Cotton is struggling with the 69.00 level

The October contract of cotton has found a good resistance around the 69.00 zone as we can see on the daily chart. The lower shadows of the most recent candles are indicating us that the bullish pressure is accumulating at the 69.00 level. A bullish breakout of the 69.00 level could cause the bullish momentum to accelerate and the commodity may try to reach the high at the 77.80 level, but we must also keep in mind that the highs of the candles on the way to the 77.80 level could act as resistance also. The MACD indicator is showing us that probably a bullish trend has started, but it has not gained enough strength. To the downside, the 200 day exponential moving average, around the 65.30 level may act as support.

GBP/JPY: Support at the 135.00 level

The Pound versus the Yen has been respecting certain technical levels as seen on the daily chart. The purple line over the chart represents the 55 day exponential moving average, which at the moment is around the 136.72 level. The price started climbing and broke above the 55 day EMA to reach the 139.00 level to stall there and bounce back down. The pair retraces to the downside and breaks below the 55 day EMA again to reach the 135.00 level. At the moment, the pair is trying to bounce to the upside and if it breaks above the 55 day EMA, then it may reach the 139.00 level. To the downside, below the 135.00 level, its next supports could be the 132.00 level or the 128.67 level.

Good pullback on soy

The November contract for soy on the daily chart continues pulling back to the upside after it bounced from the 936.20 level and it may try to reach the 200 day exponential moving average, which is just below the 1000.00 level. The whole area between the 55 day EMA, purple line and the 200 day EMA, blue line could act as a good resistance for the commodity. The high at the 1035 level could also act as resistance. To the downside, the low at the 936.20 level may also act as support.

AUD/USD: visits the 0.7700 zone

The AUD/USD has not been respecting the 0.7700 level as shown on the daily chart, but this time it has stopped at that level and it may try to bounce to the downside. A breakout of that level could take the pair to the high at the 0.7760 level, which could act as resistance. To the downside, in case the pair bounces back down, then the 0.7600 level may act as support, but much lower around the 0.7500 with the 200 day EMA, that zone may become a better support for the AUD/USD.

EUR/JPY: Stalls at the 114.00 level

The Euro versus the Yen has been falling steadily this week as the Yen gains more ground versus its major counterparts. After the pair broke below the 55 day exponential moving average it dropped to the 114.00 zone where it stalls at the moment. If the price bounces from the 114.00 level to the upside and goes back above the 55 day EMA, then it may reach the 116.00 level, which could act as resistance. But if the pair keeps falling, then the 113.00 level or the lows at the 112.29 zone may also act as support.

USD/JPY: Stuck around the 104.00 level

The USD/JPY has not been able to break above the 104.00 level and during the last few days it has been stuck between the 103.00 level and the 104.00 level. The bullish trend is still in place and the USD/JPY may try to break above the 104.00 level and above that level, the pair has an open road all the way to the 107.00 level. The 103.00 level along with the 55 day EMA may act as support, but below that level, the 102.00 may also act as support. On the daily chart we can see that the most important support so far has been the 100.00 zone.

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