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CURRENCIES TECHNICAL ANALYSIS November.22

Euro

The EMA50 stopped the euro around the 1.1750 hurdle. Buyers keep struggling with the level, but without any success. Their attempt to push the pair higher was stopped, and the single currency was returned to the hurdle. The resistance resides at 1.1750, the support comes in at 1. 1700. A sharp breakout below 1.1730 could spark a further decline towards 1.1650 in the coming sessions.

 

Pound

The pair holds a bullish tone on Wednesday. The buyers managed to lead the price from 1.3200 to 1.3270 where bulls lost control. The pound eased to 1.3250 after that where the major started a consolidation phase. The resistance lies at 1.3300, the support comes in at 1.3250. Even though the positive mood persists the major may turn bearish as the price approached the monthly highs and we doubt that bulls have enough steam to break this obstacle. The pair may gain some bearish traction in the short term and ease to the 1.3160 region.

 

USD/JPY

The US dollar found a decent support at 112.00 and bounced off the handle. However, the upward impetus was short-lived and the major returned to the ask tone. The price pulled back from 112.70 and surged towards 112.00.  The resistance lies at 113.00, the support comes in at 112.00. We believe that the pair will keep losing ground and may regain the 112.00 handle soon.

 

GBP/JPY

Buyers keep unsuccessfully struggling with the upper limit of the downward channel. The level 149.00 appeared to be a hard nut to crack for them. The level is reinforced by the 50, 100 and 200 EMAs and rejected the spot to 148.50 on Wednesday. The resistance lies at 149.00, the support is at 148.00. The pair’s inability to regain the number of EMAs and the level 149.00 points to strong sellers which are likely to drag the spot towards 147.60.

 

EUR/JPY

As we see, the euro continues to suffer the persistent weakness. Buyers failed to break through the 132.50 level which together with a number of EMAs rejected the price back below the 132.00 level. The pair almost reached the 131.50 hurdle when a weak buying pressure helped buyers to regain some ground and pushed the spot to 131.70. The resistance lies at 132.00, the support is at 131.50. We will stay out of trades until we see a break below 131.50.

 

USD/CAD

Buyers keep flirting with the 1.2800 hurdle. Sellers’ resistance around the level does not let bulls to regain this level. However, the 50 and 100 EMAs support the spot helping the price to stay in a green region. The resistance is at 1.2800, the support stands 1.2700. We believe the pair will remain mostly neutral in the coming sessions. Besides, we do not rule out another buyers’ attempt to reclaim the level 1.2800.

 

DAX

DAX opened in the red on Wednesday. Sellers moved away from 13200 level and tested 13100 during the day trades. The resistance lies at 13200, the support exists at 13100. The index is in-between the EMA100 and EMA50. A break below or above the mentioned lines will determine the further benchmark direction.

 

S&P500

As we can see, bulls are back in action and pushed the price to new peaks. S&P500 moved away from 2580 and rallied through 2590 to the 2600 hurdle. The index started a consolidation phase after reaching the level. The resistance lies at 2600, the support exists in at 2590. The index may come under a bit of pressure amid profit-taking and soften to 2590.

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