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CURRENCIES TECHNICAL ANALYSIS May.3

Euro

 

The growing buying pressure is pushing the EUR/USD pair upwards. The main currency pair continued its recovery on Thursday. Sellers tried to stop them and lowered the price to the 1.1960 handle, however, fresh bids at the handle rejected the spot upwards. The pair is struggling with the 1.2000 hurdle now. The resistance resides at 1.2000, the support comes in at 1.1960.

 

The euro will probably stay firm on its way upwards. Buyers are targeted to reach the 1.2050-1.2040 resistance area in the coming days.

 

GBP/USD

 

The GBP/USD pair opened on a weaker note and maintained a positive sentiment during the night and morning trades. The pound recovered to the 1.3600 area where fresh offers stopped its incline. A bout of fresh selling pressure returned the major below the just broken level where the sterling closed the European session. The resistance lies at 1.3700, the support comes in at 1.3600.

 

The most probable scenario involves a new leg higher and a test of a 1.3700 resistance area.

 

USD/JPY

 

The US dollar started the day on the defensive. The yen was regaining lost footing versus its American counterpart the whole night. The spot accelerated its losses in the morning and hit the 109.50 support. The selling pressure increased ahead of the NY opening which caused another ask-wave towards the 109.30 mark. The resistance resides at 110.00, the support comes in at 109.50.

 

USD/JPY will most probably reclaim the 109.50 handle and will ease to the 109.30-109.00 support area. This region is well defended by the EMA500 which should block sellers’ advance and reject the currency pair upwards.

 

GBP/JPY

 

GBP/JPY remained in the red figures on Thursday. However, the selling pressure partly eased at the level 149.00 during the night trades. The pound spent the first part of the day around the level and continued moving downwards ahead of the NY session opening.  The resistance lies at 149.00, the support is at 148.00.

 

There is likelihood that the pair could test the 148.50 level, en route to 148.00.

 

EUR/JPY

 

The night recovery move stalled when the euro reached the high of 131.60. The EMA200 which lies in this region stopped buyers in the early European session and then rejected the price sub-131.50 level. The selling pressure increased after that and the spot accelerated towards 131.00. The resistance lies at 131.50, the support is at 131.00.

 

A sharp breakout below 131.00 could spark a further decline towards 130.00 in the coming sessions .

 

AUD/USD

 

The US dollar strength weakened in the 0.7500-0.7480 area. Sellers tried hard to regain it, but failed and gave up control. The AUD/USD pair went into a recovery phase afterwards. Buyers left behind the 0.7500 handle and rallied towards 0.7550. The resistance stands at 0.7550, the support is at 0.7500.

 

The AUD approached a strong resistance which is reinforced by the EMA50. A move above this hurdle will open doors towards 0.7600. However, we do not believe much in this scenario and expect a rebound here and a move back towards the monthly lows.

S&P500

 

Sellers lost momentum when they broke below the 2640 handle. They managed to push the price to the mark 2628 when they completely lost steam and had to retreat. When the selling pressure eased, S&P500 made a pull back towards 2640. The resistance lies at 2640, the support exists at 2610.

 

We will preserve our bearish outlook as long as the S&P500 index stays below 2670. Bears will probably stay in the driver’s seat and will try to reach the 2610-2600 support area in the coming sessions.

 

DAX

 

It looks that buyers are taking a breather as DAX met a technical resistance at 12800. The index bounced off the hurdle in the morning and started a fresh decline afterwards. The resistance lies at 12800, the support exists at 12700.

 

DAX is strong and may extend its rally in the short term. We expect a pull back to the level 12700 and a bounce back to the immediate resistance afterwards.

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