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CURRENCIES TECHNICAL ANALYSIS October.31

Euro

Buyers’ attempts to develop a recovery failed so far. Bulls managed to lead the pair to 1.1650 where they faced sellers’ resistance and had to retreat. The resistance resides at. 1.1650, the support comes in at 1.1600. We expect another buyers’ attempt to regain 1.1650. If they fail sellers may drag the price to the 1.1570-1.1550 region.

 

Pound

The pound keeps the upbeat tone unchanged vs. its US peer. Bulls drove the sterling to 1.3200, but failed to reclaim the level. The currency pair stayed around the level the whole Monday. The resistance lies at 1.3200, the support comes in at 1.3100. If the upbeat tone remains intact the pair may regain 1.3200 and move to 1.3250 in the coming sessions.

 

USD/JPY

The pair is gaining downward strength according to technical readings. Sellers led the pair to the 113.00 handle where they lost momentum. Besides, the EMA100 lies in the 113.00 region and provided additional support to the US dollar. As a result, the major bounced from the oversold area and grew to the 113.50 mark. The resistance lies at 114.00, the support comes in at 113.00. A break below the immediate support will increase selling interest and may cause further decline towards 112.00. Otherwise, buyers may regain the market and push the spot to the 114.00 hurdle.

 

GBP/JPY

The GBP/JPY was in a flat staying in-between the 50 and 200 EMAs and the 100-EMA during the night trades. A fresh buying pressure emerged in the morning and sent the pair to 150.00 through the 50 and 200 EMAs. The resistance lies at 150.00, the support is at 149.00. The pair is expected to continue its recovery today. The level 150.00 is the first bulls’ target.

EUR/JPY

The EUR/JPY pair is firmly in red. The pair followed through 132.00 and declined to the 131.50 handle. The pair bounced from the level and reversed the half of its recent losses afterwards. The resistance lies at 132.00, the support is at 131.50. We believe the spot will suffer more losses in the near-term. But first sellers need to regain 131.50 to trigger the next leg of move for the pair. Bears might drive the spot to 131.00 in the coming sessions.

 

AUD/USD

The AUD buying momentum did not last long. The correction from 0.7623 ended when the major touched the 0.7700 handle. Prices bounced from the obstacle in the Asian session and edged lower. The selling pressure increased in the morning when the spot accelerated its decline heading towards 0.7650. The resistance is at 0.7700, the support stands 0.7650. We think that the AUD will resume its downbeat momentum and will regain 0.7650. Sellers might lead the pair to 0.7600 afterwards.

 

DAX

DAX has not changed since Monday and maintains its neutral stance hovering above 13200. The resistance lies at 13300, the support exists at 13200. Range trading is expected to continue today.

 

S&P500

Buyers met a strong obstacle which they have been trying to retake more than a week. Bulls have attacked the 2580 hurdle twice and have been rejected both times. The last pull back led the benchmark to 2564 where the S&P500 index received a support from the EMA50 and reversed some losses. Buyers returned the benchmark above the 2570 level. The resistance lies at 2580, the support exists in at 2570. If selling pressure increased sellers will break through the EMA50 and will lead the index to the 2560 region. However, we consider this variant as an alternative preferring to buy S&P500.

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