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CURRENCIES TECHNICAL ANALYSIS January.29

Euro

Technically, the main trend is up. However, the upward momentum was stopped in the 1.2500 region. The euro rebounded from the overbought area and softened to the level 1.2400 after that. The EUR/USD pair is trading in a narrow range between 1.2430 and 1.2400 on Monday. The resistance resides at 1.2450, the support comes in at 1.2400.

The currency pair is unlikely to attack 1.2500 in the short-term. We assume the euro will get under a renewed selling pressure in the short-term. When we break the level 1.2400 the support 1.2350 comes back into play.

 

Pound

The pound up-move lost legs in the 1.4300 area. The major caught fresh offers in this region and moved lower afterwards. The sterling declined to the 1.4100 handle in the Asian session and stayed there during the day. The resistance lies at 1.4200, the support comes in at 1.4100.

If the selling pressure keeps growing the pound may decline to the 1.4000 region where the EMA50 lies.

 

USD/JPY

A bout of fresh selling pressure sent USD/JPY below 109.00 on Monday. The price bounced from the hurdle and headed towards 108.00 afterwards. The resistance lies at 109.00, the support comes in at 108.00.

After a sustained break below 108.00, sellers could lead the price to the 107.00 area.

 

GBP/JPY  

The pound sharply dropped versus the yen on Friday. Sellers dragged the price from the 156.00 hurdle to the 154.00 support area. Bears continued moved the spot lower on Monday. They advanced to the 153.00 handle where the EMA100 stopped their decline. The resistance lies at 154.00, the support is at 153.00.

If sellers move the pair below 153.00, they would lead the spot out of the buying channel. The level 152.00 would become the next sellers' target.

 

EUR/JPY

Buyers met a barrier in the 136.00 region. The bearish scenario prevailed after that. As a result, the spot sharply dropped to the 134.50 support. The single currency rebounded off the handle and managed to reverse some losses when buyers drove the price to 135.00. The resistance lies at 135.00, the support is at 134.50.

The EUR/JPY pair may switch its sentiment in the short-term. We do not exclude another attack at 134.50.  A close below the level may trigger losses towards 134.00.

 

NZD/USD

NZD/USD maintained its trades in the green zone on Monday. The EMA50 stopped sellers at the mark 0.7320. The price bounced off the mark and recovered to 0.7350. The resistance is at 0.7350, the support stands 0.7300.

If sellers keep pressuring the EMA50 they will break the line and will lower the spot to the immediate support.

 

DAX

The Friday’s recovery stalled at 13380. Sellers regained control after that, tightened their grip and sent the rate back below 13500 handle. The resistance lies at 13500, the support exists at 13400.

If the offered tone around DAX remains intact the index may decline to 13400.

 

S&P500

We believe that this is essentially a “buy only” market at the moment. S&P500 posted new highs on Friday. The index made a break above 2870 and reached the 2880 mark after that. Buyers could not sustain the upward trajectory on Friday. As a result, the benchmark returned to the 2870 area. The resistance lies at 2870, the support exists in at 2850.

We still see a potential for a SP500 rally. When the current correction is over the index will move towards 2890.

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