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CURRENCIES TECHNICAL ANALYSIS November.7

Euro

Sellers’ managed to regain the 1.1600 level. A fresh selling pressure emerged in the morning and sent this market downwards. Bears dragged the euro to the 1.1570 mark by noon. The resistance resides at. 1.1600, the support comes in at 1.1550. If the selling pressure persists the common currency may not only reach the immediate support at 1.1550, but also regain this level and continue its slide towards 1.1500.

 

Pound

The GBP/USD pair is still in the red. However, buyers managed to revert a minor portion of their recent losses and pushed the major the 1.3150 region where the 50 and 100 EMAs stopped their advance. These two lines rejected the sterling which started a new wave of decline afterwards. The resistance lies at 1.3200, the support comes in at 1.3100. The pound still has a potential to extend its rebound from its recent lows. If the major breaks through the 50 and 100 EMAs the price may touch 1.3200 in the near-term. Otherwise, sellers will regain the market and may drive the major to 1.3036.

 

USD/JPY

Sellers pushed the US dollar towards the 114.00 handle and stopped a few pips below the level. The EMA50 provided the US currency a decent support and allowed buyers to regain control. The USD/JPY pair bounced from the 50EMA and rebounded back above 114.00. The US dollar reached the 114.30 region by noon. The resistance lies at 115.00, the support comes in at 114.00. A return above 114.00 indicates that immediate upward pressure is resumed. Sellers might drive the spot to 114.70 in the coming sessions.

 

GBP/JPY

Buyers tried to extend their recovery but met an obstacle around the 150.00 hurdle. The EMA200 and EMA100 blocked the way upwards and the spot had to stay and spent the night in their region. The morning brought fresh bullishness; buyers received an additional impetus and reclaimed the 150.00 level. The resistance lies at 151.00, the support is at 150.00. The GBP/JPY pair may extend its recovery if it breaks through the 50, 100 and 200 EMAs. Buyers may lead the pair to 151.00 in this case. If the spot fails the price may rebound to the 149.00 support level.

 

EUR/JPY

A fresh wave of the euro selling interest turned this market bearish. As a result, EUR/JPY sharply dropped and reached the 132.00 handle afterwards. The level rejected the pair in the night which moved back and reversed a minor portion of its losses. The pair returned to a bearish mode in the morning. The euro turned around, moved lower and retested the 132.00 handle by noon. The resistance lies at 132.50, the support is at 132.00. The pair left the upward channel and is approaching a lower limit of the wide range. A break below 132.00 will neutralize the buying pressure and give sellers a chance to post more gains.

 

NZD/USD

The NZD sellers failed to retake the 0.6900 region, the price just pierced the level and bounced from the EMA50 which lies a few pips below the level. A fresh buying interest helped the pair to recover some losses. The spot rose back and returned above 0.6900 and was able to reach 0.6950 after that. However, the NZD found fresh offers in the 0.6950 region and moved back after that. The resistance is at 0.6950, the support stands 0.6900. Another selling interest might force the pair to resume its downward trajectory. First of all sellers need to regain the 0.6900 area including the EMA50. Only then a way towards 0.6800 will be opened.

 

DAX

DAX opened the day on a positive note. The index gapped upwards from 13465 and jumped to 13500. The benchmark pierced the level, posted a fresh high at 13528 and eased off after that. A fresh selling pressure returned DAX below 13500. The index filled the gap by noon. The resistance lies at 13500, the support exists at 13400. We believe DAX will extend its bearishness today and may ease to 13450.

 

NASDAQ

NASDAQ extended its near-term upward trajectory and hit fresh highs. Buyers resumed the ongoing upbeat momentum and reached the 6320 hurdle. They failed to retake this level and moved back after touching it. The resistance lies at 6320, the support exists in at 6280. We believe NASDAQ will remain in a buy mode in the near-term. After breaking the 6320 hurdle the 6360 level will come back to the radar.

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