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CURRENCIES TECHNICAL ANALYSIS February.1

Euro

 

The euro retreated from its local lows on Thursday. Buyers moved the pair higher towards 1.2450 in the European session. The risk of further incline is high until the spot is above 1.2350. The resistance resides at 1.2450, the support comes in at 1.2400.

 

If the market sentiment remains positive the EUR/USD pair may grow to 1.2500 in the coming sessions.

 

Pound

 

The pound reversed some losses on Wednesday. The positive mood persisted in the night after that.  Buyers were struggling with the 1.4200 barrier the whole night and finally broke above it in the morning. The pair headed towards the 1.4300 hurdle in the European session. The resistance lies at 1.4300, the support comes in at 1.4200.

 

The pound looks strong and is prone to show more strengthening. The sterling is likely to move towards 1.4350 now.

 

USD/JPY

 

A bid tone around the US dollar added some positive traction to the pair. The major pushed away from 109.00 and rallied towards 109.50. The currency pair reached this mark in the mid-European session and after a brief pause continued moving higher, breaking the EMA50 on its way. The resistance lies at 110.00, the support comes in at 109.00.

 

The spot will continue its upward trajectory if the pair overcomes the 110.00 region. The mark 110.50 is the next probable bullish target.

 

GBP/JPY  

 

Sentiment is firmly bullish towards the pound. The major extended its rally on Thursday and advanced up to the 156.00 region. The resistance lies at 156.00, the support is at 155.00.

 

The pair may pull back now amid profit-taking action and decline to the support area 155.00. This area may cushion its decrease and reject it back to the 156.00 hurdle.

 

EUR/JPY

 

The single currency demonstrated a confident increase on Thursday. The spot pushed away from 135.50 in the night and made an upward move towards 136.00. The bullish pressure eased around the level. As a result, the currency pair declined to 135.60.  The resistance lies at 136.50, the support is at 136.00.

 

If buyers stay above 135.50 EUR/JPY may regain 136.50 in the short-term.

 

AUD/USD

 

The undertone for AUD is clearly negative now. The AUD/USD pair lost further ground when sellers reclaimed the 0.8050 level. They advanced south after that, and reached 0.8000 in the late European session. The resistance is at 0.8050, the support stands 0.8000.

 

The expected dollar strength will likely keep AUD/USD under pressure. Bears may regain the level 0.8000 any moment now and drive this pair to 0.7950.

 

DAX

 

DAX opened on a positive note on Thursday. The index gapped upwards and stopped at the mark 13290 where sellers seized control and pushed the benchmark lower. They erased buyers’ gains by the noon when lowered DAX to the opening prices. The resistance lies at 13300, the support exists at 13200.

 

Sellers are struggling with the 13200 handle now the loss of which is needed them for extension towards 13100.

 

NASDAQ

 

NASDAQ remained mostly positive on Thursday. However, the lack of the buying momentum weakened the benchmark. Sellers became stronger and were testing the lower end of the ascending channel during the European hours. The resistance lies at 6980, the support exists in at 6940.

 

Any move below the immediate support would increase chances of testing the 6900 handle in the upcoming sessions.

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