Language

Technical Analysis (2014-08-29)

EUR/USD
Previous Day Range High: 1.3221 Low: 1.3160 Close: 1.3182
Technical Chart Resistance
R-2:1.3249
R-1:1.3215






Support
S-1:1.3154
S-2:1.3126



Forecast
High:1.3215
Low:1.3154





A temporary low is in place at 1.3152 in EUR/USD and intraday bias is turned neutral for some consolidations. Upside of recovery should be limited by 1.3332 support turned resistance and bring another decline. Bellow 1.3152 will extend the fall fro 1.3993 to 161.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.2906 .

USD/JPY
Previous Day Range High: 103.92 Low: 103.56 Close: 103.72
Technical Chart Resistance
R-2:104.10
R-1:103.91








Support
S-1:103.54
S-2:103.37




Forecast
High:103.91
Low:103.54









Intraday bias in USD/JPY remains neutral for the moment. Note that 104.12 resistance could be strong enough to trigger reversal in the pair. Below 103.49 will turn bias back to the downside for 103.08 support and below. Above 104.27 will target 105.41 high next. Overall, we're still viewing USD/JPY as in consolidation pattern, either from 105.41 high or from 100.75 support.
GBP/USD
Previous Day Range High: 1.6614 Low: 1.6568 Close: 1.6587
Technical Chart Resistance
R-2:1.6636
R-1:1.6611






Support
S-1:1.6565
S-2:1.6544




Forecast
High:1.6611
Low:1.6565





GBP/USD's consolidations from 1.6534 continues and intraday bias stays neutral. Further rise could be seen. But upside is expected to be limited by 1.6737 resistance and bring fall resumption. The decline from 1.7190 medium term top is expected to extend lower. Below 1.6534 will target 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282).
USD/CHF
Previous Day Range High: 0.9161 Low: 0.9126 Close: 0.9151
Technical Chart Resistance
R-2:0.9181
R-1:0.9166






Support
S-1:0.9131
S-2:0.9111




Forecast
High:0.9166
Low:0.9131





A temporary top is formed at 0.9184 in USD/CHF, just ahead of 100% projection of 0.8702 to 0.9036 and 0.8855 at 0.9189. Intraday bias is turned neutral for some consolidations. Deeper pull back could be seen but downside should be contained above 0.9022 support and bring another rally. Above 0.9184 will target 161.8% projection at 0.9395.
AUD/USD
Previous Day Range High: 0.9354 Low: 0.9333 Close: 0.9357
Technical Chart Resistance
R-2:0.9396
R-1:0.9376










Support
S-1:0.9335
S-2:0.9314




Forecast
High:0.9376
Low:0.9335





The Australian Dollar ticked upward throughout trade on Thursday breaking recent resistance levels and touching session highs at 0.9374. The Bureau of Statistics Private Capital Expenditure Report surprised markets writing in a 1.1% increase when most surveyed analysts were predicting a 0.9% decline. The strong reading sparked and immediate response forcing the Aussie 40 points higher to 0.9370 before levelling out and maintaining a tight range into the daily close. With little domestic data available direction will derive from a busy European and North American docket as investors look to square positions leading into the Labor Day Long Weekend in the States.

We expect a range today between 0.9280 – 0.9420.
USD/CAD
Previous Day Range High: 1.0869 Low: 1.0835 Close: 1.0846
Technical Chart Resistance
R-2:1.10884
R-1:1.0865






Support
S-1:1.0831
S-2:1.0816




Forecast
High:1.0865
Low:1.0831





CAD experienced the largest one day gain against the Greenback since 2012, (1.0960 to 1.0830) and has now settled at 1.0850. Support now sits around 1.0810 in the form of the 55 day moving average and the 50% Fibonacci of 1.0621 to 1.0998 range. US quarterly preliminary GDP surprisingly beat the anticipated reading of 3.9% at 4.2% while Weekly Unemployment claims dropped by 1,000 to 298K. Both healthy numbers yet apparently not enough to allow the USD to pick up some lost ground. Canada’s current account edged down slightly to 11.9 bln, reflecting a slight increase in deficit on trade and goods and services and highlighted a healthy appetite for Canadian corporate securities from the international community. As the market digests all of the above data there appears to be an appetite to challenge yesterday’s 1.0830 low.

We expect a range today of 1.0820 to 1.0895