EURUSD
The euro achieved an uptrend high of 1.3450 on the 20th of August. Since then we saw a reversal attempt when it fell to 1.3300 on the 22nd. It did manage to recover most of these losses went it went back up to 1.3410. We will remain bullish as long as 1.3300 support holds with targets at 1.3410 & 1.3450. However the opposite scenario would open the way for 1.3300 & 1.3260
Res: 1.3410, 1.3450, 1.3480, 1.3520
Sup: 1.3330, 1.3300, 1.3260, 1.3230
GBPUSD
The cable ended its uptrend on the 21st of August when it reached a high of 1.5717, since then we saw a 180 pip drop to 1.5537 which constitutes our main support for today’s session. There was an attempt last Friday to go back to the uptrend but was capped at 1.5635 resistance. Only if it manages to go above this level will we reverse our current bearish outlook on the H1 chart. Sterling is currently trading below the Ichimoku Cloud
Res: 1.5600, 1.5640, 1.5700, 1.5720
Sup: 1.5540, 1.5515, 1.5490, 1.5420
USDJPY
We do have a couple of bad signals for the current uptrend on the Yen. We have a triple top reversal pattern at 99.10, prices are trading outside the upward channel and its currently testing 55 moving average. If it does drop below the 55 Exponential moving average on the H1 chart it will be our final confirmation of the uptrend reversal. Or the same could be said if we see a break below 98.40 support.
Res: 98.80, 99.15, 99.35, 99.55
Sup: 98.40, 98.10, 97.85, 97.30
AUDUSD
The Aussie reached a low of 0.8930 on the 22nd of August. In the same day it went up to 0.9040 and since then has not been able to break that resistance getting stuck in range mode. So a good signal for the bulls is if we see 1 or 2 candle closing on the H1 chart above this level. The RSI is moving horizontally which means we have weak momentum on both the buy and sell side
Res: 0.9040, 0.9100, 0.9130, 0.9150
Sup: 0.8970, 0.8930, 0.8900, 0.8850
Gold
A key level we are watching today is 1400 psychological resistance level. Gold managed to rise above this level during today’s trading (reaching 1407) however as we always say we need to see 1 or 2 candles close above this level to be sure it broke it and not just be a failed attempt. The precious metal found support at 1390 shortly afterwards.
Res: 1400, 1407, 1415, 1425
Sup: 1390, 1378, 1368, 1355