Technical Analysis on EUR/USD, USD/JPY, GBP/USD, 01/09/2015
FX77 | Sep 01, 2015 05:02AM ET
During the session today, many countries’ CPI will come out in succession that may move their counterpart currency market. Meanwhile according to Fed vice-chairman Stanley Fischer, American inflation may rebound as pressure brought by USD has declined and Fed can increase interest rate gradually. Will this ignite the flame of Fed’s interest rate hike in September? It’s hard to pin down but one thing we can be sure is that interest rate hike in the US is inevitable.
Important events:
4:30(GMT) Australia Interest Rate Decision
08:00(GMT) Eurozone Manufacturing PMI
08:30(GMT) British Manufacturing PMI
9:00(GMT) Eurozone Unemployment Rate(July)
12:30(GMT) Canadian GDP(Q2)
EUR/USD
According to the 1-hour chart, the EUR/USD pair continues to bound around above the 60 day average line and its MACD tend to break through the 0 axis. We would like to buy call option for it has shown bullish trend within the 1-day chart. We have to notice whether it can break through the pressure range 1.1270~1.1280, for it’s a key factor for pullback.
Support：1.1192/ 1.1167 / 1.1155
Resistance：1.1270/ 1.1280 / 1.1361
GBP/USD
The GBP/USD pair doesn’t have enough support to rise which has shown an obvious bottom deviation in the 1-hour chart. We believe it will fluctuate for a while, even it can exceed the first resistance level at 1.5412, it is still very hard to surge. It is expected to see a pullback ended at 1.5519. If it drops below 1.5335, we prefer buying put options.
Support：1.5335/ 1.5254 / 1.5094
Resistance：1.5409/ 1.5442 / 1.5518
USD/JPY
Seen from the 1-hour and 4-hour chart, the USD/JPY pair will return to a downward trend, so we are buyers of put option. If it breaks through 121.51, it may continue to rebound so that we have to stop buying put options.
Support：121.71 / 120.37 / 119.60
Resistance：121.51/ 121.68 / 122.03
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