FOREX: USD/JPY Rally May Stall Soon ;Major Support and Resistance 18.05.2018

EUR/USD -- Trades heavy as rebounds meet fading interest;
55-weekly MA may provide support by Friday yet a close below
exposes 1.1709; at bar 5 on weekly DeMark buy setup
* 3rd resistance: 1.2021, 200-DMA
* 2nd resistance: 1.1996, May 14 high
* 1st resistance: 1.1854, May 16 high
* Spot: 1.1813
* 1st support: 1.1764-68, May 16 low-last Fibonacci retracement
of gains since Nov. 7
* 2nd support: 1.1742, pivot s2
* 3rd support: 1.1709, 38.2% Fibonacci retracement of gains
since January 2017

GBP/USD -- Cable fails to close below 233-DMA support, yet
short-squeeze loses momentum; 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: 1.3662, 21-DMA
* 2nd resistance: 1.3618, May 10 high
* 1st resistance: 1.3569-72, May 17-15 highs
* Spot: 1.3517
* 1st support: 1.3485, 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 -- Price action moves further away from the cloud;
at bar 8 on weekly and daily DeMark sell set-up, signs rally may
pause soon; nine-day RSI still to offer reversal signal; 110.85,
the 61.8% Fibonacci retracement of losses since Nov. 6, eyed on
the close
* 3rd resistance: 112.13, pivot r3
* 2nd resistance: 111.48, Jan. 18 high
* 1st resistance: 111.01, session high
* Spot: 110.88
* 1st support: 110.45, May 15 high
* 2nd support: 110.08, May 17 low
* 3rd support: 109.48 21-DMA

AUD/USD -- Conflicting signals overall, with bearish bias
on the daily; on a monthly basis, Aussie is set to complete a
DeMark Buy Countdown, 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, May 14-11 highs
* 1st resistance: 0.7534, 21-DMA
* Spot: 0.7520
* 1st support: 0.7490, pivot s1
* 2nd support: 0.7447-48, May 16-15 lows
* 3rd support: 0.7412, May 9 low
Source Bloomberg Pro Terminal

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