The euro extended its buying momentum and reached the 1.2050 region where the major faced selling rejection and had to decline towards 1.1950. The resistance resides at 1.2050, the support comes in at 1.2000.
The euro may strengthen further now and test the level 1.2100. However, we will wait until the current correction is over.
Buyers remained in control and drove the pound to the level 1.3600 which rejected the pound downwards. The resistance lies at 1.3600, the support comes in at 1.3500. .
The GBP/USD pair is still around its fresh highs. A breakout above 1.3600 could spark a further growth towards 1.3650.
Sellers broke through the EMA200 on Tuesday and edged lower heading towards 112.00. They reached the level later the day, but failed to retake the handle. As a result, the currency pair bounced off the support and reversed some losses. The resistance lies at 113.00, the support comes in at 112.00.
Sellers control the market. It would be no surprise to us to see USD/JPY probe the 111.70 region in the sort-term.
The pound remained in an upward channel. The major bounced from the upper limit of the channel and softened towards 152.00. The resistance lies at 153.00, the support is at 152.00.
If the bullish tone persists we expect a test of the level 153.00.
We believe that this is essentially a “buy only” market at the moment. Buyers touched 135.50 on Tuesday, but failed to reclaim the hurdle. As a result, the spot pulled back and erased some gains declining to 134.50. The resistance lies at 135.00, the support is at 134.50.
If the selling mode remains intact the euro may reclaim 134.50 in the coming sessions.
The AUD continued to advance north on Wednesday and almost reached 0.7850. The resistance is at 0.7850, the support stands 0.7800.
We believe the pair will remain in the near-term upward channel and will try to continue its rally in the coming days. The level 0.7850 is the next buyers’ target.
DAX opened on a positive note on Wednesday and tried to leave the level 12900. Buyers moved the index to 12944 when an increased selling pressure returned the spot to 12900. The resistance lies at 13000, the support exists at 12900.
DAX is likely to remain flat the whole day today.
NASDAQ bounced from the EMA200 which lies in the 6380 region and rallied towards 6500 breaking through 6420 and 6460. The index reclaimed 6500 and was able to reach the 6525 region when buyers lost momentum. The resistance lies at 6540, the support exists in at 6500.
Buyers are back in town. They reversed the majority of their recent losses. However, bulls need to reach the 6540 hurdle now to neutralize the selling pressure.
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