Today’s Forex Guide

Another day, another hit for Mr. Euro


Aug.06.2014

Euro PMI had its chance to shine as well, but gave more of a light flicker, just indicating that the light was on and not fully out. Growth was visible across most of the Eurozone, Italy excluded. Expectations that the ECB will begin to pump more cash into the economy in an effort to boost growth have all but been confirmed. The euro fell to nine month lows against the dollar down over 0.4% on the session. The euro certainly has reacted badly to the Italian numbers, however across the rest of the Eurozone the picture was not entirely bleak, it would seem a degree of malaise is setting in and it is Super Mario’s job to make everyone feel better by firing up the press, we all know it will happen, so get on with it.

Eurozone

US Non-Manufacturing composite PMI came out higher than expected helping the dollar index go up 0.3%. Stock markets actions were to the contrary, as the S&P dropped 0.3%, currently 3% below the 30 day average, down 2.7% last week. There is a hell of a lot of continued momentum in this downward trend in equities running back for the past two weeks or so.

UK economy has finally outgrown its 2008 pre-crisis peak. The housing market issue is another real concern. However British house building accelerated last month at the fastest rate since 2003, naturally having a positive impact on employment numbers.

Tonight at 9:30 PM EST we will hear from Australian employment change and unemployment data that could create some moves on Mr. Aussie. Tomorrow early in the New York morning some we will be watching out for the ECB meeting and Canadian Ivey PMI release.

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Intraday Forex Technical Levels

EUR/USD 4-hour: more down moves

Invest Diva likes: Short positions below 1.3424 with targets at 1.329 & 1.31 in extension.

If pair goes nuts: Above 1.3424 look for further upside with previous support turned resistance at 1.3519 and 1.369 as targets.

What’s up on the forex dance floor: The pair remains below the Ichimoku cloud and below a key resistance level

Supports and resistances:

1.3693

1.3519

1.3424  pivot point

1.3295

1.31

EURUSD 4 hour chart

AUD/USD 4-hour: more down moves

Invest Diva likes: Short positions below 0.9330 with targets @ 0.9282 & 0.9210 in extension.

If pair goes nuts: Above 0.9330 look for further upside with 0.9455 & 0.9503 as targets.

What’s up on the forex dance floor: The pair is rebounding from a key resistance level at 0.9330, dancing below the Ichimoku cloud. The 61% Fibonacci able wasn’t able to hold.

Supports and resistances:

0.9503

0.9455

0.9330 pivot point

0.9282

0.9210

AUDUSD 4 hour chart

USD/CAD 4-hour dance floor: more up-moves

Already reached our target at 1.0958 from yesterday

Invest Diva likes: Long positions above 1.0902 with targets @ 1.0986 & 1.1040 in extension.

If pair goes nuts: Below 1.0902 look for further down moves with 1.0821 & 1.07212 as targets.

What’s up on the forex dance floor: The pair is dancing above the Ichimoku cloud

Supports and resistances:

1.1040

1.0986

1.0902 Pivot Point

1.0821

1.0721

 USDCAD 4 hours chart

 

US Index | Precious Metals | Commodities

Dow Jones Industrial Average (DJIA)

Short positions below 16620 with targets @ 16255 & 16170 in extension.

 

Gold spot Intraday

Long positions above 1280 with targets @ 1297 & 1304 in extension.

 

Crude Oil 

Short positions below 98.7 with targets @ 96.5 & 95.85 in extension.

 
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