Institutional traders squaring books in the month-end caused a few spikes, but price action were still largely contained in familiar ranges as expected earlier in the week.
Meanwhile, markets can look forward to a cache of key economic events in the coming week, namely the NFP, and rate decisions from the US Fed and the Bank of England.
Traders expect to hear more details on the Fed’s tapering programme at the press conference following the FOMC event.
The charts in this article are H4 charts of a selection of major FX pairs. Each pair will also feature an H1 chart showing intraday support and resistance levels in more detail.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Each pair would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
EURUSD spiked towards the weekend but corrected to far below the 1.1620 dollar pivot, but not far enough to take out the lower range target of 1.1530 for now.
GBPUSD couldn’t break the 1.3800 ceiling convincingly and is now back below a lower pivot at 1.3710 dollars.
USDJPY is still aimless, ranging around the 113.80 yen pivot.
The Aussie is ranging around 75.15 cents and not making any headway.
Gold dropped after failing to break the 1800 dollar ceiling, and is now treading water above support at 1775 dollars.
As always, all prior support and resistance lines were still respected and will likely continue to be.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
