FOREX: Major Support and Resistance 16.02.2018

16.02.2018 / 15:24

Rating:

EUR/USD -- Road clears to 1.2598 long-term Fibonacci; mild
stumbling block at 1.2551, the 100-month MA
* 3rd resistance: 1.2312, pivot r2
* 2nd resistance: 1.2598, 61.8% Fibonacci of 2014-2017 bear
market
* 1st resistance: 1.2570, a price high in 2014
* Spot: 1.2536
* 1st support: 1.2497-88, Asia low, pivot
* 2nd support: 1.2466-65, pivot s1, price high
* 3rd support: 1.2448, price low

GBP/USD -- Path clear for 1.4345; Thursday’s important
close above 1.4067 offers further bull ammunition
* 3rd resistance: 1.4278, price high
* 2nd resistance: 1.4191-1.4208, mid price, 76.4% Fibonccci
(Jan. 25 fall)
* 1st resistance: 1.4151-57, price high, 76.4% Fibonacci (Feb. 2
fall)
* Spot: 1.4118
* 1st support: 1.4066-45, daily pivot, mid price
* 2nd support: 1.4028, pivot s1
* 3rd support: 1.3995, price low

USD/JPY -- Eroding 62% retracement line of 2016-2017 rally
at 106.52 which, if confirmed at Friday close, would bring 100
handle back on the map; currently flirting with its 200-month MA
at 105.72
* 3rd resistance: 107.02, price high
* 2nd resistance: 106.57-72, mid body price, price low
* 1st resistance: 106.35-40, Asia high, daily pivot
* Spot: 105.91
* 1st support: 105.51, Asia low
* 2nd support: 105.42, pivot s1
* 3rd support: 104.97, a price low in 2016

AUD/USD -- Grappling with strong headwinds near 0.7986-92
which includes the important 61.8% Fibonacci of recent tumble
* 3rd resistance: 0.8067, price high
* 2nd resistance: 0.8047, 76.4% Fibonacci of Jan./Feb. slump
* 1st resistance: 0.7986-92, mid body price, 61.8% Fibonacci
* Spot: 0.7983
* 1st support: 0.7935-34, daily pivot, Asia low
* 2nd support: 0.7902, pivot s1
* 3rd support: 0.7892, price low

Source Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: Major Support and Resistance 16.02.2018

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