Here's the Forex Market Technical Analysis for September 17, 2018

What are the charts telling us for the Week of September 17, 2018?  Let's seek out those answers and get an idea of where things are going for some of the major currencies.


EURUSD has a few possibilities based on chart patterns alone:

  1. There's a very poorly formed Triple Top.
  2. There's a Double Top in the more immediate form.
  3. An Ascending Triangle in the process of being formed.

If the Ascending Triangle is the possibility then the 1.15873 support, which is the top of the Demand Zone would reject the price in a bullish fashion.  This would result in the price testing the upper resistance zone (Supply Zone).

Crashing through 1.18 would confirm that the Ascending Triangle is strong enough.

EURUSD Daily Chart

The 20 Day Moving Average crossed over the 50 Day Moving Average recently and the 4 Hour Chart shows a 20 period Moving Average still above a 50 period Moving Average.  The price is below the 20 period Moving Average on a 4 Hour Chart, which is a relatively recent movement.


The 4 Hour Chart for EURAUD had a successful Double Bottom.  The 20 period Moving Average moving above the 50 period Moving Average was an excellent confirmation.

The 1.61546 Support Zone rejected the price in a bullish fashion, but it was not able to reach the Resistance Zone above.   The 20 period Moving Average does seem to be ready to drop below the 50 period Moving Average.  There are five Support Zones below the price currently.

On a weekly basis, EURAUD hit a resistance point as it hit highs not reached since February 2016.  The price has been rejected at these levels in the past and has not settled in this area since November 2009, it was a support for EURAUD in July 2008.


GBPJPY hit a Resistance Zone and formed a possible Double Top on a 4 Hour Chart.  The price was rejected by the Resistance Zone and could fall down to the 145.167 Support Zone if the Resistance Zone holds up.  It's a narrow Resistance Zone, which means that it is quite strong.


On a 1 Hour Chart, CADJPY appears ready to have a 20 period Moving Average crossover below the 50 period Moving Average.  The 86.104 Resistance Zone is above and there is a 85.570 Support Zone below.

There's a Head and Shoulders Pattern of some sort forming on a 4 Hour Chart for CADJPY with a potential second shoulder forming.  It cannot necessarily be trusted due to the less-than-optimal shape of the pattern.