GBP/USD back to action after long weekend

GBP/USD back to action after long weekend

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Oh, hey. Just coming back to the markets from the memorial holiday and my head is still sleepy. Before we get to the forex dance floor, here is a quote that will help you jump-start your week:

 

“Whenever you leave behind failure, you’re doing good. If you think everything you’ve done is great, you’re probably dumb.” – Louis C.K.

 

And the pick of the day is GBP/USD, as Mr. British pound and Ms. USA came back to action this morning as U.S. traders came off a long weekend, and we have some hot economic events coming in the U.S. calendar. Core durable goods order was out at 8:30 am EST better than expected, the Conference Board consumer confidence reading will be out at 10 am, and Bank of England governor Carney is expected to speak at 3 pm. With all this we could expect some choppiness on the forex dance floor intraday.

On the daily dance floor the pair continues dancing within an upward channel above the Ichimoku cloud, with the RSI just a tiny bit 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. Intraday the pair remains under pressure and we could see more down moves below 1.6855 with targets at 1.68 and 1.678 in extension.

Long term traders. Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly. And if you liked this video, share it on Facebook or Twitter or any other awesome means of social media and help you friends learn something new today.

Intraday Forex Technical Levels

EUR/USD Intraday: the bias remains bullish.

Invest Diva likes: Long positions above 1.3635 with targets @ 1.367 & 1.369 in extension.

If pair goes nuts: Below 1.3635 look for further downside with 1.361 & 1.3585 as targets.

What’s up on the dance floor: The pair is pulling back on its support.

Supports and resistances:
1.372
1.369
1.367
1.3643 Last
1.3635
1.361
1.3585

GBP/USD Intraday: under pressure.

Invest Diva likes:: Short positions below 1.6855 with targets @ 1.68 & 1.678 in extension.

If pair goes nuts: Above 1.6855 look for further upside with 1.688 & 1.6905 as targets.

What’s up on the dance floor: The pair stands below its resistance and remains under pressure.

Supports and resistances:
1.6905
1.688
1.6855
1.6828 Last
1.68
1.678
1.676

USD/JPY Intraday: further advance.

Invest Diva likes: Long positions above 101.7 with targets @ 102.1 & 102.35 in extension.

If pair goes nuts: Below 101.7 look for further downside with 101.5 & 101.2 as targets.

What’s up on the dance floor: The pair is rebounding above its support.

Supports and resistances:
102.55
102.35
102.1
101.92 Last
101.7
101.5
101.2

USD/CHF Intraday: rebound.

Invest Diva likes: Long positions above 0.8935 with targets @ 0.897 & 0.8985 in extension.

If pair goes nuts: Below 0.8935 look for further downside with 0.892 & 0.891 as targets.

What’s up on the dance floor: The pair is rebounding above its support.

Supports and resistances:
0.901
0.8985
0.897
0.8959 Last
0.8935
0.892
0.891

NZD/USD Intraday: intraday support around 0.854.

Invest Diva likes: Long positions above 0.854 with targets @ 0.858 & 0.8595 in extension.

If pair goes nuts: Below 0.854 look for further downside with 0.852 & 0.8485 as targets.

What’s up on the dance floor: The RSI lacks downward momentum. The pair has broken above a declining trend line.

Supports and resistances:
0.862
0.8595
0.858
0.8547 Last
0.854
0.852
0.8485

AUD/USD Intraday: range.

Invest Diva likes: Long positions above 0.9205 with targets @ 0.9275 & 0.9315 in extension.

If pair goes nuts: Below 0.9205 look for further downside with 0.9175 & 0.915 as targets.

What’s up on the dance floor: A support base at 0.9205 has formed and has allowed for a temporary stabilization. The pair remains in a 0.9205-0.9275 trading range area.

Supports and resistances:
0.934
0.9315
0.9275
0.9257 Last
0.9205
0.9175
0.915

USD/CAD Intraday: under pressure.

Invest Diva likes: Short positions below 1.0865 with targets @ 1.081 & 1.078 in extension.

If pair goes nuts: Above 1.0865 look for further upside with 1.091 & 1.094 as targets.

What’s up on the dance floor: The RSI is mixed and calls for caution.

Supports and resistances:
1.094
1.091
1.0865
1.0842 Last
1.081
1.078
1.075

Intraday US Index

S&P500

Long positions above 1894 with targets @ 1906 & 1915 in extension.

Alternative scenario: Below 1894 look for further downside with 1883 & 1874 as targets.

Dow Jones

Long positions above 16560 with targets @ 16695 & 16780 in extension.

Alternative scenario: Below 16560 look for further downside with 16465 & 16390 as targets.

Nasdaq 100

Long positions above 3660 with targets @ 3705 & 3720 in extension.

Alternative scenario: Below 3660 look for further downside with 3624 & 3585 as targets.

Russell 2000

Long positions above 1116 with targets @ 1135 & 1142 in extension.

Alternative scenario: Below 1116 look for further downside with 1100 & 1090 as targets.