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CURRENCIES TECHNICAL ANALYSIS November.24

Euro

The bullish sentiment in EUR remained intact on Friday. The single currency found a decent resistance at 1.1850 and spent the night at the level. Morning brought fresh bullishness, buyers regained the level and extended their gains towards 1.1870. The resistance resides at 1.1900, the support comes in at 1.1850. The single currency regained some traction on Friday and is heading towards 1.1950 now.

 

Pound

The pound met a barrier at the 1.3330 region and had to retreat back to 1.3300 where the major found fresh bids and jumped to its local highs. The resistance lies at 1.3400, the support comes in at 1.3300. A move above 1.3330 may support bulls who might continue its ride towards the 1.3400 hurdle in the coming sessions.

 

USD/JPY

USD/JPY did not have enough momentum to reclaim the 111.00 support level. After staying in a narrow flat above the level a few days the US dollar found steam to recover some ground. The major pushed away from the 111.00 level and strengthened up to the 111.50 region where buyers lost impetus. The resistance lies at 112.00, the support comes in at 111.00. The most likely scenario involves a rebound from the 111.50 mark and a decline to 111.00.

 

GBP/JPY

Sellers keep struggling hard to extend their gains, however, the buyers’ defense around the 148.00 handle blocked their decline. The pair bounced from the level on Friday and reversed some losses heading towards 146.60 where the EMA50 lies. The resistance lies at 149.00, the support is at 148.00. Bears need to retake the 147.60 mark to confirm their strength. A move below the obstacle will make possible a fall towards 147.00. However, this scenario is unlikely happen. The pound may extend its recovery and touch 149.00 in the coming sessions.

 

EUR/JPY

Sellers appeared to have faced exhaustion in the 131.20 region. The EUR/JPY pair pulled back after that and reversed a minor portion of its recent losses. Buyers were able to drive the euro up to the 132.30 region where the EMA50 together with the EMA100 blocked their way. The resistance lies at 132.50, the support is at 132.00. The risk still remains towards the downside. Sellers need to reclaim 131.50 to move the pair lower.

 

AUD/USD

The AUD recovery was stopped by the EMA100. The line rejected the Aussie dollar towards 0.7600. The spot is in-between the EMA100 and the EMA50 now. The resistance is at 0.7650, the support stands 0.7600. Buyers need to reclaim the EMA100 to reach the 0.7650 hurdle. However, we consider this scenario as an alternative. To our mind the spot will move below 0.7600 and may decline to 0.7550 in the coming days.

 

DAX

DAX was neutral on Friday staying in a narrow range around 13000. The resistance lies at 13100, the support exists at 13000. We believe the DAX index will remain neutral in the coming days.

 

S&P500

S&P500 lacked any firm direction and moved back and forth between 2600 and 2590. The resistance lies at 2600, the support exists in at 2590. We believe that the index will extend its consolidative phase being locked between the immediate support and the resistance in the coming sessions.

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