Crucial resistance placed at 1.1990
After trading higher for five straight sessions, the Euro retreated against the US Dollar in the prior session and closed at 1.1953, following a low at 1.1948. As of now, the pair is trading within a narrow range of 1.1945-1.1965 on the 1H chart, hinting at possible consolidation in the near term. However, a recent signal line crossover from below by the MACD indicator, suggests a likely recovery over intraday basis. Key near-term resistance is situated at the 1.1990 level where EMA 55 is trading, followed by the 1.2025 and 1.2055 levels. A surge above the latter might lead to positivity in the pair. On the flipside, key support is seen at the 1.1930 level, followed by the psychological 1.1900 and 1.1875 levels. A breach below the latter might generate further selling pressure on the pair.
Positive if breaks above 22200
The Dow Jones index posted significant gains in the last session, as majority of the index constituents ended in the green, after the estimated economic damages from the Hurricane Irma might turn out to be less than previously anticipated. At present, the index is trading above the short-term and long-term EMAs on the 1H chart, hinting the presence of bullish momentum in the coming session. Moreover, the MACD indicator is trading at a higher level above its centreline, further elaborating the above stance. Key resistance is positioned at the 22110 level, followed by the 22160 and 22200 levels. A break and stability above the latter might lead to further strength in the index. On the other hand, key intraday support is aligned at the crucial 22000 level, followed by the 21950 and 21910 levels.
Intraday Stance – Mildly Positive
The British Pound traded lower against the US Dollar in the previous session and finished at 1.3163, after making a low at 1.3161. Currently, the pair is trading above the short-term and long-term EMAs on the 1H chart, as the British MPs voted in favour of Brexit bill in Parliament to exit from the European Union. Likewise, the MACD indicator is likely to cross the signal line from below, further affirming the above stance. Traders would eye the UK’s inflation and house price index data, to be released today. Important resistance is seen at the 1.3205 level, followed by the 1.3235 and 1.3270 levels. A clear break and stability above the latter might lead to bullishness in the pair. On the contrary, key support is aligned at the 3150 level, followed by the 1.3120 and 1.3085 levels.
Bullish if breaks above 7500
The FTSE 100 index ended in positive territory in the previous session, supported by gains in insurance sector stocks. As of now, the index is trading with an upside bias on the 1H chart, reflecting at a bullish technical outlook. In addition, the MACD indicator is placed at a higher level above its midline, further validating the above stance. Meanwhile, traders would eye earnings report of Ashtead Group Plc, scheduled to be released today. The key technical barrier is placed at the 7440 level, followed by the 7470 and psychological 7500 levels. A sustained break above the latter might lead to further upside momentum in the index. On the downside, crucial support is located at the 7380 level, followed by the 7355 and 7325 levels. A breach below the latter might trigger weakness in the index.
Key support placed at 109.05
The US Dollar traded in the green against the Yen in the last session, as concerns among investors waned after Hurricane Irma was downgraded to a tropical storm and as North Korea's founding day celebrations passed without any missile test. As of now, the pair is trading within a narrow range of 109.20-109.60 on the 1H chart, indicating at a neutral technical scenario. However, a signal line crossover from above by the MACD indicator, hints that the room for downside still exists. Immediate support is aligned at the 109.05 level, followed by the 108.75 where EMA 55 is located and 108.45 levels. A move back below the latter might lead to bearish momentum in the pair. On the bright side, intraday resistance is placed at the 109.75 level, followed by the psychological 110.00 and 110.30 levels.
Bearish if crosses below $1315
The precious metal traded with negative bias for the second consecutive session yesterday to settle at $1331.80, on the back of a stronger US Dollar. As clearly seen on the 1H chart, the yellow metal is trading in a downward trending channel, hinting the presence of negative momentum in the short term. Key near-term support is positioned at the $1322 level, followed by the $1318 and $1315 levels. A breach below the latter might lead to a further acceleration to the downside. However, a potential signal line crossover from below by the MACD indicator, hints at a likely recovery over intraday basis. Immediate resistance is located at the $1327 level, followed by the $1330 where EMA 200 is located and $1335 levels. A sustained break above the latter might turn the main trend to bullisha.
Important support situated at $53.35
The Brent Crude registered marginal gains in the prior session, after the Saudi Arabia’s Energy Minister debated with Venezuela and Kazakhstan over a possible extension to cut global crude oil supplies beyond March 2018. Currently, the commodity is oscillating between a short range of $53.60-$53.90 on the 1H chart, hinting at consolidation in the near term. However, the MACD indicator is placed below its midline, suggesting at possible bearish momentum in the coming session. Key support is situated at the $53.35 level where EMA 200 is placed, followed by the $52.85 and $52.35 levels. A move back below the latter might trigger negativity in the Brent crude. Meanwhile, key resistance is aligned at the $54.15 level, followed by the $54.60 and psychological $55.00 levels. A surge above the latter might lead to a further acceleration to the upside.
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