30 October 2014, EUR/USD
Euro
The strong labor market data shows the monetary regulator will reduce QE-3 incentive program for 15 billion as it was expected, thereby announcing its completion. The traders’ attention will be focused on the FOMC comments about inflationary expectations. The pair consolidated at the level resistance of 1.2730-1.2750 and sharply fell below the support level of 1.2640-1.2660.
The support levels are 1.2560-1.2580, and the resistance levels are 1.2660 - 1.2680.
MACD is in a neutral territory.
Trading recommendations
The euro/dollar continues the third growth wave. Today we consider the level testing of 1.2730-1.2750. Next, we expect the consolidation to be continued. We regard the structural development for the level of 1.2800-1.2820 testing.
Pound
The pound is aimed at testing the current month maximum that is around 1.6200-1.6220. We can again hear the Federal Reserve phrase about the low rates for an "extended period of time" that with the inflation expectations decrease will trigger a second wave of closing "longs" within the US dollar.
The UK short and long term bond yields have been expanding for the last two weeks. The pound came under pressure and was forced to rebound below the support level of 1.6020-1.6040.
The support levels are 1.5940 - 1.5960, and the resistance levels are 1.6040 - 1.6060.
MACD is in a neutral territory.
Trading recommendations
To continue its growth the pound needs to overcome the resistance level of 1.6130-1.6150 and consolidate above it. The loss of the support level of 1.5940-1.5960 can lead to the level of 1.5850-1.5870.
Yen
The Federal Reserve conservative views about the monetary policy will cause the dollar weakening and will encourage bears for opening "shorts". The “cheap money" policy is a positive environment for the stock markets and against this background we can expect the "bull rally" continuation on the US stock market. As between the stock index S&P500 and the pair USD/JPY is a strong direct correlation - we can expect the US dollar demand.
The USD/JPY sharply raised above the resistance level of 108.40-108.60.
The support levels: 107.70-107.90, and the resistance levels: 108.40-108.60.
The MACD indicator is in a positive territory.
Trading recommendations
The bulls need to break through the level of 108.40-108.60 and to consolidate above for the growth continuation and for the downward correction resumption bears need to return the pair below 107.20-107.00.
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