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Daily Technical Report : August 19, 2015

Daily Technical Report : August 19, 2015

USD/JPY

USDJPY continued to move within a tight range, but it showed bearish tendencies yesterday with a closing below SMA20.

USD/JPY

We believe that, this consolidation may end with a break below 123.80 levels to resume the downside correction started at 125.00 levels.

We will depend on the candlestick formed on August 12 to suggest potential downside move as far as 125.00 holds.

Support: 124.00-123.80-123.20

Resistance:125.00-125.50-125.80

Direction: Bearish

USD/CHF

The USDCHF resumed the consolidation behaviors and is currently attempting to hit SMA20-colored in green-, as seen on the provided chart.

USD/CHF

All eyes are on 0.9725, as a break of which will affirm the bearish tendencies appearing on the chart.

We will be bearish over intraday basis, reinforced by the solidity of 76.4% Fibonacci level and the negative signs on RSI14 despite stabilizing above 50.00 levels.

Support: 0.9725-0.9670.00-0.9630

Resistance: 0.9800-0.9830-0.9880

Direction: Bearish

EUR/USD

A bullish crossover has appeared on ADX, while RSI14 is showing some kind of positive tendencies despite moving below 50.00 and that could trigger bullish movements on the EURUSD.

EUR/USD

Meanwhile, trading is now between moving averages, while the pair moves above 1.1030, which is a positive sign.

Anyway, we need a break back above 1.1085 followed by 1.1110 to affirm the bullish signals.

On the downside, 1.0980 is the key, as clearing it will activate bearish scenario.

Support: 1.1030 – 1.1000 – 1.0980

Resistance: 1.1085 – 1.1110 – 1.1185

Direction: Up

Following the sharp inclines seen yesterday on GBPUSD, the resistance of 1.5700 has stopped the bullish wave where it declined slightly.

GBP/USD

GBP/USD

The downside move was limited by 1.5630 support where 50% Fibonacci exists.

ADX shows positive sign, while RSI14 is moving above 50.00 and that could bring a re-test of 1.5700.

On the other hand, coming below 1.5600 will weaken chances for resuming the uptrend.

Support: 1.5630 – 1.5600 – 1.5555

Resistance: 1.5680 – 1.5700 – 1.5800

Direction: Up

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