 and gave the way to the sellers. Sellers drove the market through 1.1800 towards 1.1750 and reached the handle in the late European session. The resistance resides at 1.1800, the support comes in at 1.1750. We believe the pair will extend its negative trajectory and will ease towards 1.1700.

 

Pound

The pound is stable in the downward channel trading firm between its boundaries. The major bounced off the lower limit of the range and climbed to its upper one. The sterling faced selling rejection around 1.3200 and had to retreat erasing all its fresh gains. The resistance lies at 1.3200, the support comes in at 1.3100. The pound may extend its negative slide in the near-term and may fall to 1.3100 again. If sellers breaks below the level the spot may ease to 1.3000.

 

USD/JPY

The USD/JPY pair maintains its trades in the green zone. The US dollar kept trending up and broke 113.00 through. The spot advanced north after that and posted a fresh high at 114.00. The resistance lies at 114.00, the support comes in at 113.00. We believe the buying interest will remain intact in the near-term. In this potential scenario buyers would lead the pair towards 114.00 first, en route to 114.50.

 

GBP/JPY

GBP/JPY found fresh bids around 148.00. A fresh buying interest helped the spot to reverse all the recent losses. The pair bounced from 148.00 and after breaking through 149.00 rallied to 150.00. The resistance lies at 150.00, the support is at 149.00. The yen may suffer more losses in the near term. Buyers need to reclaim 150.00 to confirm their control over the market. They may reach the 151.00 level after that.

 

EUR/JPY

The bullish views are still popular. However, the pair faced a strong hurdle at 134.00 and rolled back. The price eased to 133.50 after meeting an obstacle. 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.

 

AUD/USD

The AUD sellers are back in action and are doing their best to move the price as low as it is possible. They led the pair below 0.7850 first. As a result, a fresh bearish acceleration met its target at 0.7800. The resistance is at 0.7850 the support stands 0.7800. The current decline is expected to continue. Sellers aim at 0.7800 first. After regaining the handle they may drive this market to the 0.7770 region.

 

DAX

DAX started the day on a positive note. A buying interest helped the benchmark to advance from 13000 to 13070 where the upward impulse weakened a bit. The resistance lies at 13100, the support exists at 13000. We believe the index will preserve its buying interest and will keep trying to regain 13100.

 

S&P500

The upward momentum was strong enough and allowed S&P500 to conquer new highs. Buyers pushed the benchmark to the 2570 hurdle and after a little hesitation broke the level. The buying interest lasted the first part of the day allowing buyers to post fresh highs at 2577. The resistance lies at 2580, the support exists in at 2570. We believe the benchmark will retain its bullishness in the near-term. Buyers may lead the price to 2580.

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