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Asia – Forex Technical Outlook and Review | 13 October 2023

DXY:

The DXY chart currently exhibits a bearish overall momentum, suggesting the potential for a bearish continuation towards the 1st support level.

The 1st support at 106.03 is identified as a pullback support, signifying its historical relevance as a level where price has previously found buying interest. Additionally, the 2nd support at 105.56 serves as a swing low support, further reinforcing its potential significance in providing support to falling prices.

On the resistance side, the 1st resistance level at 106.54 is characterized as an overlap resistance. This level is notable for its historical role as a barrier to upward price movement. Furthermore, the 2nd resistance at 106.98 is another overlap resistance and coincides with the 78.60% Fibonacci Retracement level, indicating a potential area of strong resistance.

EUR/USD:

The EUR/USD chart is currently displaying a bullish overall momentum with the potential scenario of a bullish continuation towards the 1st resistance.

The 1st support at 1.0526 is characterized as an overlap support, signifying its historical significance as a level where buying interest has previously emerged. Adding to this support, the 2nd support at 1.0486 also serves as an overlap support, further reinforcing the potential for price support in this area.

On the resistance side, the 1st resistance level at 1.0586 is identified as an overlap resistance, which may act as a substantial barrier to further price advances. Additionally, the 2nd resistance at 1.0629 is another overlap resistance and aligns with the 50% Fibonacci Retracement level, making it an important level of potential resistance.

 

GBP/USD:

The GBP/USD chart currently maintains a bullish overall momentum, suggesting the potential for a bullish continuation towards the 1st resistance level.

The 1st support at 1.2173 is considered significant as it is identified as a multi-swing low support, indicating that it has previously acted as a level where buyers stepped in to support the price. Additionally, the 2nd support at 1.2118 holds significance as it coincides with the 78.60% Fibonacci Retracement level, further reinforcing its potential as a support level.

On the resistance side, the 1st resistance level at 1.2259 is characterized as a pullback resistance. This level is notable for its historical role as a barrier to upward price movement. Beyond this, the 2nd resistance at 1.2338 is identified as a swing high resistance, indicating a potential area where selling pressure may emerge.

 

USD/JPY:

The USD/JPY chart currently reflects a bullish overall momentum, indicating the possibility of a bullish continuation towards the 1st resistance.

At 1st support, which stands at 149.44, we observe a substantial level of historical significance as a pullback support. This level has previously demonstrated its ability to provide support during pullback phases. The 2nd support, situated at 148.40, is equally noteworthy as an overlap support. Its presence reinforces the potential support zone and adds weight to its significance in price analysis.

On the resistance side, the 1st resistance level at 149.90 is notable due to its alignment with a multi-swing high resistance and the 127.20% Fibonacci Extension level. This convergence of resistance factors suggests that this level is likely to act as a formidable barrier to upward price movement. A breakthrough at this level could signal a bullish trend continuation.The 2nd resistance at 150.40 corresponds to the 161.80% Fibonacci Extension level, adding further confluence to this level as a critical resistance zone.

 

USD/CAD:

The USD/CAD chart is currently showing an overall bullish momentum with a potential scenario for price to make a bullish continuation towards the 1st resistance level.

The 1st resistance at 1.3692 is identified as an overlap resistance that aligns close to the 61.80% Fibonacci retracement level. Higher up, the 2nd resistance level at 1.3784 is marked as a swing-high resistance that aligns close to the 61.80% Fibonacci projection level, further emphasizing its significance as a barrier for future price increases.

To the downside, the 1st support level at 1.3578 is identified as a pullback support. Additionally, the 2nd support level at 1.3542 is also noted as a pullback support, further reinforcing its significance as an area where the price may find support.

 

AUD/USD:

The AUD/USD chart currently exhibits an overall bearish momentum with a potential scenario for price to make a bearish continuation towards the 1st support level should price break below the intermediate support level.

The intermediate support level at 0.6312 is identified as a pullback support that aligns with the 61.80% Fibonacci projection level. The 1st support level at 0.6286 is noted as a swing-low support that aligns close to the 78.60% Fibonacci projection level. Further below, the 2nd support level at 0.6245 is marked as a support level that aligns with the 127.20% Fibonacci extension level, reinforcing its importance as a potential support level.

To the upside, the intermediate resistance level at 0.6325 is identified as a pullback resistance. The 1st resistance level at 0.6348 is also noted as a pullback resistance. Additionally, the 2nd resistance level at 0.6399 is marked as another pullback resistance, further emphasizing its significance as a barrier for future price increases.

 

NZD/USD:

The NZD/USD chart currently exhibits an overall bearish momentum with a potential scenario for price to make a bearish continuation towards the 1st support level should price break below the intermediate support level.

The intermediate support level at 0.5921 is identified as a pullback support that aligns with the 78.60% Fibonacci projection level. The 1st support level at 0.5896 is also noted as a pullback support. Further below, the 2nd support level at 0.5866 is marked as another pullback support, further reinforcing its significance as an area where price may find support.

To the upside, the 1st resistance level at 0.5966 is identified as an overlap resistance. Additionally, the 2nd resistance level at 0.6011 is marked as a pullback resistance, further emphasizing its significance as a barrier for future price increases.