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Sterling, Euro, Yen and Aussie Technical Forecast for Tuesday, 3 September 2013

Sterling – GBP/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 105.017 | S2: 105.573 | S1: 106.157 | PP: 106.713 | R1: 107.297 | R2: 107.853 | R3: 108.437


Yesterday the GBPUSD started the day bullish and triggered our buy signal that was sent yesterday but ended the day with a pullback down giving us an upper tail indicating some bearish power. We will stick to the short term buy signal because we remain bullish and only bullish on this pair, however we advise you to tighten your stop loss levels.

Euro – EUR/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 1.3129 | S2: 1.3157 | S1: 1.3173 | PP: 1.3200 | R1: 1.3216 | R2: 1.3243 | R3: 1.3260


Because yesterday was Labor Day in the US & Canada, the EURUSD didn’t do anything significant on Monday. We didn’t change our minds regarding a possible bearish move as we believe if EURUSD managed to close below the 1.3100 level, we could be heading towards the 1.2800 in no time. On the other hand and as far as buying is concerned, we think a close above Friday’s high could mean a buy signal with a target towards the 1.3400 level.

Japanese Yen – USD/JPY
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 97.3983 | S2: 97.8717 | S1: 98.7183 | PP: 99.1917 | R1: 100.038 | R2: 100.512 | R3: 101.358


Yesterday the USDJPY was significantly bullish crushing the 99.00 resistance level and triggering our buy signal above that level and towards the 100.00 level as first target. We still think this pair is currently bullish and only bullish. With that being said, breaking the 100.00 level and closing above it could only mean another buy signal with a target towards the 102.00 level.

Aussie – AUD/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 0.8806 | S2: 0.8854 | S1: 0.8918 | PP: 0.8966 | R1: 0.9030 | R2: 0.9078 | R3: 0.9142


Yesterday and earlier this morning, the AUDUSD was slightly bullish testing and managing to break the 0.9000 level which is a significant resistance point. On the medium-long term we still think that this pair is weak and could go lower. With that being said, we think this pair is currently giving us mixed signal and prefer for the time being to aside and monitor it closely.

About Ziad Melhem

Ziad Melhem
Ziad Melhem is the Admin of with more than 10 years of experience in the local and regional "financial wheel". With vast experience in equities, capital markets, foreign exchange, derivatives, technical analysis, and financial services, he is one of the pioneers in online trading when this financial product was first introduced to Lebanon around 2000-2001. Ziad is currently the CMO of Amana Capital Group (

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