FOREX: Pound on Course to $1.31 : Major Support and Resistance 03.05.2018

03.05.2018 / 15:24

Rating:

EUR/USD -- A close below 200-DMA for the first time since
April 2017 remains on traders’ radar; 1.2070-90 area now
resistance;
* 3rd resistance: 1.2070-90, January breakout area
* 2nd resistance: 1.2056, April 27 low
* 1st resistance: 1.2017, 200-DMA
* Spot: 1.1984
* 1st support: 1.1938, May 2 low
* 2nd support: 1.1925, 233-DMA
* 3rd support: 1.1915, pivot s1

GBP/USD -- Bearish momentum remains strong; 21-DMA set to
cross lower the falling 55-DMA, could ignite further sales to
keep cable on path toward double-top ~1.3100 target;
* 3rd resistance: 1.3712-13, neckline, April 30 low
* 2nd resistance: 1.3688, midpoint of May 1 losses
* 1st resistance: 1.3666, May 2 high
* Spot: 1.3599
* 1st support: 1.3555, May 2 low
* 2nd support: 1.3538-47, 200-DMA, year-long trendline
* 3rd support: 1.3408, 38.2% Fibonacci retracement of rally
since October 2016 flash crash

USD/JPY -- nine-day RSI close to signal corrective
pullback
* 3rd resistance: 110.85, 61.8% Fibonacci retracement of losses
since Nov. 6
* 2nd resistance: 110.23, 200-DMA
* 1st resistance: 110.04, May 2 high
* Spot: 109.64
* 1st support: 109.54, April 27 high
* 2nd support: 109.24, May 1 low
* 3rd support: 108.83, conversion line

AUD/USD -- bulls need close above Dec. 8 0.7502 low
to indicate false break, relief rebound
* 3rd resistance: 0.7656, 21-DMA
* 2nd resistance: 0.7621, April 24 high
* 1st resistance: 0.7547, May 1 high
* Spot: 0.7523
* 1st support: 0.7473-76, May 1-2 lows
* 2nd support: 0.7441, pivot s2
* 3rd support: 0.7373, June 2017 low

Source Bloomberg Pro Terminal

Trader Velizar Mitov

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FOREX: Pound on Course to $1.31 : Major Support and Resistance 03.05.2018

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