Thu, Sep 23, 2021 @ 05:41 GMT
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Daily Tecnical Analysis


Current level – 1.1819

The resistance at 1.1846 was probed last Friday and, after the weak data from Europe, the bears managed to breach it yesterday. However, their momentum was enough only to reach the support at 1.1807. It is possible for the market to form a double-bottom at the mentioned level, which is also today’s daily support. In order to complete the formation, it is desirable for the bulls to push the pair above the resistance at 1.1891. Limited bearish pressure around this area and the formation of a small range would confirm the reliability of the formation. In an alternative scenario, the bearish pressure from today may continue and 1.1807 may get breached. A potential next target for the bears could be the bottom from the end of March this year at 1.1700. Today, the most anticipated event on the economic calendar are the FOMC meeting minutes, where investors will seek guidance on interest rates.

Resistance Support
intraday intraweek intraday intraweek
1.1890 1.2130 1.1846 1.1760
1.1955 1.2237 1.1760 1.1690


Current level – 110.39

The declines in the pair continued yesterday and, at the time of writing, the USD/JPY is gravitating around the support of 110.44. It is likely that this support will not be breached from the first attempt and that the market will enter a consolidation phase. However, if the pressure continues and the support is breached, the next target for the bears is the support around 110.21 and the next one at 109.69. From the perspective of the higher time frames, the pair is found in the lower band of an upward channel and the possibility to see strong interference from the bulls remains on the table.

Resistance Support
intraday intraweek intraday intraweek
110.79 111.61 110.44 109.69
111.03 112.60 110.21 109.69


Current level – 1.3800

The sterling also lost value over the past day, but the bulls failed to score a new lower bottom. The price channel from the resistance at 1.3925 to the bottom at 1.3729 is an early indicator of bear exhaustion. Demand in the support zone between 1.3730-1.3770 turned out to be strong and this will be the first support for the day. If the market is truly already in the reversal phase, it is desirable to see a rally for the bulls targeting 1.3900. The bears still hold a lot of ground and a potential reversal would take time. In such a scenario, the trading area could be 1.3770-1.3925.

Resistance Support
intraday intraweek intraday intraweek
1.3862 1.4000 1.3770 1.3660
1.3925 1.4118 1.3730 1.3610

DeltaStock Inc.
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

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