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CURRENCIES TECHNICAL ANALYSIS November.8

Euro

The EUR/USD pair extended its recovery on Wednesday and posted fresh highs at 1.1611 in the mid-European session. Despite the current growth the overall picture is negative. The spot is under pressure and the current rebound should be considered corrective. The resistance resides at 1.1600, the support comes in at 1. 1550. The euro bounced from the lower limit of the downward channel and may extend its recovery if the pair breaks through the 1.1600 level. If buyers fail to regain the level the pair ill turn to the downside.

 

Pound

The GBP/USD failed to build on a recovery after the Tuesday’s sell-off. The pair eased to 1.3100, bounced from the level and jumped to 1.3173 where its recovery action was limited by the EMA50 and EMA100. The market turned around in the 1.3173 region and sharply dropped to the 1.3100 handle afterwards. The resistance lies at 1.3200, the support comes in at 1.3100. The pound needs to break through the 50 and 100 EMAs to extend its recovery. A move above the lines will allow the major to test the 1.3200 hurdle. If the moving averages stand the GBP/USD pair may ease to 1.3000.

 

USD/JPY

USD/JPY is under pressure trading in a narrow range between 113.65 and 114.30. As we can see bears still lead the way pushing the spot to the lower limit of the mentioned range. The resistance lies at 114.00, the support comes in at 113.00. We believe the pair will extend its neutral-to-bearish stance today. If sellers are lucky they even may lead the pair out of the range and push the US dollar to the immediate support.

 

GBP/JPY

The GBP/JPY pair bounced from the 150.00 level. This region was defended by sellers who limited buyers’ advance. The pound rolled back and softened to the 149.00 by the end of the European session. The resistance lies at 150.00, the support is at 149.00. GBP/JPY needs to regain the 149.00 zone to extend its bearishness. A move below this level will favor an advance down to the 148.00 region.

 

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 common currency spent the night at the level and returned to a bearish mode in the morning. The euro turned around, moved lower and retested the 132.00 handle by noon. Sellers did not stop after that and continued driving the pair downwards in the second part of the day. The resistance lies at 132.00, the support is at 131.50. The pair is approaching the 131.50 handle. A break below this level will reinforce sellers’ positions and give them a chance to post more gains.

 

AUD/USD

The overall pictures is the same, the AUD/USD bears still lead the way. The pair extended its losses on Tuesday when sellers broke through the 0.7650 level. After posting fresh lows the pair pulled back and reversed a larger portion of its losses. The AUD recovered to 0.7675 where the price was stopped by the EMA50. The resistance is at 0.7700, the support stands 0.7650. The pair tested the October’s low. If the spot breaks them through the AUD may extend its losses to 0.7600. If the pair stays above 0.7650 the price may recover to 0.7700.

 

DAX

DAX had a positive start to the day. The index reversed a minor portion of its yesterday’s losses and recovered to 13400 where the benchmark ran through fresh offers, edged lower and erased all the morning gains by noon. The resistance lies at 13400, the support exists at 13300. If the DAX index stays below 13400 sellers will maintain control of the flows and may move the index to 13300.

 

S&P500

S&P500 is still in an ascending channel. The index bounced from its upper end and headed towards its immediate lows at 2580. The resistance lies at 2590, the support exists in at 2580. We believe S&P500will remain in a sell mode in the short-term. After breaking the 2580 handle the benchmark may ease to 2577, en route to 2570.

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