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The pick of the day is GBP/USD, because if you’ve been following our videos, you probably made some pips on the pair’s dance moves since last week, as Mr. British Pound and Ms. USA formed 5 consecutive bullish candlesticks. The pair is now pulling back a bit, entering the current Ichimoku cloud but remains within an upward channel. With the RSI returning to neutrality area, we could see a pullback to the 1.65 level, but the outlook remains bullish with our next targets at 1.704 and 1.74. Now if the pair suddenly decide to go nuts and break below 1.62, that will change our outlook to bearish with 1.587 and 1.56 in extension.
Looking at the fundamentals today, ECB announced any changes to their monetary policy and follow it up with a press conference. Most of the banks don’t expect any changes from Mario Draghi and his team, though we think that there will be some kind of rate cut from the bank. We’re not alone in our thinking, as Goldman Sachs and a couple of others believe that we could see the banks move to negative interest rates today, if only to let the markets know that they aren’t being complacent on the subject of deflation.
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Forex Major Pair’s Intraday Technical Levels
EUR/USD Intraday: under pressure.
Our preference: Short positions below 1.3785 with targets @ 1.374 & 1.372 in extension.
Alternative scenario: Above 1.3785 look for further upside with 1.382 & 1.3845 as targets.
Comment: The pair has validated a rising wedge and remains under pressure.
Supports and resistances:
1.3845
1.382
1.3785
1.3757 Last
1.374
1.372
1.37
GBP/USD Intraday: under pressure.
Our preference: Short positions below 1.662 with targets @ 1.655 & 1.6505 in extension.
Alternative scenario: Above 1.662 look for further upside with 1.6645 & 1.668 as targets.
Comment: The pair has broken below its support and remains under pressure.
Supports and resistances:
1.668
1.6645
1.662
1.6591 Last
1.655
1.6505
1.647
USD/JPY Intraday: the upside prevails.
Our preference: Long positions above 103.7 with targets @ 104.1 & 104.45 in extension.
Alternative scenario: Below 103.7 look for further downside with 103.4 & 102.95 as targets.
Comment: The pair remains supported by a rising trend line.
Supports and resistances:
104.85
104.45
104.1
103.925 Last
103.7
103.4
102.95
USD/CHF Intraday: the upside prevails.
Our preference: Long positions above 0.885 with targets @ 0.89 & 0.892 in extension.
Alternative scenario: Below 0.885 look for further downside with 0.8835 & 0.881 as targets.
Comment: The pair stands above its support and remains on the upside.
Supports and resistances:
0.894
0.892
0.89
0.8875 Last
0.885
0.8835
0.881
NZD/USD Intraday: the downside prevails.
Our preference: Short positions below 0.858 with targets @ 0.851 & 0.848 in extension.
Alternative scenario: Above 0.858 look for further upside with 0.861 & 0.8635 as targets.
Comment: The pair stands below its resistance and remains under pressure.
Supports and resistances:
0.8635
0.861
0.858
0.8539 Last
0.851
0.848
0.8435
AUD/USD Intraday: the downside prevails.
Our preference: Short positions below 0.9255 with targets @ 0.92 & 0.918 in extension.
Alternative scenario: Above 0.9255 look for further upside with 0.93 & 0.934 as targets.
Comment: The pair is posting a rebound but stands below its resistance.
Supports and resistances:
0.934
0.93
0.9255
0.9237 Last
0.92
0.918
0.915
