The euro probed the level 1.2350, but failed to regain the hurdle on Monday. A selling pressure around the level sent the spot to the 1.2300 handle. This barrier limited bears’ advance and held them over there during the night and day trades. The resistance resides at 1.2350, the support comes in at 1.2300.
A sell-off from 1.2350 opened the doors for a decline towards the 1.2250 support area now.
The market positive mood remained intact on Tuesday. The British pound extended its recovery and approached the resistance 1.4100. The major found fresh offers over there and turned around after that. The resistance lies at 1.4100, the support comes in at 1.4000.
If buyers regain the immediate resistance level, the GBP/USD pair is likely to attack the 1.4150 mark in the coming days. However, we consider this scenario as an alternative and expect a move lower now. If we are right, the currency pair will decline to the 1.4000 area in the coming sessions.
The US dollar recovery move stalled at the level 107.00 where the major ran through fresh offers. The pair turned bearish after that and declined to the 106.00 barrier. Sellers tried to reclaim the level, but the EMA50 which is located in the 105.80 area stopped them and rejected the spot to the 106.00 level. The resistance resides at 107.00, the support comes in at 106.00.
If sellers keep the current pace, they may revisit the level 105.00 this week.
Buyers faced a stiff resistance in the 150.00 area and they had to retreat. Sellers fought back control and attacked the 149.00 support. They even broke the handle and almost reached the 148.00 level, when the selling pressure eased and the spot recovered back to the 149.00 region. The resistance lies at 150.00, the support is at 149.00.
The expected pound's weakness will likely to keep GBP/JPY under pressure. If so, we are waiting the sterling to test the level 148.00 in the coming sessions.
EUR/JPY failed to register any meaningful recovery on Monday. When sellers returned, the euro started to lose ground and dropped below 131.00. Bears did not stop after that and extended their gains to the 130.00 region. The resistance lies at 130.50, the support is at 130.00.
If sellers overcome the 130.00 handle, they could move the pair to the 129.000 area.
The NZD/USD pair remained in a descending channel on Tuesday. A weak buying pressure emerged in the morning and helped NZD to move upwards. However, bulls were able to revert only a part of their recent losses. They recovered to the 0.7250 area where they faced strong resistance and pulled back. The resistance is at 0.7250, the support stands 0.7200
If the selling pressure remains in place, a daily close below 0.7200 would open up downside towards the level at 0.7150.
Buyers failed to extend their recovery today. The upward momentum lost legs at 12100. As a result, the price retreated from its recent highs and dropped to the 11900 area. The resistance lies at 12000, the support exists at 11900.
Now when sellers are back, any move below the immediate support would increase chances of testing the 11700 handle.
Sellers continued to dominate in the market. They pushed NASDAQ from the level 6570 to the 6330 on Monday where bears gave up control. A minor technical correction lasted the night and morning trades. Buyers were able to move the benchmark to the level 6390 where they took a pause. The resistance lies at 6450, the support exists in at 6390.
NASDAQ may recover to the 6450 area now. We believe the index will find fresh offers over there and will return to a decline after that.
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