FOREX: Major Support and Resistance 16.1.2018

16.01.2018 / 14:36

Rating:

EUR/USD -- Bulls stopped in their tracks against resistance
near 1.23; maintains trading above 1.2167, the mid-point of
2014-2017 bear market
* 3rd resistance: 1.2384, price low in 2014
* 2nd resistance: 1.2353-59, price high in 2014, pivot r2
* 1st resistance: 1.2297-1.2302, price high, price high in 2014
* Spot: 1.2228
* 1st support: 1.2188, price low
* 2nd support: 1.2142, pivot s2
* 3rd support: 1.2117, mid open/close price

USD/JPY -- Still vulnerable to nudge lower toward 110.15
Fibonacci support, were firmer stability signs should begin to
show
* 3rd resistance: 111.86-88, ichimoku conversion line, price
high
* 2nd resistance: 111.72, 200-DMA
* 1st resistance: 111.19, price high
* Spot: 110.71
* 1st support: 110.33, price low
* 2nd support: 110.15, 61.8% Fibonacci of Sept./Nov. rise
* 3rd support: 109.95, 100-week MA

GBP/USD -- Pedestrian session in Asia as market absorbs
recent sharp moves while grappling with strong resistance above
1.38 (see analysis here)
* 3rd resistance: 1.4006-13, price lows in 2016
* 2nd resistance: 1.3875, pivot r2
* 1st resistance: 1.3820-36, price high, price low in 2016
* Spot: 1.3764
* 1st support: 1.3737-24, pivot s1, price low
* 2nd support: 1.3683, pivot s2
* 3rd support: 1.3613, price high

AUD/USD -- Tests for second day the 0.7978 level, which is
the final Fibonacci line of Sept./Dec. selloff
* 3rd resistance: 0.8036, price high
* 2nd resistance: 0.8001, pivot r1
* 1st resistance: 0.7978-86, 76.4% Fibonacci, price high
* Spot: 0.7954
* 1st support: 0.7943, daily pivot
* 2nd support: 0.7925-29, price high, mid-open/close price
* 3rd support: 0.7886, price low

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

Varchev Traders

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FOREX: Major Support and Resistance 16.1.2018

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