EUR/USD, GBP/USD, EUR/CAD, GBP/JPY

EUR/USD H1

Support: 1.1705 (S1), 1.1680 (S2), 1.1640 (S3)

Resistance: 1.1765 (R1), 1.1805 (R2), 1.1835 (R3)

Since the 6  of August the currency pair has been trading in a sideways motion highlighted in yellow on our chart between our (R1) 1.1765 resistance and our (S1) 1.1705 support. However the most recent buying activity has been picked up by our RSI indicator below our chart, which had reached the 70 level at some point implying an overbought position. If the upward momentum is to continue then the (R1) could be the initial stop as it was in the previous days in August. Higher than that the (R2) 1.1805 line could be the next target for the bulls while the (R3) 1.1835 could form a top for the currency pair as that level was constantly tested in the first days of the month but not clearly breached upwards. To the downside the (S1) 1.1705 remains the most relevant support at the moment and has been tested in the past days with the price unable to break lower. In our opinion the (S2) 1.1680 could be the next stop lower if further selling is to prevail while the (S3) 1.1640 maybe reached in an extensive bearish momentum. Please note the (S2) and (S3) are levels seen back in 2020 making them yearly lows. Overall the currency pair continues to be in a downward momentum since the past months.

GBP/USD H1

Support: 1.3830 (S1), 1.3805 (S2), 1.3780 (S3)

Resistance: 1.3885 (R1), 1.3920 (R2), 1.3950 (R3)

Cable is also in a continuous downward run for most of the past months yet some bullish appetite prevailed on Wednesday pushing the RSI to reach 70. In this case the (R1) 1.3885 had been briefly tested for the second time in August but was not breached confirming its awareness among traders. Yet in a strong upward momentum we could see the (R2) 1.3920 coming into play. Higher than that the (R3) 1.3950 represents the highest level reached so far in August. In the opposite direction, the (S1) 1.3830 could be attempted first while lower the (S2) 1.3805 is a possible stop if the trend continues even lower. The (S3) 1.3780 is a level previously seen in July and in our opinion forms the lowest and last support. At the moment the 200 moving average is above the 100 one yet they are moving in parallel and have closed the distance between them possibly signalling sideways tendencies for the pair. In a more long-term view Cable seems to be moving in a larger sideways motion in a wider range and this trend has been ongoing through 2021. 

EUR/CAD H4

Support: 1.4660 (S1), 1.4620 (S2), 1.4590 (S3)

Resistance: 1.4705 (R1), 1.4740 (R2), 1.4790 (R3)

The currency pair continues to be in a downward trendline highlighted by the yellow line on our chart. Yet as the price action is nearing the yellow line, the trend could be ready to reverse. There could be a jump to the (R1) 1.4705 resistance if the bulls return, while even higher the (R2) 1.4740 level could come into play in an extended upward trend. Also the (R3) 1.4790 is imminent and was tested previously in August. Yet if the down trend persists then the (S1) 1.4660 which has proven to be rather solid, maybe breached. In this case the (S2) 1.4620 a level that was last seen back in the start of July maybe the next in line for the sellers. At the lower end the (S3) 1.4590 is the lowest level reached in the past several months. Please note the RSI indicator below our chart had broken below 30 in the most recent sessions possibly implying the oversold position may have peaked. Overall the currency pair has moved lower into a sideways range it had used since May to the start of July between the (S3) 1.4590 and the (R3) 1.4790 levels.

GBP/JPY H1

Support: 152.90 (S1), 152.80 (S2), 157.65 (S3)

Resistance: 153.30 (R1), 153.40 (R2), 153.55 (R3)

At the moment the currency pair seems locked in a sideways range between the (R1) 153.30 resistance and our (S1) 152.90 support. If the instrument is undertaken by selling interest then below the (S1), the (S2) 152.80 support could come into play first as it was used as both a resistance and support previously in August. Lower the (S3) 157.65 level could come into play if the selling is extended. To the upside the (R1) 153.30 has been tested briefly two times in August making it an interesting challenge for the bulls. Higher we have also noted the (R2) 153.40 which could confirm the currency pair has moved now into an upward trend line. Our highest resistance is currently noted as the (R3) 153.55 line. Overall GBP/JPY has moved lower since peaking in May but has also rebounded from the significant drop observed in mid-July making the case for a more sideways motion. The MACD below our chart has been getting closer to zero in consecutive sessions displaying more selling interest for the currency pair in the most recent hourly sessions.

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