Eyes will be on Ukraine this week ahead of the elections due to take place at the weekend. Germany have warned that any actions by Russia to try and disrupt the elections will lead to more sanctions. Reuters are running an interesting story that explains that what Mr Putin is calling spontaneous separatist violence has actually been months in the planning in Moscow.
Mark Carney spoke about the UK housing market over the weekend, saying it was the biggest risk to the stability of the economy. Mr Carney said the Bank have a number of tools available, including imposing more strenuous affordability tests. His comments are well timed as Right move showed that house prices rose at their fastest pace since 2002 last month, with a monthly rise of 3.6% and an annualized increase of 8.9%.
Looking to this week, it’s a very light start to the economic calendar, with nothing of note in today’s European or US session. Tomorrow sees UK inflation and Thursday is the big day with BoE and FOMC meeting minutes, European PMI numbers and raft of US data.
And the pick of the day is GBP/USD, as Mr. British pound continues dancing up against Ms. USA on the daily dance floor within an upward channel above the Ichimoku cloud, with the RSI above the neutrality area and not overbought. The pair had a pullback towards the 50% Fibonacci level last week and now it seems well-directed to the upside. Our targets are at 1.704 and 1.74 in extension. A downside breakout of 1.6450 would call for 1.62 and 1.5870 in extension
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Intraday Forex Technical Levels
EUR/USD Intraday: bullish bias above 1.368.
Invest Diva likes: Long positions above 1.368 with targets @ 1.373 & 1.375 in extension.
If pair goes nuts: Below 1.368 look for further downside with 1.3645 & 1.362 as targets.
What’s up on the dance floor: The RSI calls for a new upleg. The pair is drawing a Reverse Head and Shoulders: a bullish reversal pattern. The upside breakout of 1.373 will open the way towards 1.38.
Supports and resistances:
1.3775
1.375
1.373
1.3717 Last
1.368
1.3645
1.362
GBP/USD Intraday: the upside prevails.
Invest Diva likes: Long positions above 1.678 with targets @ 1.6855 & 1.6885 in extension.
If pair goes nuts: Below 1.678 look for further downside with 1.676 & 1.673 as targets.
What’s up on the dance floor: The RSI lacks downward momentum.
Supports and resistances:
1.6905
1.6885
1.6855
1.6822 Last
1.678
1.676
1.673
USD/JPY Intraday: the downside prevails.
Invest Diva likes: Short positions below 101.4 with targets @ 101 & 100.75 in extension.
If pair goes nuts: Above 101.4 look for further upside with 101.7 & 101.9 as targets.
What’s up on the dance floor: The break below 101.4 is a negative signal that has opened a path to 101.
Supports and resistances:
101.9
101.7
101.4
101.135 Last
101
100.75
100.3
USD/CHF Intraday: turning down. |
Invest Diva likes: Short positions below 0.893 with targets @ 0.8895 & 0.8875 in extension.
If pair goes nuts: Above 0.893 look for further upside with 0.8955 & 0.8975 as targets.
What’s up on the dance floor: The RSI broke below a bullish trend line.
Supports and resistances:
0.8975
0.8955
0.893
0.8913 Last
0.8895
0.8875
0.885
NZD/USD Intraday: key resistance at 0.8655. |
Invest Diva likes: Short positions below 0.8655 with targets @ 0.862 & 0.86 in extension.
If pair goes nuts: Above 0.8655 look for further upside with 0.8675 & 0.8695 as targets.
What’s up on the dance floor: As long as the resistance at 0.8655 is not surpassed, the risk of the break below 0.862 remains high.
Supports and resistances:
0.8695
0.8675
0.8655
0.8641 Last
0.862
0.86
0.857
AUD/USD Intraday: capped by a negative trend line.
Invest Diva likes: Short positions below 0.937 with targets @ 0.9325 & 0.928 in extension.
If pair goes nuts: Above 0.937 look for further upside with 0.941 & 0.946 as targets.
What’s up on the dance floor: The upward potential is likely to be limited by the resistance at 0.937. The pair is capped by a declining trend line.
Supports and resistances:
0.946
0.941
0.937
0.936 Last
0.9325
0.928
0.925
USD/CAD Intraday: under pressure.
Invest Diva likes: Short @ 1.0857 with targets @ 1.0835 & 1.081 in extension.
If pair goes nuts: Above 1.089 look for further upside with 1.0925 & 1.096 as targets.
What’s up on the dance floor: The pair stands below its strong resistance at 1.089
Supports and resistances:
1.096
1.0925
1.089
1.0862 Last
1.0835
1.081
1.074
US Daily Index Technical Levels
S&P500: Short positions below 1888 with targets @ 1855 & 1849 in extension.Alternative scenario: Above 1888 look for further upside with 1899 & 1906 as targets. |
Dow Jones: Short positions below 16620 with targets @ 16300 & 16240 in extension.
Alternative scenario: Above 16620 look for further upside with 16695 & 16775 as targets.
Nasdaq 100: Short positions below 3625 with targets @ 3507 & 3480 in extension. |
Alternative scenario: Above 3625 look for further upside with 3657 & 3705 as targets.
Russell 2000 (ICE): Short positions below 1119 with targets @ 1078 & 1068 in extension.
Alternative scenario: Above 1119 look for further upside with 1136 & 1143 as targets.
