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Forex Discussions
Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 136424, member: 29894"] [B]Weekly Forex Market outlook on major pairs[/B] Sept 24 - 29 [B]EURUSD[/B] The EURUSD attempted to move past its resistant level several times last week, but to no avail. So it remained neutral. From a technical perspective, the pair has been finding some buying interest at a short-term ascending trend-channel support, currently near the 1.1900-1.1895 region. A convincing break below the mentioned support is likely to accelerate the fall towards the lower end of the recent trading range, near the 1.1830-25 region, which if broken would confirm a bearish break down and turn the pair vulnerable to extend its corrective slide from yearly tops touched earlier this month. Key Levels: R1- 1.1937, R2- 1.1948, R3- 1.1967. S1- 1.1907, S2- 1.1887, S3- 1.1877. [B]GBPUSD[/B] The weekly outlook for this pair is set to remain bullish this week. After consolidating all through last week, it is possible that more gain will be registered. The distribution territory at 1.3650 (tested last week) is likely to be breached as other distribution territories are targeted this month. On the downside, the pair has been finding some fresh buying interest near the 1.3450-40 region and hence, it would be prudent to wait for a decisive break below the mentioned support before confirming that the pair might have topped out in the near-term. Sustained weakness below the mentioned support might trigger a corrective slide and accelerate the fall towards the 1.3400-1.3380 intermediate support before the pair eventually drops to test the 1.3300 handle. Key Levels: R1- 1.3504, R2- 1.3540, R3- 1.3559. S1- 1.3487, S2- 1.3468, S3- 1.3451. [B]USDJPY[/B] The USDJPY tested the supply level at 112.50 and gained about 150 pips last week before a little correction occurred. This week, the pair stands above 200SMA (112.13) in early Monday's trading and turning near-term focus higher, following Friday's close in red. Thickening daily cloud (111.54/110.43) continues to provide strong support (Friday's fall was contained just above cloud top) and underpin near-term action, as daily studies remain in firm bullish setup. Close above 200SMA will be bullish signal for retest of last week's high at 122.71 and attack at 112.80 target (Fibo 76.4% of 114.49/107.31 fall). Buying dips remains favored while daily cloud top holds. Alternative scenario sees risk of deeper pullback on firm break below daily cloud top and extension towards next support at 111.11 (rising daily Tenkan-sen/100SMA). Key Levels: R1- 112.60, R2- 112.73, R3- 112.97. S1- 112.22, S2- 111.98, S3- 111.85 [B]EURJPY[/B] The EURJPY looks bullish on the long run and short term. There were about 190 pips gained last week, which was corrected on Friday. Bulls would be eyeing for a sustained move beyond the 134.00 handle, above which the cross is likely to aim towards surpassing the 134.20-25 intermediate hurdle and head towards testing Nov. 2016 swing high resistance near the 134.60 region. Key Levels: R1- 134.38, R2- 134.63, R3- 135.10. S1- 133.66, S2- 133.19, S3- 132.94 [/QUOTE]
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