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CURRENCIES TECHNICAL ANALYSIS November.17

Euro

The euro cannot choose a direction moving back and forth between 1.1850 and 1.1750. However, we see a growing negative tendency which may drag the pair to the region 1.1750-1.1730. The resistance resides at 1.1800, the support comes in at 1. 1750. The immediate risk is still clearly on the downside but we prefer to wait for a daily closing below 1.1750 before continuing with selling.

 

Pound

The demand for the British currency remains well and sound. The major caught a fresh bid-wave in the night and made a move through 1.3200.GBP continued its advance north after that and reached 1.3250 by noon. The resistance lies at 1.3250, the support comes in at 1.3200. The GBP/USD pair will remain better bid until its stays above 1.3200. Buyers will try to reach the hurdle 1.3300 in the short-term. However, we doubt that they could regain the level.

 

USD/JPY

The bearish momentum was strong enough on Friday keeping USD/JPY around its local lows. Sellers brought the pair to the 112.50 mark where they lost steam and started a brief consolidation phase.  The resistance lies at 113.00, the support comes in at 112.00. We believe bears will keep consolidating ahead of a bunch of strong supports. They will continue as soon as they gather enough steam to break them through. The level 112.00 is the first sellers' target.

 

GBP/JPY

The GBP/JPY is still neutral staying around motionless at 149.00.  The resistance lies at 149.00, the support is at 148.00. The inability to break through the series of EMAs and the level 149.00 points to weak buyers which are likely to give up allowing sellers to move the pound to 148.00.

 

EUR/JPY

A fresh selling interest returned the EUR/JPY pair to the 132.70-132.50 support region. The EMA200 stopped sellers’ further advance providing the spot a decent support. The resistance lies at 133.00, the support is at 132.50. Sellers have to try hard to break through buyers’ defense in the 132.70-132.50 region. If they fail which will mostly happen the pair bounced back and may return to 133.00-133.25. If sellers succeed the spot will post more losses heading towards the 132.00 handle.

 

USD/CAD

The USD/CAD pair is in a narrow range between 1.2730-1.2780. The pair stuck between the EMA50 and EMA100 and needs fresh drivers to break any of these levels through. The resistance is at 1.2800, the support stands 1.2700. We believe the pair will remain neutral in the coming sessions.

 

DAX

DAX remains under pressure staying in the EMA200 region close to the 13000 handle. The index started a consolidation phase between 13100 and 13000. The resistance lies at 13100, the support exists at 13000.  The price is expected to stay neutral-to-bearish today within the mentioned channel.

 

NASDAQ

NASDAQ caught an upside momentum and was able to break the 6320 hurdle. Buyers pushed the benchmark to the level 6360 afterwards where they lost steam allowing the price to return to the 6340 region. The resistance lies at 6360, the support exists in at 6320. NASDAQ is having difficulties to go any higher. The immediate resistance used to reject the index before. In the light of this we expect a brief pull back to the 6300 region.

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