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CURRENCIES TECHNICAL ANALYSIS November.15

Euro

The buying interest around the euro helped the major to get some traction. The pair ran through a bunch of levels and stopped at 1.1800 in the early Asian session. EUR just touched the level and pulled back amid some profit-taking. The buying interest returned in the morning. Buyers regained control and drove the euro to 1.1850. The resistance resides at 1.1850, the support comes in at 1. 1800. If the US dollar remains pressured today the spot could surge further towards the 1.1900- region.

 

Pound

The US dollar retracement helped the pound to reverse some losses. The pair pushed away from the 1.3100 handle and jumped to the immediate resistance at 1.3200. The bullish spike, however, was short-lived and faced selling rejection around the hurdle. The major rebounded from the level and softened to 1.3140.The resistance lies at 1.3200, the support comes in at 1.3100. The pound stopped between the EMA200 and EMA50. We prefer not to trade until we see the sterling close below or above the moving averages.

 

USD/JPY

Sellers kept attacking the 113.00 handle during the night and finally broke through in the morning. A new wave of aggressive selling pressured the spot to a two-week low of 112.70 in the European session. The resistance lies at 113.00, the support comes in at 112.00. A decisive break below 113.00 could open the door towards 112.50.

 

GBP/JPY

Buyers’ attempt to push the pound out of red figures was stopped by the upper limit of the downward channel around 149.50. The line rejected the pair which returned below 149.00 afterwards. Sellers returned the sterling to the 148.00 handle where the spot found fresh bids and bounced back. The resistance lies at 149.00, the support is at 148.00. A move below 149.00 returned bearishness sentiment to the market. The pound remains vulnerable and is prone to more weakness towards the support region 148.00 – 147.70.

 

EUR/JPY

The euro failed to extend its rally on Wednesday. The pair turned bearish and slightly eased amid profit-taking action. EUR eased from 133.80 to the 133.50 region where the major spent the day. The resistance lies at 134.00, the support is at 133.50. A break above 133.00 opened up the way for a further bullishness. Buyers temporally slowed down their advance. We assume they need some time to find fresh steam to regain 134.00.

 

NZD/USD

The tone is still negative in the market. However, NZD bounced from 0.6850 and reversed some losses heading towards 0.6900. The resistance is at 0.6900, the support stands 0.6850. Buyers met a decent resistance at 0.6900. The 50 and 100 EMAs reinforced this level. To continue with a recovery buyers need to break through this barrier. If they succeed they will have a chance to push the spot to 0.6950.

 

DAX

The index had a negative day on Wednesday. The benchmark opened in the red and continued trading in a negative ground afterwards. The index started the day in the 13000 region and softened to 12800 by the NY opening. DAX found fresh bids around the level and pulled back to 12900.The resistance lies at 13000, the support exists at 12900. A close below 12900 may generate fresh bearish signal for further weakness which could extend to the 12800 barrier.

 

NASDAQ

The overall trend is still bullish, however, NASDAQ started to lose ground. Sellers led the benchmark below the EMA50 and then pushed the index below 6280. Sellers lost momentum at 6250 where the index turned around and slightly grew. The resistance lies at 6280, the support exists in at 6240. The selling interest is getting stronger. If the tone remains negative in the market NASDAQ may touch 6240 in the coming sessions.

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