FOREX:EURUSD "BEARS" Enters Last Line of Defense: Major Support and Resistance 28.08.2018

28.08.2018 / 11:58

Rating:

EUR/USD -- Rises above trendline since mid-June as 55-DMA
resistance fails to absorb buying pressure; ; bears need to defend 1.1740-80 area to keep
downside prospects intact and essentially keep the pair in a
1.15-1.18 range; Bloomberg Trender Indicator on the weekly
suggests below 1.1790, euro stays defensive
* 3rd resistance: 1.1780, 38.2% Fibonacci retracement of losses
since Feb. 16
* 2nd resistance: 1.1740-50, highs in July-Aug.
* 1st resistance: 1.1697, session high
* Spot: 1.1669
* 1st support: 1.1616, 55-DMA
* 2nd support: 1.1595, Aug. 27 low
* 3rd support: 1.1537, 21-DMA

GBP/USD -- 21-DMA resistance, now at 1.2872, remains in play as mean reversion
develops;
* 3rd resistance: 1.3069, 55-DMA
* 2nd resistance: 1.2958, July 19 low
* 1st resistance: 1.2936, Aug. 22 high
* Spot: 1.2871
* 1st support: 1.2829, Aug. 27 low
* 2nd support: 1.2800, Aug. 24 low
* 3rd support: 1.2794, Aug. 21 low

USD/JPY -- Consolidates amid weak signs of bullish bias
* 3rd resistance: 112.15, Aug. 1 high
* 2nd resistance: 111.87, Aug. 3 high
* 1st resistance: 111.62, cloud top
* Spot: 111.24
* 1st support: 111.03-05, 55-, 21-DMA
* 2nd support: 110.52, Aug. 23 low
* 3rd support: 109.78, Aug. 21 low

AUD/USD -- Orbits 21-DMA as it looks for direction
* 3rd resistance: 0.7382, Aug. 21 high, 55-DMA
* 2nd resistance: 0.7355, session high
* 1st resistance: 0.7340, 21-DMA
* Spot: 0.7329
* 1st support: 0.7307, Aug. 27 low
* 2nd support: 0.7289, pivot s2
* 3rd support: 0.7203, Aug. 15 low

Source: Bloomberg Finance L.P.

Chart: Used with permission of Bloomberg Finance L.P.

Trader Velizar Mitov

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FOREX:EURUSD "BEARS" Enters Last Line of Defense: Major Support and Resistance 28.08.2018

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