Fxwirepro: Eur/jpy Edges Higher from 10-Day Lows at 120.65, Finds Strong Support at 120.51 (100-Dma)

  • EUR/JPY finds strong support on the downside at 120.51 (100-DMA), further weakness only on break below.  
  • The pair has held support by 20-DMA currently at 120.66 and edged higher to retake the 121 handle.  
  • Daily cloud offers stiff resistance on the upside along with 5-DMA at 121.37 and downside price action is in convergence with RSI.  
  • Stochs are biased lower after rollover from overbought zone and MACD is on the verge of a bearish crossover on signal line.  
  • Break below 100-DMA could see test of 120 levels, bearish invalidation on break above daily cloud.

Support levels - 121, 120.66 (20-DMA), 120.56 (50% Fib retrace of 118.23 to 122.88 rally), 120.51 (100-DMA)  Resistance levels - 121.39 (cloud top and 5-DMA), 122, 122.42 (Jan 13 high) TIME  TREND INDEX  OB/OS INDEX     1H          Bullish                Neutral        4H          Neutral                Neutral        1D          Bearish               Neutral         1W         Neutral                Neutral       Recommendation: Good to go short on rallies around 121.40, SL: 122, TP: 121/ 120.60/ 120.45/ 120 FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 32.5868(Neutral), while Hourly JPY Spot Index was at 162.062 (Highly bullish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.   


The material has been provided by InstaForex Company - www.instaforex.com

Fxwirepro: Usd/inr Trades in Narrow Range, Bias Remains Neutral

  • USD/INR is currently trading around 65.34 marks.  
  • It made intraday high at 65.39 and low at 65.24 marks.  
  • Intraday bias remains neutral till the time pair holds key support at 65.25 marks.    
  • Key resistances are seen at 65.42, 65.62, 65.80, 66.00, 66.32, 66.48, 66.57, 66.80, 67.01, 67.17, 67.31 and 67.45 marks respectively.  
  • On the other side, initial supports are seen at 65.25, 65.05, 64.87, 64.68 and 64.48 marks respectively.  
  • In addition, India’s NSE Nifty was trading around 0.12 percent lower at 9,116.20 points and BSE Sensex was trading at 0.17 percent lower at 29,462.80 points.

We prefer to take long position in USD/INR only above 65.42, stop loss at 65.21and target of 65.60/65.80.


The material has been provided by InstaForex Company - www.instaforex.com

Fxwirepro: Prefer to Go Short on Xag/usd Around $17.38 With Stop Loss at $17.54 and Target of $17.22

  • XAG/USD is currently trading around $17.34 marks.
     
  • It made intraday high at $17.44 and low at $17.30 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at $17.54 mark.
     
  • A daily close above $17.40 will test key resistances at $17.54/$17.62/$17.76/$17.96/$18.01/$18.22/$18.48/$18.88 marks respectively.
     
  • On the other side, a daily close below $17.40 will take the parity down towards key supports at $17.30/$17.22/$17.09/$16.87/$16.65/$16.48/$16.36/$16.23/$15.85 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go short on XAG/USD around $17.38 with stop loss at $17.54 and target of $17.22/$17.00.

The material has been provided by InstaForex Company – www.instaforex.com

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