When we look at charts we see that EUR/USD is getting weaker. Even though the pair tried to move higher after some news came out (EFSF voting), the upside was capped and the pair closed the week at its lowest level. So for this week the key levels to watch are 1,3350 and 1,3600. If the pair can break 1,3600 resistance, it can move to 1.3800. Else the pair will break 1.3350 support and decline to 1.3100 level.




As we see on weekly chart, GBP is rather strong. There were reports that the SNB will buy foreign exchange reserves (GBP as well) to its portfolio, and of course if Greece defaults, GBP will affected less than EUR. These may be the factors which made GBP/USD close the week with a white candle. Anyway, for this week the key levels to watch are 1,5500 and 1,5700. If the pair can break 1,5700 resistance, it can move to 1.5850. Else the pair will break 1.5500 support and decline to 1.5350 level.




CAD weakness against USD is clear on the charts. For this week, the price may retrace back to 1,0340/60. Charts suggest that USD/CAD is headed to 1,0660. However a close below 1,0250 may postpone this scenario.




Concerns over slowdown in the global economy has been weighing on AUD. RBA rate statement due on Tuesday is an important event as any rumor about rate cuts would hasten AUD/USD decline to 0.9400 level.




Unless BoJ intervenes it seems impossible for USD/JPY to go higher and break 77.65-77.70 resistance.


Tagged with:

One Response to Charts and Technical Update 03 Oct

  1. Manual says:

    Major lover on this site, a considerable number of your blog posts, especially Commitment of Traders report (COT report), have definitely helped me out. May the forex pips be with you!

Set your Twitter account name in your settings to use the TwitterBar Section.