The technical picture is still negative for the EUR/USD pair. Sellers led the euro to 1.2200 handle where they lost momentum on Monday. They tried to attack the level on Tuesday, but failed and gave up control. The euro started a recovery after that and headed towards 1.2230 first. The resistance resides at 1.2250, the support comes in at 1.2200.
The EUR/USD pair might extend its recovery and make a move towards the 1.2250 area in the coming sessions.
The pound remained under pressure and extended its sell-off on Monday. Sellers reclaimed the 1.4000 level and drove the GBP/USD pair to 1.3900 where the US dollar lost steam. Buyers started to retrace their losses in the European session on Tuesday. They pushed away from 1.3900 and pushed the pound towards 1.4000. The resistance lies at 1.4000, .the support comes in at 1.3900.
The pound may start a corrective phase and recover to the 1.4050-1.4000 area now.
The USD/JPY continued last week rally on Monday. Buyers climbed away from 108.00 and regained the 108.50 hurdle. They continued pushing the price upwards during the night trades and approached the 109.00 level in the late Asian session. The buying pressure weakened after that and the spot decline. The resistance resides at 109.00, the support comes in at 108.50.
We see little potential for a USD/JPY rally today. The US currency will most likely to return below 108.50 and revisit the 108.00 support.
The pound continued regaining lost footing versus its Japanese counterpart on Tuesday. Buyers made a break above 151.50 in the Asian session and extended a recovery towards 152.00 afterwards. They reached the level in the early NY session. The resistance lies at 152.00, the support is at 151.00.
The pair has a potential to extend its recovery move to the 152.30-152.00 region.
The EUR/JPY pair started a recovery phase on Monday. Buyers pushed away from 132.00 and moved to the 132.70 area. They continued rally on Tuesday and were able to probe the 133.00 hurdle. The resistance lies at 133.00, the support is at 132.50.
A move above 132.50 returned the spot into the upward channel. If buyers hold onto gains, they may extend the current recovery and regain the 133.00 hurdle.
The AUD/USD pair came under renewed selling pressure on Monday. The pair caught fresh offers around 0.7680 and headed towards 0.7650 first. The level did not stop sellers who sent the rate to the 0.7600 level afterwards. The selling pressure eased when the AUD reached the mark 0.7580. The spot started a recovery after that and was able to test 0.7620 by noon. The resistance stands at 0.7650, the support is at 0.7600.
The AUD will most likely to bounce off the 0.7600 support and will recover to 0.7650 at least.
NASDAQ started the week on the defensive. The index continued its slide and moved from 6690 to 6630 where buyers regained control and moved the price back to 6690. The resistance lies at 6750, the support exists at 6690.
We do not believe in the current growth and consider it corrective. NASDAQ will probably return to the red in the coming days. The 6630 handle is the only barrier which lies on the sellers’ way. Should this level be broken and the benchmark may soften to the 6510 area.
The positive bias prevailed on Tuesday. DAX gapped upwards towards 12600 on the open. Buyers broke the level afterwards and pushed the index to 12650 where they lost control. After losing the buyers’ support DAX declined to 12600. The resistance lies at 12600, the support exists at 12500.
We assume that DAX will keep trying to regain the 12600 level again. If so, the benchmark will extend its gains towards 12700.
Read the full review on our site:
Only from April 12, 2021, to May 14, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]
FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications