Technical Analysis on EUR/USD, USD/JPY, GBP/USD, 03/09/2015
FX77 | Sep 03, 2015 04:05AM ET
The US ADP data released yesterday didn’t miss analysts’ expectation, but not strong enough to accelerate Fed’s interest rate hike decision. Even the Non-Farm data to come out on Friday is better than expected, Fed’s interest rate hike decision is likely to postpone to next quarter. Due to the fact that global economy has been slowdown, even the USD index acted strongly in the past few days, we believe it won’t last for long.
Important event：19:45 European Central Bank Interest Rate Decision
EUR/USD
Seen from the 1-hour chart, the EUR/USD pair continues to drop down with bearish momentum, so we are buyers of put options. Meanwhile we would expect a small pullback in the morning session and buy call option until it rises to 1.1240. However, there is forming a solid key support within the 4-hour chart that may weaken the bearish sentiment, especially at 1.1170 which is a key support level.
Support：1.1178/ 1.1150 / 1.1131
Resistance：1.1250/ 1.1270 / 1.1308
GBP/USD
The 1-hour chart of the GBP/USD pair clearly shows a consolidation with downward trend that forms several bottoming up patterns. But combining other charts with longer duration, we can still find a slightly strong bearish momentum, so we are mainly buyers of put option.
Support：1.5250/ 1.5094 / 1.5048
Resistance：1.5310 / 1.5340 / 1.540
USD/JPY
Seen from the 1-hour chart of the USD/JPY pair, its MACD started to break through 0 axis and the average line seemed to go up. With that being in the case, we like buying call options in the morning session until it rises to 121.27. Due to the obvious pressure above 121.00, its general bullish trend hasn’t changed yet and we are mainly buyers of put options.
Support：119.97 / 119.46 / 118.96
Resistance：121.01/ 121.27 / 121.72
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