It seems as if the USDJPY has neglected yesterday’s trading, forming a very small body as seen on Thursday’s candle comparing with Wednesday’s one.
We are still waiting for a breakout below SMA20 to activate our suggested bearish scenario and to activate selling signs on RSI based on the solidity of 125.00-125.20 levels.
Support: 124.00-123.80-123.20
Resistance:125.00-125.50-125.80
Direction: Bearish
Within a very tight range, the USDCHF pair has traded yesterday as same as most of the instruments in the FX market following the previous day fluctuation.
A break below 0.9725 is required to affirm the bearishness started at 76.4% Fibonacci level, but trading between this level and 61.8% Fibonacci forces us to remain on the sidelines.
Assessing indicators, ADX started to show mild weakness in the uptrend and RSI 14 is moving sideways despite stabilizing above 50.00.
Support: 0.9725-0.9680-0.9650
Resistance: 0.9800-0.9830-0.9880
Direction: Neutral
EURUSD attempted to inch higher yesterday, but failed to stabilize above 1.1185 and that makes us prefer neutrality.
ADX shows signs of weakness in the uptrend, while RSI is negative. Moving averages 20 and 50 are getting closer; therefore, we will be neutral, but trading above 1.1185 will trigger buying interests.
Support: 1.1110 – 1.1085 – 1.1030
Resistance: 1.1165 – 1.1215 – 1.1270
Direction: Neutral, but bullish above 1.1185.
GBPUSD couldn’t trade above 1.5630, while RSI and ADX are showing signs of weakness in the uptrend.
In result, we will be on the sidelines today ahead of the weekly closing, as we need to see the pair trading above 1.5630 to be bullish.
A break below 1.5560 will bring bearish actions.
Support: 1.5600 – 1.5555 – 1.5470
Resistance: 1.5680 – 1.5700 – 1.5750
Direction: Sideways