FOREX: Major Support and Resistance 06.02.2018

06.02.2018 / 17:03

Rating:

EUR/USD -- Weight of evidence now pointing to pullback
toward 21-day MA at 1.2286 before broader upside case can be
revisited; 200-hour MA flips to resistance at 1.2429
* 3rd resistance: 1.2522-37, price highs
* 2nd resistance: 1.2475, price high
* 1st resistance: 1.2440, pivot r1
* Spot: 1.2403
* 1st support: 1.2335-23, price lows
* 2nd support: 1.2300, 38.2% Fibonacci
* 3rd support: 1.2287, 21-day MA

GBP/USD -- Monday’s bearish close below 1.3980 pivot opens
door to further corrective response; initial respite being found
at 1.3940, the 21-DMA
* 3rd resistance: 1.4151, price high
* 2nd resistance: 1.4102, price low
* 1st resistance: 1.4022-45, daily pivot, mid open/close price
* Spot: 1.3965
* 1st support: 1.3940, 21-day MA
* 2nd support: 1.3916, price low
* 3rd support: 1.3939, price low

USD/JPY -- Recovers in late Asia/early European session
reflecting some selling exhaustion; near-term top established
along 21-DMA (110.11)
* 3rd resistance: 110.11, 21-DMA
* 2nd resistance: 109.61, mid open/close price
* 1st resistance: 109.38-46, ichimoku conversion, daily pivot
* Spot: 109.10
* 1st support: 108.42, price low
* 2nd support: 108.28, price low
* 3rd support: 108.09, a price low in 2017

AUD/USD -- Closing in on 0.7819 level, the 50% retracement
line of Dec./Jan. strong uptrend
* 3rd resistance: 0.7954, price high
* 2nd resistance: 0.7919, price low
* 1st resistance: 0.7902-03, pivot, mid open/close price
* Spot: 0.7873
* 1st support: 0.7808, price low
* 2nd support: 0.7790-75, 55-, 100-day MA
* 3rd support: 0.7749, 200-DMA

Source Bloomberg Pro Terminal
Trader Velizar Mitov

Varchev Traders

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FOREX: Major Support and Resistance 06.02.2018

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