FOREX: Major Support and Resistance 05.02.2018

05.02.2018 / 14:03

Rating:

EUR/USD -- Little chart impact following Friday’s selloff
(and broad USD recovery); upholds bullish bias and maintains
sights on new cycle highs
* 3rd resistance: 1.2598, 61.8% Fibonacci of 2014-2017 selloff
* 2nd resistance: 1.2572, pivot r2
* 1st resistance: 1.2522-37, price highs
* Spot: 1.2460
* 1st support: 1.2410, price low
* 2nd support: 1.2385-76, price low, 13-day MA
* 3rd support: 1.2335, price low

GBP/USD -- Despite marked slowdown in momentum, bulls
retain slight upper hand while above 13-day MA (1.4091) on
closing basis; key support at 1.3980 and will define whether
market is vulnerable to a deeper corrective process
* 3rd resistance: 1.4278, price high
* 2nd resistance: 1.4191, mid open/close price
* 1st resistance: 1.4166, daily pivot
* Spot: 1.4119
* 1st support: 1.4050, 76.4% Fibonacci of latest up-leg
* 2nd support: 1.3980, price low
* 3rd support: 1.3927, 21-day MA

USD/JPY -- Rebound momentum waning against 21-DMA (110.40);
MACD crossover ‘buy’ signal may confirm on Monday which may
prolong the bear trend resumption
* 3rd resistance: 111.22, price high
* 2nd resistance: 110.72-83, 76.4% Fibonacci, ichimoku baseline
* 1st resistance: 110.40-48, 21-DMA, price high
* Spot: 109.87
* 1st support: 109.75, price high
* 2nd support: 109.28, price low
* 3rd support: 109.10, price low

AUD/USD -- Retraces 38.2% (0.7894) of rally off December
lows before bouncing; 9-day RSI at ~43 which offers attractive
valuations for medium-term buyers wanting to engage in the
broader uptrend
* 3rd resistance: 0.8010, pivot r1
* 2nd resistance: 0.7979-88, 21-DMA, mid open/close price, price
low
* 1st resistance: 0.7957-65, price low, daily pivot
* Spot: 0.7945
* 1st support: 0.7891, Asia low
* 2nd support: 0.7886, price low
* 3rd support: 0.7848, price low

SourceBloomberg Pro Terminal

Trader Velizar Mitov

Varchev Traders

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FOREX: Major Support and Resistance 05.02.2018

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