EURUSD
Preceding week pair starting at 1.0794, EUR/USD closed nearly where it began, settling at 1.0774. As of the time of writing this review, the evening of September 3 pair form shooting star, 52% of experts are bullish on the pair in the near term, 18% are bearish, and 30% have taken a neutral stance.
Technical analysis, nothing has changed over the past week.
Trend indicators and oscillators on the D1 timeframe remain favor of the U.S. currency.
The nearest support levels for the pair are situated around 1.0765, followed by 1.0665-1.0680, 1.0620-1.0635, and 1.0515-1.0525.
Bulls will encounter resistance at 1.0800, followed by 1.0835-1.0865, 1.0895-1.0925, 1.0985, 1.1045, 1.1090-1.1110, 1.1150-1.1170, 1.1230, and 1.1275-1.1290.
GBPUSD
The pair closed last week at 1.2585. Scotiabank do not rule out the possibility of GBP/USD falling further to 1.2400. Netherland’s largest banking group ING analyst, believe that should the dollar strengthen, the pair may find support around 1.2500. Singapore’s United Overseas Bank anticipate that “as long as the pound remains below the strong resistance level of 1.2720, it is likely to weaken to 1.2530, and possibly even to 1.2480.”Looking at the near future, 41% of experts anticipate an upward correction, 19% foresee further dollar strengthening, and the remaining 40% expect sideways movement.
Among the oscillators on the D1 timeframe, 90% are colored red and 10% green. As for the trend indicators, the ratio between red and green is 85% to 15%, favoring red.
If the pair moves south, it will encounter support levels and zones at 1.2560-1.2575, 1.2545, 1.2500-1.2510, 1.2435-1.2450, 1.2300-1.2330, 1.2190-1.2210, 1.2085, 1.1960, and 1.1800.
In the event of an upward movement, the pair will face resistance at 1.2620-1.2635, 1.2690-1.2710, 1.2760, 1.2800-1.2815, 1.2880, 1.2940, 1.2980-1.3000, 1.3050-1.3060, 1.3125-1.3140, and 1.3185-1.3210.
USD/JPY
Despite significant volatility., USDJPY returning them to where they began the five-day period, starting at the 146.40-yen mark per dollar, the Japanese currency reached a peak of 147.36, then declined to 144.44, with the final note being played at the 146.21 level.
USD/JPY maintains a bullish sentiment, although this could be disrupted by currency interventions from the Japanese authorities. Officials assure that they remain vigilant.
In terms of the near-term outlook, the majority of analysts believe that the DXY has gained sufficiently and that it might be time for it to retrace southward, at least temporarily.
Regarding USD/JPY, 80% of analysts have voted in favor of such a trend reversal. The remaining 20% continue to hold faith in the dollar’s potential for further pair growth.
On the D1 timeframe, all 100% of trend indicators are painted in green. Among oscillators, 65% are in this state, while 10% are in red, and the remaining 25% have assumed a neutral position.
The nearest support level is situated in the range of 146.10, followed by 145.50-145.70, 144.90, 144.50, 143.75-144.05, 142.90-143.05, 142.20, 141.40-141.75, 140.60-140.75, 139.85, 138.95-139.05, 138.05-138.30, 137.25-137.50.
The closest resistance lies at 146.50-146.60, followed by 146.90, 147.25-147.35, 148.45-148.85, 150.00, and finally, the October 2022 high of 151.90.
Generally speaking, if we review the week’s outcomes, it can be stated that the Dollar Index (DXY) reclaimed all three pairs, EUR/USD, GBP/USD, and USD/JPY.
Comments