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Weekly Price Action & Technical Analysis Outlook | Sep 22-27
EURUSD – Intraday Price Action Suggests Continuation
After launching higher post FOMC shocker, the Euro has held up solidly forming a bullish flag pattern. Intraday charts are suggesting the pair should continue its run higher. I’d be interested in either taking a pullback setup towards the 1.3445 support area, or a more aggressive intraday play off 1.3500. Upside targets are 1.3560, 1.3587 and 1.3690 which are the early Jan spike highs. Remaining bullish while above 1.3400 on a daily closing basis.
GBPJPY – Faces Critical Test
After breaking above the 158.50 level which we wrote about before the upcoming breakout, the pair is now pulling back into that same role reversal level. It has sold off for the last 16hrs, so some consistent selling. If an intraday price action setup forms at the level, we’ll look for a potential long setup targeting 159.60 and a potential breakout above 160, targeting 161.75. A 4hr close below 158.50 suggests further unwinding, but a long bias until then.
Dow Jones Index – Fully Retraces FOMC Gains
After exploding higher from the FOMC announcement last week, the DJ Index has sold off over +250 points, failing to hang in the air up there. The sudden fall is challenging a major support area in 15465. If this breaks, then 15350 is up next which is 210 points below, so some heavy potential downside. A bounce here will likely find sellers either at 15570 or 15700, so bears have some good opportunities to sell rallies as the line of least resistance short term is looking more bearish.
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