Daily Technical Analysis Forex & DJIA

Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Little to add as we hover above the 'neckline' of a potential 'head-and-shoulders', though proponents of this view may be getting a little frustrated. We remind that there is a high probability of this formation not going to plan as further out we see it as a process of trying to form a new interim low, probably somewhere between 1.3800 and 1.3600. This is expected to be a slow complex process ending an A, B, C-type correction which may take about two weeks. Strategy: Possibly attempt small longs at 1.3940, adding to 1.3880; stop well below 1.3740. Short term target 1.4050. Direction of Trade: →
Chart Levels:
Support Resistance
1.3921 " 1.3973
1.3877 1.3986
1.38 1.402
1.3748 1.4050*
1.3600* 1.4178
GBPUSD
Comment: Holding surprisingly neatly above the 9-day moving average keeping open the possibility a re-test of this month's high at 1.6664 possibly as early as the end of this week. Several other major currencies are behaving in a similar way lending support to our view that we are currently in the process of trying to form a new interim low and more generalised US dollar weakness in Q3. Strategy: Attempt small longs at 1.6385; stop well below 1.6200. First target 1.6500, then 1.6600 and more long term.Direction of Trade: →Chart Levels:
Support Resistance
1.6330 " 1.6483
1.6210* 1.6507
1.612 1.66
1.6 1.6622
1.594 1.6664*
USDJPY
Comment: Dropping to 95.65, as expected, and will probably try and hover uneasily around here today. The risk of a sudden drop has increased because of stock market weakness coinciding with month and quarter-end, potentially leading to a Pavlov's dog type reaction to buy Yen as they learnt in 2008. Caution is warranted. Strategy: Possibly attempt small shorts at 96.00 but only if prepared to add to 97.00; stop above 97.65. First target 95.65/95.50, re-selling on a sustained break below here for 94.00Direction of Trade: →
Chart Levels:
Support Resistance
95.63 " 96
95.50* 96.4
95.33 97
95 97.27*
94.44 97.6
Daily Forex Technicals | Written by FXtechtrade |
DOW JONES INDEX
Today's support: - 8490.93(main), where a delay and correction may happen. Break of the latter will give 8479.68, where correction also can be. Then follows 8463.00. Be there a strong impulse, we would see 8426.22. Continuation will bring 8392.44.Today's resistance: - 8562.30, 8606.26, 8645.40 and 8686.42(main), where a delay and correction may happen. Break would bring 8732.80, where a correction may happen. Then follows 8775.00, where a delay and correction could also be. Be there a strong impulse, we'd see 8814.63. Continuation would bring 8834.25 and 8842.00.