This is the Support and Resistance Level Report for Tuesday. Here’s how our in-house model tests out.
Euro/Dollar has had a bearish start of the week, now trading between R1 of 1 1780 and S1 of 1 1750.
Standing near a 20 day moving average, R2 sees 9 confirmations, and the lowest resistance line has found 8 matches. Bollinger Upper Band is the only model for R3. S1 leads in support with 10 studies. S2 is backed up by Price Channel Indicator Lower Line, Bollinger Lower Band and another model, and S3 counts a 100 day moving average as its only match.
The Cable has also lost some ground and currently has the closest levels of 1 3260 in resistance and 1 3230 in support. The lowest resistance line has found 5 matches, and R2 is a 20 day moving average with 3 confirmations.
A psychological level is among the 2 studies for R3. Standing at a 50 day moving average, S2 sees 6 confirmations. S3 is backed up by Bollinger Lower Band, Price Channel Indicator Lower Line, a 100 day moving average and another model, and the highest support line has found 3 matches.
Dollar/Yen has been moving in waves, but it now stands below R1 of 112 40 and above S1 of 112 10. R1 is well confirmed with 11 models, including a 20 day moving average, while the second line has found 10 matches. R3 counts Bollinger Upper Band among its 4 studies. S1 leads in support with 9 technicals, and S2 is Bollinger Lower Band with 5 models. Standing near a 150 day moving average, S3 sees 4 confirmations.
And Dollar/Swiss Franc has seen a raise, as it has R1 of 0 98 and S1 of 0 9770. Bollinger Upper Band is among the 8 studies for R1, while the upper two resistance lines have found 2 matches each, including Price Channel Indicator Upper Line for R2 and a psychological level for R3. S2 is well supported with no less than 23 studies, including a 150 day moving average. S1 has found 11 matches, and S3 counts a 100 day moving average among its 3 studies.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Daily Market Forecast, October 17, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
- USD/CAD Daily Fundamental Forecast – October 17, 2017
- Softer than Anticipated German Zew Weighs on European Shares
- Potential Implications of a US December Interest Rate Hike on Global Markets
- Carney Talks Inflation and Potential Move, Pound Drops after the Data
- Technical Update For EUR/USD, GBP/USD, USD/JPY & AUD/USD: 17.10.2017