Let’s have a quick look at the levels this morning as they shift up/down - Forex News by FX Leaders

Let’s have a quick look at the levels this morning as they shift up/down

Posted Wednesday, August 31, 2016 by
Skerdian Meta • 1 min read

Yesterday we talked about the surge in the USD after Yellen´s comments last Friday and how the Yellen induced move quickly faded after the exciting first few hours. But, the move hasn´t ended yet, the price is just consolidating in most forex majors and it looks like the USD bulls are gearing up for the next higher.

The consumer confidence yesterday afternoon gave the USD bulls another reason to start another fight and the USD has crawled higher since then. So, let´s have a look at the new support and resistance levels this morning.

EUR/USD – ´The moving averages have been left behind after the violent move down on Friday, but they have caught up on the H1 forex chart already. So, the first moving average (20 MA) is the first resistance level at 1.1145-50. Above that comes the 50 MA in yellow at 1.1165-70 which was the high so far today. Then the ultimate resistance level comes at 1.12, give or take 10 pips. The support clusters are located at 1.11, 1.1050, 1.10, 1.09 and 1.0800-20.

Will the trend line be broken this time?

USD/JPY – This forex pair has been slowly creeping higher and the guys at the BOJ (Bank of Japan) must be very happy. But as we can see in the forex chart above the trend is still down and this might as well be just another retrace higher before the next push down to 0.95 probably. It has built some support levels during the way up though, which come at 102.90 where we can find the 20 MA, 102.20 where the 100 smooth MA stands and 101. The first resistance level comes at 103.80, 104.20 where the trendline stands and 105.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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