Euro ended in the green against the US Dollar - September 25, 2017

Key resistance placed at 1.1960

On Friday, the Euro ended in the green against the US Dollar, following an unexpected surge in the Eurozone’s manufacturing output to a nearly seven-year high in September. Also, the German manufacturing PMI accelerated to its strongest pace in nearly six-and-a-half years in September. At present, the pair is trading within a short range of 1.1925-1.1940 on the 1H chart, as the German Chancellor, Angela Merkel, won a fourth term but was left struggling to form a governing coalition. However, a signal line crossover from below by the MACD indicator, hints at possible bullishness over intraday basis. Important resistance is located at the 1.1960 level, followed by the 1.1995 and 1.2030 levels. A surge above the later might trigger further strength in the pair. Conversely, immediate support is observed at the 1.1890 level, followed by the 1.1860 and 1.1830 levels.

Bullish if breaks above 22400

The Dow Jones index traded in the green in Friday’s session, supported by gains in healthcare sector stocks following comments from Senator John McCain that he would not support the latest Obamacare repeal bill. As of now, the index is trading above its short-term and long-term EMAs on the 1H chart, indicating at the bullish momentum in the coming session. Key resistance is placed at the psychological 22400 level, a break and stability above which might lead to further strength in the index, clearing its way for the crucial 22450 and 22500 levels. However, the MACD indicator is treading water near its centreline, hinting at likely negativity over intraday basis. Intraday support is located at the 22300 level, followed by the 22255 and 22200 levels. A breach below the latter might trigger negativity in the index.




Bullish if breaks above 1.3640

The Pound traded lower against the US Dollar in Friday’s session, after the UK Prime Minister, Theresa May, proposed to delay UK’s exit from the European Union by two years. Moreover, the Moody's Investors Service downgraded its credit rating for the UK following Brexit tensions. As of now, the pair is trading with an upside bias on the 1H chart, reflecting at the bullish momentum in the near term. In addition, a recent signal line crossover from below by the MACD indicator, further affirms the above stance. Important resistance is seen at the 1.3570 level, followed by the psychological 1.3600 and 1.3640 levels. A surge above the latter might trigger bullishness in pair. On the flipside, key support is aligned at the 1.3490 level, followed by the 1.3450 where EMA 200 is placed and 1.3410 levels.




Bullish if breaks above 7430

The FTSE 100 index posted significant gains on Friday, boosted by a weaker British Pound. Moreover, shares of Johnson Matthey, AstraZeneca and WPP emerged as the top gainers in the index. At present, the index is trading with a positive bias on the 1H chart, reflecting at a bullish technical picture. In addition, the MACD indicator is heading towards the north, further elaborating the above stance. The key technical barrier is positioned at the 7345 level, followed by the 7390 and 7430 levels. A sustained break above the latter might trigger further positivity in the index. On the other hand, key support is seen at the 7280 level where EMA 55 is placed, followed by the 7250 and 7215 levels. If the latter fails to hold, it might trigger bearish momentum in the index.




Bearish if breaches below 111.35

The US Dollar retreated against the Yen in the last session, on the heels of a slower than expected growth in the US services sector to a twomonth low in September. As of now, the pair is trading in a downward trending channels on the 1H chart, as the Japan’s manufacturing output accelerated at the quickest pace in four months in September. Additionally, the MACD indicator is likely to witness a signal line crossover from above, further endorsing the above stance. Key technical support is positioned at the 111.90 level, followed by the 111.65 and 111.35 where EMA 200 is located. A breach below the latter might lead to increased selling pressure on the pair. On the contrary, key intraday resistance is seen at the 112.55 level, followed by the 112.90 and 113.30 levels. A surge above the latter might generate positivity in the pair.




Weak intraday stance

The precious metal traded higher in Friday’s session, amid a weaker greenback and mounting geopolitical concerns between the US and North Korea. As seen on the 1H chart, the yellow metal is trading below its short-term and long-term EMAs, reflecting at a bearish technical outlook for the coming session. Immediate support is observed at the $1290 level, followed by the $1286 and $1282 levels. A move back below the latter might trigger downside momentum in the yellow metal. However, a possible signal line crossover by the MACD indicator from below, suggests a possible recovery in the near term. Key resistance is positioned at the $1296 level where EMA 55 is trading, followed by the psychological $1300 and $1304 levels. A clear break above the latter might lead to a further acceleration to the upside.




Key support placed at $56.40

The Brent Crude extended its uptrend for the third straight session on Friday, after the OPEC stated that the countries participating in a production-cut agreement reached record monthly compliance and speculated extension of production cuts until January. As of now, the commodity is trading in a narrow range of $56.75-$56.85 on the 1H chart, indicating at possible consolidation in the near term. However, a signal line crossover by the MACD indicator from above, suggests at possible intraday correction. Key support resides at the $56.40 level where EMA 55 is located, followed by the $55.95 and $55.50 levels. If the latter fails to hold, it might turn the main trend to bearish. Conversely, key resistance is aligned at the $57.25 level, followed by the $57.75 and $58.20 levels. A break above the latter might trigger further positive momentum in the Brent crude.




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