FX TECHNICAL ANALYSIS


by Rahul Khanna Chief FX Strategist TraderMade


MAJOR US DOLLAR RATES EUR/USD WEEKLY CHART (3 YEARS)


EUR/USD is testing key resistance area at 1.2047- 1.2167 and Slow Stochastic is also showing signs of stalling. Hence if this area holds we may see a short-term dip to 1.1511 but given a medium-term base is completed, formed over 2 ½ years since early 2015, we see a resumption of upside towards 1.2597/1.2747, possibly 1.3129. Below 1.1374 will avert upside targets.


GBP/USD WEEKLY CHART (3 YEARS)


GBP/USD has broken a key level at 1.3500, Slow Stochastic has also started to trend above the 50% line and there is no real resistance before 1.3838/1.4008 (February/April 16 lows). Hence, we


are 2015 likely low). to see


a further upside to this area initially, possibly 1.4293/1.4566 (76.4% of 1.5016-1.1952/ April


1.2796-


1.2800 now marks a floor and while above outlook remains medium to long term bullish.


64 FX TRADER MAGAZINE October - December 2017


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