FX Rundown (week of 8/21)
Posted: Aug. 21, 2023, 7:43 a.m.
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Australian DollarTechnicals (September) Australian Dollar futures paused the sell-off as commodities gain and China cuts key lending rates. Momentum studies continue to trade in oversold territory, leaving this market in a solid downtrend. Futures would need to rally to 0.66385 in order to Neutralize the current Bearish Trend. Bias: Bearish/Neutral Previous Session Bias: Bearish/Neutral Resistance: 0.67650*** Pivot: 0.66385 Support: 0.64000-0.63500** |
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British PoundTechnicals (September) Pound futures turn lower but stay within their probable trading ranges. Futures will need to close above 1.2885 in order to flip from a Bearish to a Neutral trend. Bias: Bearish/Neutral Previous Session Bias: Bearish/Neutral Resistance: 1.3000*** Pivot: 1.2885 Support: 1.2525*** |
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Canadian DollarTechnicals (September) Canadian Dollar futures reversed higher overnight, with a close needed over the 200 DMA at 0.74540 to rekindle some bullish momentum. Our Bear trend neutralizer remains at 0.75110. Bias: Bearish/Neutral Previous Session Bias: Bearish/Neutral Resistance: 0.74550**, 0.76000*** Pivot: 0.74500 Support: 0.73500** |
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Euro CurrencyTechnicals (September) The Euro hovers just above its 200 DMA and will need a breakdown in the U.S. Dollar in order to bounce. It would take a move back through 1.10760 to get back to Neutral. I expect minor support neat the 200 DMA at 1.08780. Bias: Bearish/Neutral Previous Session Bias: Bearish/Neutral Resistance: 1.11000*** Pivot: 1.10000 Support: 1.08665** |
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Japanese YenTechnicals (September) Futures seem to be drafting higher with weaker U.S. Equities. Our trend neutralizer level remains at 0.711230. However, it would take a much larger move to 0.725000 in order to start a new up wave.Bias: Bearish/Neutral Previous Session Bias: Bearish/Neutral Resistance: 0.725000*** Pivot: 0.711230 Support: 0.685000*** |
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Swiss FrancTechnicals (September) The Swiss Franc flipped to a Neutral Trend, with the two levels to watch, 1.15800 and 1.13590 as your Bull/Bear trend levels. Momentum studies have fallen back into oversold levels. Keep an eye on the 200 DMA at 1.11690 as your first major support level. Bias: Neutral Previous Session Bias: Bullish/Neutral Resistance: 1.15580*** Pivot: 1.14025 Support: 1.13590** 1.11640*** |
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U.S. DollarTechnicals (September) The U.S. Dollar continues its relentless move higher. Critical support remains at the 200 DMA at 102.59 and 102.00. It would take a move under 101.55 to shift to a Neutral trend and a move under 100.00 to shift to a Bearish trend. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 104.00*** Pivot: 101.55 Support: 101.00*** |
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