EURUSD Struggle To Surpass 1.2900, Kiwi Sellers Gain Control

EURUSD Struggle To Surpass 1.2900, Kiwi Sellers Gain Control

By: Simon Furman | Where To Trade | On:24-09-2014 00:19
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Key Highlights

  • Euro continues to struggle against the US dollar, as it failed one more time to break a key resistance area.
  • British pound managed to hold an important support area not only against the US dollar, but also against the Japanese yen.
  • NZDUSD turned out to be one of the biggest losers, as the pair traded below the 0.8050 support area yesterday.
  • Australian dollar sellers seem to be simply unstoppable, as the AUDUSD pair continued its decline.

EURUSD

The Euro buyers somehow managed to gain bids against the US dollar despite poor manufacturing and services PMI in the Euro zone. However, yesterday’s move can be considered as a part of correction, as the EURUSD pair stalled right around an important resistance area. There was a major confluence of a bearish trend line on the hourly chart and the 50% Fibonacci retracement level of the last drop from the 1.2990 high to 1.2812 low. The EURUSD pair failed around the 1.2900 resistance zone, and moved lower. This particular failure is significant, and it would be interesting to see how the pair reacts during the upcoming sessions.

Intraday Support Level – 1.2810

Intraday Resistance Level – 1.2890

  • Overall, the pair is in the downtrend and as long as it remains under the highlighted bearish trend line more losses cannot be denied.
  • One must stay away from buying the EURUSD pair unless some solid signs of a reversal emerge.

Where To Trade - EUR/USD Graph

If the pair manages to climb from the current levels, then initial resistance can be seen around the 1.2880-90 area. A break and close above the mentioned area could be significant, which might ignite a rally towards the 1.2960-80 area. The hourly RSI is below the 50 level, which cannot be considered as a bullish sign in the near term.

GBPJPY

The British pound finally managed to settle around the 1.6300 support area against the US dollar. Moreover, the GBPJPY pair also gained traction around the 176.50-60 support zone around the same time. The pair closed below the 100 hourly moving average for one candle and then managed to trade back higher. However, there is a bearish trend line formed on the hourly chart, which is acting as a hurdle for the British pound buyers. Recently, the pair failed to break the 50% fib retracement level of the last drop from the 180.67 high to 176.60 low. Currently, it is heading towards the 100 hourly moving average, which might act as a support in the short term. There is even a chance of an inverse head and shoulders pattern formation on the hourly timeframe, which could take the pair higher.

Intraday Support Level – 177.80

Intraday Resistance Level – 178.60

  • A break below the 100 hourly moving average would negate the bullish pattern formation.
  • A close above the 178.60 level might call for a move towards the 180.60 level.

Where To Trade - GBP/JPY Graph

There is no major release lined up in the UK today, so the pair is likely to trade according to the market sentiment Intraday.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

Yen Looks Set For More Losses

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Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

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By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

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US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

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By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

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