EUR/USD:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

Following the break of long-term trendline resistance (1.6038) in July, buyers and sellers have since been squaring off around the upper section of supply from 1.1857/1.1352. Technically, although this argues additional upside may be on the horizon, targeting ascending resistance (prior support – 1.1641), September and October fashioning negative months also proposes a dip to retest the recently penetrated trendline resistance (support).

The primary downtrend (since July 2008) remains intact until 1.2555 is engulfed (Feb 1 high [2018]).

Daily timeframe:

Partially modified from previous analysis –

Leaving support from 1.1553 and a descending support line from 1.2011 behind, EUR/USD, over the space of three bullish moves, tested supply from 1.1872/1.1818 yesterday, an area secured just beneath another supply extended from May 2018 at 1.2012/1.1937.

Traders will also note the RSI oscillator turned higher from within a stone’s throw of trendline support (prior resistance), producing bullish divergence.

H4 timeframe:

EUR/USD took on supply at 1.1760/1.1779 (prior demand) as demand for the single currency intensified on Thursday, leading to the pair crossing paths with trendline resistance (1.2011).

An extension to the upside today throws light on nearby resistance from 1.1870, with a break uncovering supply at 1.1928/1.1902.

H1 timeframe:

H1 is pretty much governed by trendline analysis at the moment. US trading collided with trendline resistance (prior support – 1.1688) and 1.1850 resistance, consequently producing a mild correction to test trendline support (prior resistance – 1.1880).

Areas of consideration outside of the above can be seen at a demand area from 1.1764/1.1776 and the 1.19 resistance. It is also worth pointing out the RSI oscillator chalked up a double-top pattern, essentially pencilling in bearish divergence.

Observed levels:

The combination of daily supply at 1.1872/1.1818, H4 trendline resistance as well as H1 trendline resistance (and 1.1850 resistance) raises the possibility of a bearish showing today, from a technical perspective. 1.1850 resistance, therefore, might be an observed level in early trading today.

AUD/USD:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

The months of September and October, as you can see, recorded losses, developing a mild correction to address the upper border of demand at 0.7029/0.6664 (prior supply).

Buyers, so far, have responded well to demand, free to explore as far north as 0.8303/0.8082 in the coming months, a supply zone aligning closely with trendline resistance (prior support – 0.4776).

In terms of trend, though, the primary downtrend (since mid-2011) remains south until breaking 0.8135 (January high [2018]).

Daily timeframe:

The Australian dollar produced a spirited advance against the greenback Thursday, elevated on upbeat risk sentiment weighing on the DXY. Up by 1.5 percent, trendline resistance (0.7413) was taken, with price action bumping heads with supply at 0.7345/0.7287, a rally-base-drop formation.

Attention should also be drawn to the RSI indicator, fast approaching overbought territory after brushing aside resistance at 52.00.

H4 timeframe:

Against the backdrop of higher timeframe charts, H4 entered the lower boundary of supply at 0.7234/0.7286, after price hammered through resistance from 0.7210 and supply at 0.7253/0.7237 earlier in the day.

Resistance at 0.7340, for those who feel we’re headed for higher ground today, is also a level worth noting.

H1 timeframe:

Thursday’s bullish assault left traders with price retesting demand at 0.7253/0.7266, an area which if attracts additional buying, could propel AUD/USD towards 0.73. Traders will note this level shares space with channel resistance (0.7221).

On a bearish note, however, the RSI exited Thursday forming bearish divergence, inside the overbought area.

Observed levels:

• On one side of the field, Monthly price is bouncing from demand at 0.7029/0.6664 and H1 is seen establishing a position off demand at 0.7253/0.7266, collectively promoting the possibility of a bullish move.

• On the other side of the field, daily supply is active at 0.7345/0.7287, as is H4 supply from 0.7234/0.7286.

USD/JPY:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

Since kicking off 2017, USD/JPY has been carving out a descending triangle pattern between 118.66/104.62. July 2020 onwards, as you can see, has had price toying with the lower boundary of the aforesaid pattern.

Notably, November has seen price take on 104.62, shining light on demand coming in at 96.41/100.81, followed by trendline support (76.15) and the descending triangle take-profit level at 91.04 (red).

Daily timeframe:

In addition to the monthly chart, daily price also forcefully pushed through the lower edge of a descending triangle pattern between 106.94/104.18 yesterday. This shifts focus back to daily demand at 100.68/101.85, which also holds within the descending triangle take-profit level at 101.36 (red).

The RSI also recently made its way into the oversold area.

H4 timeframe:

The downward break of support at 104.11 on Thursday can see buyers and sellers now squaring off at a rather large demand zone from 103.04/103.58.

H1 timeframe:

Confirmed by RSI bullish divergence out of oversold terrain, H1 recently responded to 103.50 support, a level joined closely by 127.2% (orange) and a 161.8% Fib projection levels at 103.53 and 103.43, respectively. The upside attempt seen so far from here is likely strengthened on the recent test of H4 demand at 103.04/103.58.

Observed levels:

How much energy buyers have from 103.50 support on the H1, despite bolstered by H4 demand at 103.04/103.58, is difficult to estimate. This is largely due to the monthly and daily timeframes breaking out of descending triangle patterns, indicating follow-through selling could be on the horizon.

A H1 close under 103.50, in this case, may drive flow to at least 103 on the H1.

GBP/USD:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

Leaving trendline resistance (2.1161) unopposed, the month of September fell 3.4 percent by way of a bearish outside reversal candle and snapped a three-month winning streak. This, despite November trading higher by 1.5 percent, advertises a possible dip to retest trendline support (prior resistance – 1.7191).

In terms of trend, the primary trend has faced lower since early 2008, unbroken (as of current price) until 1.4376 gives way – April 2 high 2018.

Daily timeframe:

Buyers display strength beneath resistance at 1.3201, having failed to retest demand at 1.2645/1.2773. A resistance break today/next week throws light on the 1.3483 September peak.

The RSI oscillator, as you can probably see, holds off 47.00 support.

H4 timeframe:

Thursday’s 1.3 percent advance, action that took hold of Wednesday’s session high at 1.3140, left candles hovering just ahead of a 61.8% Fib level at 1.3172 (green) and resistance from 1.3201 and 1.3170.

H1 timeframe:

With 1.31 cleared as resistance and holding as support, the 1.3176 October 21 peak is seen, with subsequent advances pointing to supply from 1.3239/1.3199.

Interestingly, though, the RSI suggests momentum to the upside could be slowing in the form of bearish divergence.

Observed levels:

Retesting 1.31 in Asia today is possible, according to the RSI indicator on the H1 displaying bearish divergence.

This, should buyers hold 1.31, could take aim at H4 resistance from 1.3170, with a violation here perhaps clearing the path north to the 1.32 level on the H1 and then obviously daily resistance at 1.3201.

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