EUR/USD: The price action follows an uptrend, now residing at 1.1627.
DESCRIPTION
The latest 1.17 level breach opens new prospects for regaining the bullish strength in this case hitting the 1st resistance level at 1.1684. The recently nearly touched 2015 high remains at the 2nd resistance at 1.1714 followed by the 3rd one higher at 1.1736. On the support side the 1st level looms at 11583 assisted by the 2nd one lower at 1.1534. The 3rd one however is set waiting at 1.1534.
GBP/USD: Recent high volatility has left the price back at the 1.3025 beginning-of-July level.
DESCRIPTION
A sideways trade this week could lead the price back up towards the 1st resistance at 1.3039. The 2nd and 3rd ones are waiting significantly higher at 1.3084 and 1.3126 levels respectively whereas, the 1st support is waiting not too far at 1.2984 dollars per pound. The 2nd and 3rd support lines are set to be tested at 1.2954 and 1.2932 levels accordingly.
Slight retracement after hitting 129.28, but the EUR/JPY is still in a bullish form.
DESCRIPTION
The EUR/JPY failed to test the first resistance on 130.67, the 200 week MA and the July 11 high. It ebbed and is now looking to test the initial support at 129.78, the July 24 high, if the support level is not holding strong, a further drop to 129.28, the 21-DMA and the July 25 low is expected. The last resistance lies on 128.87, the July 24 low. However, if the price finds its ground above 130.47, the second test will be on 130.91, the February 8 2016 high, and the last resistance is on 131.66, the Feb 4 2016 high.
The FOMC event will repulse the USD/JPY away from the 50 day moving average.
DESCRIPTION
The USD/JPY is stuck with the 50 day moving average as no catalyst is big enough compared to the coming FOMC announcement to drive the price away. The price is currently trading at 111.918., very close to the first support at 111.79, the 55 DMA. The second support is on 111.65, the 100 DMA, followed by the last support at 111.32, the July 24 high. On the other hand, if the price inflates after the FOMC announcement, we expect the first resistance at 112.09, the 200 DMA and the Ichimoku conversion line, and the second resistance on 112.42, the July 20 high. The last resistance is on 112.64 the 21 DMA.