USD/JPY Fluctuates; Euro Declines After Failing To Hit 1.1220
ICN.com | May 27, 2016 06:25AM ET
USD/JPY
The fluctuations are still seen on the USD/JPY pair despite retracing from areas above the intersection point of moving averages.
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Currently, the pair trades below 110.00 psychological, while 109.40 act as a good support.
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We see chances of achieving new attempt to hit 110.30, but ahead of the weekly closing, we prefer to stand aside.
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On the downside, coming below 109.40-109.30 is negative signal for intraday traders.
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Support: 109.60-109.20-109.65
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Resistance: 110.30-110.60-111.05
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Direction: Bullish, but we will avoid trading until it takes out 110.30.
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The narrow consolidation area continued to be seen over short-term basis, preventing us from suggesting a specific direction alongside overbought signs on RSI.
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USD/CHF
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The levels to watch are 0.9930 and 0.9850, as those are the pivotal levels, while a break of one of them will offer a new setup.
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Note, risk is too high, as a price explosion is awaited following the current consolidation.
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Support: 0.9860-0.9805-0.9780
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Resistance: 0.9945-0.9980-1.0000
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Direction: Neutral
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EUR/USD
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Euro declines slightly after failing to hit 1.1220, while moving averages tries to overlap negatively at 38.2% Fibonacci.
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Stability below 1.1220 is negative, but a break below 1.1125 will extend the bearishness on ADX.
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We will be bearish based on the bearish crossover attempt on moving averages.
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Support: : 1.1125 – 1.1070 – 1.1055
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Resistance: 1.1170 –1.1225 – 1.1285
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GBP/USD
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GBP/USD attempts to breach SMA20 after failing to stabilize above 1.4725-1.4680, which becomes a good resistance.
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RSI and ADX show mixed signal; thus we will depend on the strength of 1.4725 to be bearish, while a break below 1.4600 will accelerate.
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Support: 1.4600 – 1.4550 – 1.4500
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Resistance: 1.4680 – 1.4725 – 1.4775
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Direction: Bearish attempt
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