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Forex Technical analysis week: 9-13 October 2017
10-12-2017
GBPUSD regains bullish momentum breaking above the 50 hour moving average and also breaking above the 50 daily moving average after rumors that EU may offer UK a 2 year transition period, stay long as the pair is trading above 1.32
10-11-2017
EURUSD keeps the positive momentum today for third day as EUR relief came from Catalunia president. Short term bullish is well intact as the pair trades above the hourly averages and now is testing the 50 day moving average, a break above will give the bulls the upper hand targeting 1.1862.
10-9-2017
GBPUSD made an impressive rally today gaining more than 100 pips from the lows at 1.3073. Consistent bids send the price higher to the first resistance level at the 100 hour MA at 1.3183 but the lack of volume gave the opportunity to sellers to take control, a move back to 1.31 area looks possible.
10-6-2017
EURUSD is trading higher for third day after it managed to find support at 1.1695. The pair has broken above the 50h MA today and reached the 100h MA at 1.1738. EUR was very strong today against USD despite strong NFP data.
For now next resistance is at 1.1830, support could be found at 1.1695 (low Oct 3) and 1.1662 (low Aug 17).
I am watching short term action closely as the bullish momentum on the daily chart is still intact, but I believe reading the short term signals suggest for a move to 1.15.
10-5-2017
USDJPY is trading in narrow 105 pip trading range for the last week. The price is trading below the 100h MA and finds support at 112.45, the 200h MA. The biggest driver is the Fed rates decision in December and also Donald’s Trump tax reform which supports the US Dollar. First resistance is 113.26 and then 113.82. A break below 112.45 will be bearish and can drive the price down to 111.75.
EURUSD is trading higher for second day after it managed to find support at 1.1695. The pair has broken above the 100h MA and reach today 1.1779. Stay long as long as the pair is trading above 1.1762.
For now next resistance is at 1.1830, support could be found at 1.1695 (low Oct 3) and 1.1662 (low Aug 17)
