Major Support and Resistance FOREX 8.9.2017

08.09.2017 / 14:47

Rating:

EUR/USD -- ECB’s green light and broad USD selling, offer
bulls perfect storm; next macro level to monitor at 1.2167, the
mid-point of 2014-2017 bear cycle
* 3rd resistance: 1.2070, Aug. 29 high
* 2nd resistance: 1.2167, 50% retracement of 2014-2017 bear
market
* 1st resistance: 1.2092, European high
* Spot: 1.2049
* 1st support: 1.1999, daily pivot
* 2nd support: 1.1984-80, Aug. 30, Sept. 1 high
* 3rd support: 1.1950, Sept. 6 high

GBP/USD -- Maintains bullish trend posture; tests 1.3151,
seen as last Fibonacci defense of August selloff
* 3rd resistance: 1.3191, Aug. 2 low
* 2nd resistance: 1.3164, Aug. 4 high
* 1st resistance: 1.3151, 76.4% Fibonacci of Aug. 3-23 fall
* Spot: 1.3139
* 1st support: 1.3083-82, daily pivot, Sept. 6 high
* 2nd support: 1.3033, Sept. 7 low
* 3rd support: 1.3019, Sept. 6 low

USD/JPY -- Erases 2/3rds of rally from U.S. election day
after breach of 107.87 Fibonacci level; bracing for a bearish
close below weekly cloud at 108.84
* 3rd resistance: 109.13, pivot r1
* 2nd resistance: 108.83, Sept. 7 mid-open/close price
* 1st resistance: 108.49-59, Asia high, day’s pivot
* Spot: 107.75
* 1st support: 107.58, European low
* 2nd support: 107.49, July 2016 high
* 3rd support: 106.52, 61.8% Fibonacci of 2016 bull rally

AUD/USD -- Storms higher to levels not seen since 2015;
next key hurdle zone at 0.8164-87
* 3rd resistance: 0.8187, 233-WMA
* 2nd resistance: 0.8164, May 2015 high
* 1st resistance: 0.8125, European high
* Spot: 0.8089
* 1st support: 0.8043, Asia low
* 2nd support: 0.8021, Sept. 6 high
* 3rd support: 0.7975, Sept. 7 low

Bloomberg Pro Terminal
Trader Velizar Mitov

Varchev Traders

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Major Support and Resistance FOREX 8.9.2017

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