Technical outlook for FX majors – Kshitij Consultancy

FXStreet (Barcelona) - GBP/USD, USD/JPY, AUD/USD and EUR/USD are up but have near term resistances coming up, warns the Team at Kshitij Consultancy as they share the technical outlook for the majors.

Key Quotes

“Pound is trading within the 1.51-1.50 region. Need to keep an eye for a break above 1.51 which would initiate a fresh upmove. Important resistances are 1.5100 and then 1.5174 which may hold well for now.”

“Euro rose sharply yesterday but note that there is a near term resistance at 1.08725 and while below that there are chances of seeing some fall to 1.0724. Market awaits the German IFO data today.”

“EURGBP rose from support near 0.71130 as mentioned yesterday. But it may trade within 0.7206-0.7113 for a couple of sessions before bouncing up further. EURINR (68.391) and EURJPY (129.09) are also trading higher.”

“USDJPY and has bounced from channel support near 119.40 on the daily charts and may trade in the 120.36-120.0 in the near term.”

“Aussie has also bounced up from support near 0.7707 but is trading below 0.7815-0.7830 which is an immediate resistance zone on the upside.”