EUR/USD And GBP/USD Attempt To Move Higher
ICN.com | Aug 31, 2015 05:14AM ET
GBP/USD
The GBP/USD attempts to incline along with positivity on RSI and ADX, but trading remains weak below the main resistance line, which is a broken support.
Hence, we may re-sell the pair with upside rallies as far as 1.5510 holds over intraday basis.
Support: 1.5425 – 1.5370 – 1.5315
Resistance: 1.5470 – 1.5510 – 1.5575
Direction: Bearish
EUR/USD
Following the sharp declines seen last week, the EUR/USD attempts to move higher; however, bullish attempts remain weak.
Get The News You Want
ADX shows weakness in the bullish recovery, while RSI14 reflects bearish tendencies despite moving above the value of 50.00.
Trading within the triangle structure argues us to use any upside rallies to sell the EUR/USD pair again, targeting its support at 1.0910. However, coming above 1.1360 will turn this outlook into neutrality.
Support: 1.1200 – 1.1170 – 1.1135
Resistance: 1.1300 –1.1360 – 1.1400
Direction: Bearish
USD/CHF
The USD/CHF has achieved all upside targets at 0.9600 and 0.9650 suggested for our subscribers in the second half of last week.
Now, the pair is trading below moving averages after finding strong resistance at 0.9670 levels, while RSI14 and ADX show signs of pause.
Trading around 50% Fibonacci leaves the door opened for both directions; thus, we will stand aside for now, but we should know that, coming below 0.9520 is negative and above 0.9670 is positive, as it will weaken 61.8% Fibonacci.
Support: 0.9550-0.9475-0.9420
Resistance:0.9670-0.9720-0.9800
Direction: Sideways
USD/JPY
After passing over 120.60 classical resistance- turned into support-, the USD/JPY pair has found a string resistance at 121.70 zone, which caused some kind of pause for the upside correction.
The aforesaid level resides a few pips below the key level of 121.95, which will define the next move.
RSI14 started to show weakness in the recovery, while ADX remains negative; thus, we want to use these factors to suggest potential pullback.
Shorts should be protected by 121.95 levels, while coming below 120.60 will affirm the downside actions.
Support: 120.60-120.00-119.10
Resistance:121.95-122.50-123.00
Direction: Potential pullback as far as 121.95 holds.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.