Technical Outlook for majors 09/11/2017

Technical Outlook for majors 09/11/2017

EURUSD

The Euro was slightly higher in Asia on Monday, following Friday’s slide after double upside rejection at daily Kijun-sen barrier. Weak near-term structure keeps the downside vulnerable, with risk of retest of lower pivot at 1.0495 (daily Tenkan-sen line), break of which is needed to confirm lower top at 1.0619 and open way for fresh weakness. However, extended sideways trading could be expected while the price is holding between daily Tenkan-sen/Kijun-sen pivots. Conversely, sustained break above daily Kijun-sen line (1.0605) would trigger fresh bullish acceleration and open next targets at 1.0668 / 1.0700.

Res: 1.0573; 1.0605; 1.0619; 1.0668

Sup: 1.0515; 1.0495; 1.0472; 1.0446

eurusd-09-01

USDJPY

Bulls are retaking control on fresh extension of Friday’s strong rally from 115.06, where last week’s pullback from 118.59 high found good support.
The downside risk that was mounting on double-top pattern and probe below key supports at 116.03 / 115.75 is fading, as fresh bullish acceleration emerged above pivot at 116.82 (daily Tenkan-sen) and so far retraced over 61.8% of 118.59/115.06 downleg.
Corrective easing should be ideally contained at 116.60 zone, with repeated close above daily Tenkan-sen, needed to maintain bullish tone for fresh attempts higher.
Conversely, close below Tenkan-sen support would soften the tone and risk retest of daily Kijun-sen pivot at 115.75

Res: 117.52; 118.17; 118.65; 119.07
Sup: 116.82; 116.60; 116.00; 115.75

usdjpy-09-01

GBPUSD

Sterling was among top losers of the Asian session on Monday, following gap-lower opening and subsequent strong bearish acceleration. Today’s weakness was boosted by comments from British PM who indicated UK will leave single market and comes as extension of Friday’s strong losses (the biggest one-day fall since 15 Dec), after recovery rally was capped by daily cloud. Full retracement of 1.2198/1.2430 upleg confirmed an end of near-term corrective phase and resumption of larger downtrend from 1.2772 (06 Dec high). Fresh extension below former low at 1.2198 is probing below 1.2170, the neckline of asymmetric H&S pattern that was formed on daily chart. Firm break here would trigger further bears, as technical studies turned into full bearish setup and sentiment is negative. Next supports lay at 1.2087/81 (11/25 Oct 2016 lows) with scope seen for return to key 1.2000 support zone (the lowest levels since 1985) that was posted in early Oct strong bearish acceleration. Initial resistance lies at 1.2198 (former low), followed by 1.2268 (session high) and 1.2296 (daily Tenkan-sen line) which is expected to cap extended corrective rallies.

Res: 1.2198; 1.2243; 1.2268; 1.2296

Sup: 1.2109; 1.2081; 1.2050; 1.2000

gbpusd-09-01

 

 

 

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