EURUSD
The Euro reached a downtrend low of 1.3365 on the 30th of July. It dropped back to this level on the 31st and failed to break it confirming it as a support; as a result we saw it rise the next session on Friday 65 pips to achieve a high of 1.3443 which is our first resistance level for today.
On the short term our outlook is bullish if EURUSD can hold above 1.3400, with targets at 1.3445 & 1.3455. However we are not expecting any important figures which could lead the weak trading today
Res: 1.3445, 1.3475, 1.3500
Sup: 1.3315, 1.3340, 1.3365
GBPUSD
Sterling has been dropping strongly over the past 2 weeks finding no problems achieving new lows for the current downtrend on all time frames. The downtrend started on the 15th of July from 1.7190 and achieved a new low on last Friday of 1.6807. A lot of momentum indicators are telling us it’s in oversold territory but they have been doing so for some time now and it had kept falling. So we will keep an eye out for reversal signals before we go to a bullish outlook
Res: 1.6890, 1.6920, 1.6965
Sup: 1.6810, 1.6780, 1.6755
USDJPY
The key level to monitor on USDJPY is resistance 103. It was the daily high of Wednesday, Thursday and Friday of last week. So now we have 3 failed attempts so far to break above this strong resistance. The reason the market found resistance at this particular level is that if we take a look at the daily chart, we will notice it was the also the high of the 2.5.14 daily candle that it also failed to break at that time. USDJPY made a correction of 70 pips on Friday making a low of 102.30 (our first current support)
Res: 103.00, 103.40, 103.70
Sup: 102.30, 102.00, 101.80
Gold
Last Thursday gold managed to break important support 1290. What confirmed this is the daily candle closing below this level at 1280. However on Friday it failed to make a new low and as a result gained back all the loss it made on Thursdays rising back up 16 dollars. We can notice also is that the high of Thursday and Friday is at the same level 1297 confirming it as our first resistance.
So we will keep a bullish outlook if trading remains above 1280
Res: 1297, 1304, 1312
Sup: 1280, 1266, 1259
The Euro reached a downtrend low of 1.3365 on the 30th of July. It dropped back to this level on the 31st and failed to break it confirming it as a support; as a result we saw it rise the next session on Friday 65 pips to achieve a high of 1.3443 which is our first resistance level for today.
On the short term our outlook is bullish if EURUSD can hold above 1.3400, with targets at 1.3445 & 1.3455. However we are not expecting any important figures which could lead the weak trading today
Res: 1.3445, 1.3475, 1.3500
Sup: 1.3315, 1.3340, 1.3365
GBPUSD
Sterling has been dropping strongly over the past 2 weeks finding no problems achieving new lows for the current downtrend on all time frames. The downtrend started on the 15th of July from 1.7190 and achieved a new low on last Friday of 1.6807. A lot of momentum indicators are telling us it’s in oversold territory but they have been doing so for some time now and it had kept falling. So we will keep an eye out for reversal signals before we go to a bullish outlook
Res: 1.6890, 1.6920, 1.6965
Sup: 1.6810, 1.6780, 1.6755
USDJPY
The key level to monitor on USDJPY is resistance 103. It was the daily high of Wednesday, Thursday and Friday of last week. So now we have 3 failed attempts so far to break above this strong resistance. The reason the market found resistance at this particular level is that if we take a look at the daily chart, we will notice it was the also the high of the 2.5.14 daily candle that it also failed to break at that time. USDJPY made a correction of 70 pips on Friday making a low of 102.30 (our first current support)
Res: 103.00, 103.40, 103.70
Sup: 102.30, 102.00, 101.80
Gold
Last Thursday gold managed to break important support 1290. What confirmed this is the daily candle closing below this level at 1280. However on Friday it failed to make a new low and as a result gained back all the loss it made on Thursdays rising back up 16 dollars. We can notice also is that the high of Thursday and Friday is at the same level 1297 confirming it as our first resistance.
So we will keep a bullish outlook if trading remains above 1280
Res: 1297, 1304, 1312
Sup: 1280, 1266, 1259
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