FOREX:Pound Rebound Potential: Major Support and Resistance 27.08.2018

EUR/USD –Looks to test trendline since mid-June as 55-DMA
resistance struggles to absorb buying pressure
* 3rd resistance: 1.1700, Aug. 1 high
* 2nd resistance: 1.1667, trendline since June 14
* 1st resistance: 1.1653, session high
* Spot: 1.1620
* 1st support: 1.1578, pivot s3
* 2nd support: 1.1536, 21-DMA
* 3rd support: 1.1509-10, June 21May 29 lows

GBP/USD –a morning star
on the weekly also suggests bearish trend exhaustion; 21-DMA
resistance in play as mean reversion develops; close above
1.2727 needed to maintain short-term momentum
* 3rd resistance: 1.3078, 55-DMA
* 2nd resistance: 1.2958, July 19 low
* 1st resistance: 1.2882, 21-DMA
* Spot: 1.2852
* 1st support: 1.2800, Aug. 24 low
* 2nd support: 1.2794, Aug. 21 low
* 3rd support: 1.2777, pivot s3

USD/JPY — Finds support from 55-weekly MA, shows early
signs of bullish bias
* 3rd resistance: 112.15, Aug. 1 high
* 2nd resistance: 111.87, Aug. 3 high
* 1st resistance: 111.62, cloud top
* Spot: 111.09
* 1st support: 110.94, session low
* 2nd support: 110.52, Aug. 23 low
* 3rd support: 109.78, Aug. 21 low

AUD/USD –Bullish bias gets strong knock as price action
develops below 21-DMA once more
* 3rd resistance: 0.7386, 55-DMA
* 2nd resistance: 0.7382, Aug. 21 high
* 1st resistance: 0.7343, 21-DMA
* Spot: 0.7325
* 1st support: 0.7317, session low
* 2nd support: 0.7284, pivot s3
* 3rd support: 0.7203, Aug. 15 low

Picture: Pexels.com 

Source: Bloomberg Finance L.P.

 Trader Velizar Mitov

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