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CURRENCIES TECHNICAL ANALYSIS November.2

Euro

The EUR/USD extended its consolidative pattern trading comfortably between 1.1650 and 1.1600. The night bullish spike faded when the pair touched the level 1.1650. The spot eased after that and moved to the 1.1635 region. The resistance resides at. 1.1650, the support comes in at 1.1600. We believe the spot will remain mostly rangebound in the coming sessions.

 

Pound

The EMA200 together with the 1.3300 hurdle stopped bulls’ advance. The lines rejected the pound which edged lower after that. Sellers led the spot to the 1.3100 region by the end of the European session. The resistance lies at 1.3200, the support comes in at 1.3100. Now sellers regain the market and are focused on a potential test of 1.3100.

 

USD/JPY

Once again buyers led the USD/JPY pair to the 114.00 resistance and once again sellers stopped them. The spot became neutral after touching the level and spent the whole day around it. The resistance lies at 114.00, the support comes in at 113.00. The inability to regain the 114.00 hurdle points to strong sellers who defend the level. The spot will most likely to bounce from the level and decline towards 113.00.

 

GBP/JPY

The GBP/JPY pair was unable to climb higher than 152.00 and retreated almost immediately after testing the level. The pound moved to 151.00 afterwards where the major spent the night and the morning. A fresh selling pressure emerged in the mid-European session and allowed sellers to continue their slide. The major dropped to 149.50 ahead of the NY opening. The resistance lies at 150.00, the support is at 149.00. The market changed which caused a turnover and a decline to 151.00. A cut here shall open the door for the further weakening towards 149.00.

 

EUR/JPY

The common currency faced selling rejection around 133.00 in the nigh. In addition, the EMA200 and EMA100 reinforced the level and stopped buyers’ advance. The pair rebounded from the lines and declined to 132.60. However, the spot was able to reverse a minor portion of its losses later the day and jumped to the 133.20 region ahead of the NY opening. The resistance lies at 133.50, the support is at 133.00. If the euro fails to regain the 133.00 hurdle the pair may return to losses and ease to 132.00. Otherwise, the spot will extend its gains up to 133.50.

 

NZD/USD

The kiwi keeps its upbeat tone unchanged vs. its US peer. The major bounced from the 0.6883 mark and jumped through 0.6900 to the nearest resistance at 0.6950. The buying momentum lost legs at the level, as a result the pair slightly eased. The resistance is at 0.6950, the support stands 0.6900. If the NZD makes another attempt and this time breaks above the 0.6950 resistance area then the major may extend its bullishness to 0.7000.

 

DAX

The recent rally brought the DAX index to the 13500 region. The benchmark started a new consolidation phase between the current support and resistance levels after that. The resistance lies at 13500, the support exists at 13400. We assume traders will keep the rangebound stance unchanged on Thursday.

 

S&P500

Fresh selling pressure around S&P500 sent the benchmark to the 2560 handle where the index ran through fresh bids and bounced off the level. Buyers moved the market to the 2570-2575 region afterwards, reversing the half of their recent losses. The resistance lies at 2580, the support exists in at 2570. As we can see, buyers returned the benchmark into the upward channel. Sellers' attempt to regain the market failed. We believe the index will return to the growth now and may hit new highs in the short-term. The 2580 level is the first buyers' target, en route to 2590.

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