FOREX:Major Support and Resistance 3.1.2017

03.01.2018 / 16:10

Rating:

EUR/USD -- Scope for corrective retreat against September
peaks spanning from 1.2004 to 1.2092; BBDXY testing good support
(see analysis here)
* 3rd resistance: 1.2167, 50% retrace of 2014-2017 bear market
* 2nd resistance: 1.2108, Jan. 2 2015 high
* 1st resistance: 1.2081-92, Jan. 2 high, Sept. 8 high
* Spot: 1.2040
* 1st support: 1.2026, Dec. 29 high
* 2nd support: 1.2004, Jan. 2 low
* 3rd support: 1.1974, Dec. 29 mid open/close price
* 3rd support: 1.1974, Dec. 29 mid open/close price

USD/JPY -- Respecting 100-DMA support line at 112.07 with
Tuesday’s down-tick attracting buyers near average line;
stronger floor at 112.03-111.95
* 3rd resistance: 112.97, Dec. 29 high
* 2nd resistance: 112.79, daily cloud top
* 1st resistance: 112.47, Dec. 29 low
* Spot: 112.33
* 1st support: 112.07-03, 100-DMA, Dec. 15 low
* 2nd support: 111.95, 61.8% Fibonacci of Nov. 27-Dec. 12 rally
* 3rd support: 111.67, 200-DMA

GBP/USD -- Comfortably overcomes November peak at 1.3550 on
closing basis, setting up Sept. highs at 1.3657
* 3rd resistance: 1.3679, June 24 2016 close (Brexit vote day)
* 2nd resistance: 1.3657, Sept. 20 high
* 1st resistance: 1.3626, pivot r1
* Spot: 1.3593
* 1st support: 1.3564, daily pivot
* 2nd support: 1.3550-44, Dec. 1, 29 high
* 3rd support: 1.3528, pivot s1

AUD/USD -- Breaks upper bound of daily cloud at 0.7817;
last topside break above cloud June 14 led to a 7% spot rally up
to September peak
* 3rd resistance: 0.7897, Oct. 13 high
* 2nd resistance: 0.7887, 61.8% Fibonacci of Sept./Dec. selloff
* 1st resistance: 0.7860, 200-week MA
* Spot: 0.7835
* 1st support: 0.7795, Jan. 2 low
* 2nd support: 0.7776-65, 100-DMA, Dec. 28 low
* 3rd support: 0.7746, 13-DMA

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

Varchev Traders

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FOREX:Major Support and Resistance 3.1.2017

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