If the currency pairs could set a Facebook relationship status, what could it be? Well this week the relationship for Mr. British Pound and Ms. USA is “complicated.”
From the city that loves to trade, and I’m talking about New York City baby! my name is Kiana Danial, they call me Invest Diva, the go to investing advisor who helps you make money the right way. Here is how you could make money as a bunch of currency pairs dance the week away on the forex dance floor.
EUR/USD Intra-week
Mr. Euro and Ms. USA made us some fancy pips last week at as they reached our previous target 1.345. Breaking the 38% Fibonacci level, they continue to dance below the prevailing Ichimoku cloud with 1.33 as next main target but we could expect even further down moves towards 1.3100. On the other hand a break above 1.3780, could call for further upside with 1.4 & 1.4245 as targets.
GBP/USD Intra-week
Mr. British Pound moved a bit down after a period of consolidation against Ms. USA but remains above the Ichimoku cloud and giving us mixed signals. Their Facebook relationship status? It’s complicated!
USD/JPY Intra-week
Ms. USA showed some perky moves against Mr. Japanese yen last week but wasn’t strong enough to break above the Ichimoku cloud.
AUD/USD Intra-week
And as for our lazy Mr. Aussie, his dance moves against Ms. USA remains slow motion, even though the pair has broken above the Ichimoku cloud as well as a falling wedge. After reaching a top at 76% Fibo level at 0.95 beginning of July, Mr. Aussie hasn’t moved much but we are expecting him to break above this level and lead Ms. USA towards 0.9750. Now if Mr. Aussie suddenly decides to go nuts and break below 0.92, that would call for a deeper consolidation for the pair towards 0.9085 and 0.8900 in extension
Precious Metals
Gold has pushed above a key declining trend line and a key resistance level at 13333 turning our outlook clearly to bullish and we could see a bounce towards 1390 and 1434 in the coming days. but a break below 1285 would turn the outlook to bearish again.
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Intraday Forex Technical Levels
EUR/USD Intraday: the downside prevails.
Invest Diva likes: Short positions below 1.3455 with targets @ 1.342 & 1.34 in extension.
If pair goes nuts: Above 1.3455 look for further upside with 1.3485 & 1.35 as targets.
What’s up on the Forex Dance Floor: The pair stands below its resistance and remains under pressure.
Supports and resistances:
1.35
1.3485
1.3455
1.3433 Last
1.342
1.34
1.3375
GBP/USD Intraday: the downside prevails.
Invest Diva likes: Short positions below 1.7 with targets @ 1.692 & 1.6885 in extension.
If pair goes nuts: Above 1.7 look for further upside with 1.702 & 1.705 as targets.
What’s up on the Forex Dance Floor: The pair remains on the downside and is breaking below its support and approaching 50% Fibonacci level
Supports and resistances:
1.705
1.702
1.7
1.6958 Last
1.692
1.6885
1.685
USD/JPY Intraday: bullish bias above 101.65.
Invest Diva likes: Long positions above 101.65 with targets @ 102 & 102.15 in extension.
If pair goes nuts: Below 101.65 look for further downside with 101.4 & 101.15 as targets.
What’s up on the Forex Dance Floor: The pair remains on the upside and is challenging its resistance.
Supports and resistances:
102.3
102.15
102
101.975 Last
101.65
101.4
101.15
USD/CHF Intraday: the upside prevails.
Invest Diva likes: Long positions above 0.9025 with targets @ 0.9055 & 0.9075 in extension.
If pair goes nuts: Below 0.9025 look for further downside with 0.9 & 0.8965 as targets.
What’s up on the Forex Dance Floor: The pair is rebounding above its support and remains on the upside.
Supports and resistances:
0.91
0.9075
0.9055
0.9046 Last
0.9025
0.9
0.8965
NZD/USD Intraday: under pressure.
Invest Diva likes: Short positions below 0.856 with targets @ 0.8495 & 0.847 in extension.
If pair goes nuts: Above 0.856 look for further upside with 0.8585 & 0.862 as targets.
What’s up on the Forex Dance Floor: As long as 0.856 is resistance, look for choppy price action with a bearish bias. Prices are trading in a bearish channel.
Supports and resistances:
0.862
0.8585
0.856
0.8516 Last
0.8495
0.847
0.843
AUD/USD Intraday: consolidation in place.
Invest Diva likes: Short positions below 0.9425 with targets @ 0.938 & 0.9355 in extension.
If pair goes nuts: Above 0.9425 look for further upside with 0.945 & 0.9475 as targets.
What’s up on the Forex Dance Floor: A break below 0.938 would trigger a drop towards 0.9355.
Supports and resistances:
0.9475
0.945
0.9425
0.9396 Last
0.938
0.9355
0.9335
USD/CAD Intraday: further upside.
Invest Diva likes: Long positions above 1.077 with targets @ 1.0825 & 1.084 in extension.
If pair goes nuts: Below 1.077 look for further downside with 1.075 & 1.073 as targets.
What’s up on the Forex Dance Floor: The next resistances are at 1.0825 and then at 1.084. Prices are shaping a bullish continuation pattern (Bullish Flag).
Supports and resistances:
1.0855
1.084
1.0825
1.081 Last
1.077
1.075
1.073
US Index Outlook
S&P500
Short positions below 1976 with targets @ 1959 & 1952 in extension.
Alternative scenario: Above 1976 look for further upside with 1986 & 1992 as targets.
Dow Jones
Short positions below 16960 with targets @ 16725 & 16660 in extension.
Alternative scenario: Above 16960 look for further upside with 17070 & 17130 as targets.
Nasdaq 100
Short positions below 3991 with targets @ 3909 & 3883 in extension.
Alternative scenario: Above 3991 look for further upside with 4017 & 4043 as targets.
Russell 2000
Short positions below 1148 with targets @ 1123 & 1112 in extension.
Alternative scenario: Above 1148 look for further upside with 1162 & 1176 as targets.
