FOREX: Pound Eyes 1.3618, Set for Biggest Gain in a Month; Major Support and Resistance 17.05.2018

17.05.2018 / 16:13

Rating:

EUR/USD -- Trades heavy as rebounds meet fading interest;
55-weekly MA may provide support by Friday yet a close below
exposes 1.1709;
* 3rd resistance: 1.2021, 200-DMA
* 2nd resistance: 1.1996, May 14 high
* 1st resistance: 1.1854, May 16 high
* Spot: 1.1808
* 1st support: 1.1764-68, May 16 low-last Fibonacci retracement
of gains since Nov. 7
* 2nd support: 1.1718, pivot s2
* 3rd support: 1.1709, 38.2% Fibonacci retracement of gains
since January 2017

GBP/USD -- Cable fails once again to close below 233-DMA
support and a short-squeeze develops; resistance by double-top
neckline at 1.3712 the main level in focus while minor
resistances also in play; overall, in firm bearish mode in the
medium-term
* 3rd resistance: 1.3690, 21-DMA
* 2nd resistance: 1.3618, May 10 high
* 1st resistance: 1.3572, May 15 high
* Spot: 1.3541
* 1st support: 1.3482, 233-DMA
* 2nd support: 1.3451, May 15 low
* 3rd support: 1.3408, 38.2% Fibonacci retracement of rally
since October 2016 flash crash

USD/JPY -- Wednesday’s hanging man does little to deter
bullish sentiment; 21-DMA support needs to hold for a move
higher;
* 3rd resistance: 111.48, Jan. 18 high
* 2nd resistance: 111.01, pivot r3
* 1st resistance: 110.85, 61.8% Fibonacci retracement of losses
since Nov. 6
* Spot: 110.52
* 1st support: 110.04, May 2 high
* 2nd support: 109.65, May 15 low
* 3rd support: 109.30, 21-DMA

AUD/USD -- Conflicting signals overall, with bearish bias
on the daily; on a monthly basis, daily close above 0.7561 suggests short-
term bottom in place; forms Monday a bearish engulfing line,
risking a move toward cycle lows
* 3rd resistance: 0.7621, April 24 high
* 2nd resistance: 0.7565-67, April 14-11 highs
* 1st resistance: 0.7545, 21-DMA
* Spot: 0.7528
* 1st support: 0.7447-48, May 16-15 lows
* 2nd support: 0.7412, May 9 low
* 3rd support: 0.7344, pivot s3

Source Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: Pound Eyes 1.3618, Set for Biggest Gain in a Month; Major Support and Resistance 17.05.2018

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