Spreads
Spreads
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Spreads
Spreads
EURUSD was once trading as low as 1.0000 but has managed to climb into a positive move during the American trading session ahead of the US inflation data.
From a technical point of view, EURUSD maintains its bearish stance as its lower leg has been built; however, the psychological support of 1.0000 would be hard to compromise. The recent advance could be EURUSD’s correction as the RSI indicator has reached the oversold territory, suggesting a pullback. To the upside, EURUSD would need to climb above the midline of the Bollinger Band to claim its bullish stance in the near-term picture.
Resistance: 1.028, 1.0453, 1.0593
Support: 1.0000
USDJPY heads into the correction phase after reaching a 24-year peak. The corrective pullback seems to be some profiting taking ahead of the US CPI on Wednesday.
Technical speaking, USDJPY witnesses some profiting- taking after hitting the upper bound of the bullish channel as well as the immediate resistance of 137.75. However, the outlook of USDJPY remains bullish as it continues to trade within the ascending channel and above the 20 Simple Moving Average. As long as USDJPY stays above the 135.00 mark, the upside momentum is expected to remain unchanged. On the flip side, failure to hold above 135.00 would erode its bullish outlook on the four-hour chart. Further price action eye on the US CPI report.
Resistance: 137.75
Support: 136.27, 135.36, 134.62
GBPUSD extends its recovery on Tuesday, trading above 1.1900 in the second half of the day. The US dollar faces some difficulties to advance the US CPI report.
From the technical perspective, GBPUSD stages a modest recovery after hitting the pivotal support of 1.1807. The intraday outlook remains bearish as the pair still trades within the descending channel. The recent recovery might be a correction due to the RSI indicator on the four-hour chart falling into the oversold territory. To claim GBPUSD’s upside momentum, it has to advance above 1.1994. On the contrary, failure to defend the support level of 1.1807 would bring the pair further south.
Resistance: 1.1994, 1.2110, 12203
Support: 1.1807
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