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Sterling, Euro, Yen and Aussie Technical Forecast for Monday, 2 September 2013

Sterling – GBP/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 1.5397 | S2: 1.5430 | S1: 1.5463 | PP: 1.5495 | R1: 1.5528 | R2: 1.5561 | R3: 1.5593

gbpusddaily

Last Friday, the GBPUSD gave us another doji star with a lower tail testing once again the 1.5500 level. So far we have three candles testing the 1.5500 support level with no luck breaking it and closing below it. Obviously this level is acting as a strong support and holding the pair pretty well. With that being said, we still think we have a short term buy signal above the high of last Wednesday with a target towards the 1.5750 level. As far as selling is concerned, we are currently not interested with all the bullish support the 1.5500 level is currently offering Sterling.

Euro – EUR/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 1.3089 | S2: 1.3131 | S1: 1.3170 | PP: 1.3213 | R1: 1.3252 | R2: 1.3294 | R3: 1.3333

eurusddaily

Last Friday, the EURUSD started the day significantly bearish, to find enough support at the 1.3200 level and bounce back up forming a narrow range body candle with a clear lower tail indicating bullish power. With that being said, we think we have a buy signal above the high of Friday with a short term target towards the 1.3400 level. As far as selling is concerned, we think a close below the 1.3100 level could mean a sell signal with a medium-long term target towards the 1.2800 level.

Japanese Yen – USD/JPY
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 97.2683 | S2: 97.5717 | S1: 97.8583 | PP: 98.1617 | R1: 98.4483 | R2: 98.7517 | R3: 99.0383

usdjpydaily

The USDJPY last Friday moved sideways ending the day with no significant change giving us a narrow range body candle with a small lower tail indicating some bullish power. With that being said, we think we have a buy signal above the 99.00 level with a first target around the 100.00 level and second one around the 102.00 level. As far as selling is concerned, you know by now that we don’t favor sell positions on the Yen due to the Japanese Central Bank’s policy to weaken its currency.

Aussie – AUD/USD
Pivot – Support and Resistance Levels based on Daily Chart:
S3: 0.8812 | S2: 0.8853 | S1: 0.8877 | PP: 0.8917 | R1: 0.8942 | R2: 0.8982 | R3: 0.9006

audusddaily

Last Friday the AUDUSD started the day bullish to find enough resistance to reverse it and end the day significantly bearish. With that being said, we think the Aussie is a very weak pair and breaking the low of Friday could mean a sell signal with a medium-long term target around the 0.8500 level. As far as buying is concerned, we are definitely not interested for the time buying with all this bearish power the pair showed us last week.

About Ziad Melhem

Ziad Melhem
Ziad Melhem is the Admin of Forex.com.lb 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 (www.amanacapital.com).

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