Today’s Forex Guide

Germans Have it All –


Jul.14.2014

Euro

Germany seem to be top of the tree in global economics as well as soccer. S&P late Friday evening re-affirmed Germany at AAA, with a stable outlook, whereas the Netherlands had slightly worse rating still AAA but outlook has been reset to negative, we shall see if they can live up to their newly appointed title. Since Mario Draghi's speech of last week in which he argued in favor of sticking to current monetary policy measures furthermore priming the market for additional stimulus, the plight of Germany has become a great point of debate.

ECB members over the course of the weekend have been extremely vocal which could have attributed to the rise of Mr. Euro against his forex counterparts.

British Pound

A report released over the weekend sees English firms hiring at the fastest speed in more than a decade. Every region within the UK saw growth in June with the North East leading the pack. Figures suggest that the rapid fall we have seen in unemployment is not set to stop anytime soon. Whether these promising figures will tempt Mr Carney into any meaningful action is less than likely, we live in hope however that at least one of the Central banks across the globe will act soon enough to shake up global markets and create some interest. Mean while the British pound has been indecisive and dancing sideways on the forex dance floor.

Japanese Yen

Japans PM Shinzo Abe has lost a number of regional elections. He will take some comfort in the release of Industrial Production numbers which were revised marginally higher this morning to 0.7% from 0.5%. Mr. Japanese Yen still lost some ground against many of its counterparts, Miss USA (the Dollar) namely.

US Dollar

Markets eagerly await news from the FED this week. Janet Yellen will be taking the stage for the congressional testimony, the markets are all ears hoping for some cues on the outlook for US monetary policy.

Today we are extremely quiet on the data front. Japanese Industrial production numbers were indeed the highlight. We follow this up with Eurozone industrial production later this morning. Save for this a mass of football hysteria will dominate the press. hopefully this will be the last day.
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Intraday Forex Technical Levels

 

EUR/USD Intraday: continuation of the rebound.

Invest Diva likes: Long positions above 1.359 with targets @ 1.365 & 1.3675 in extension.

If pair goes nuts: Below 1.359 look for further downside with 1.3575 & 1.3555 as targets.

What’s up on the forex dance floor: The RSI is bullish and calls for further advance.

Supports and resistances:
1.37
1.3675
1.365
1.3626 Last
1.359
1.3575
1.3555

スライド1

GBP/USD Intraday: consolidation in place.

Invest Diva likes: Short positions below 1.715 with targets @ 1.708 & 1.7055 in extension.

If pair goes nuts: Above 1.715 look for further upside with 1.7165 & 1.718 as targets.

What’s up on the forex dance floor: As long as the resistance at 1.715 is not surpassed, the risk of the break below 1.708 remains high. Intraday techncial indicators are lacking momentum.

Supports and resistances:
1.718
1.7165
1.715
1.7116 Last
1.708
1.7055
1.7005

USD/JPY Intraday: key resistance at 101.55.

Invest Diva likes: Short positions below 101.55 with targets @ 101.2 & 101.05 in extension.

If pair goes nuts: Above 101.55 look for further upside with 101.8 & 102 as targets.

What’s up on the forex dance floor: As long as the resistance at 101.55 is not surpassed, the risk of the break below 101.2 remains high.

Supports and resistances:
102
101.8
101.55
101.4875 Last
101.2
101.05
100.8

スライド3

USD/CHF Intraday: under pressure.

Invest Diva likes: Short positions below 0.8935 with targets @ 0.8895 & 0.888 in extension.

If pair goes nuts: Above 0.8935 look for further upside with 0.896 & 0.8975 as targets.

What’s up on the forex dance floor: As long as 0.8935 is resistance, look for choppy price action with a bearish bias. The pair is trading in a bearish channel.

Supports and resistances:
0.8975
0.896
0.8935
0.8908 Last
0.8895
0.888
0.886

NZD/USD Intraday: bullish bias above 0.8795.

Invest Diva likes: Long positions above 0.8795 with targets @ 0.8835 & 0.886 in extension.

If pair goes nuts: Below 0.8795 look for further downside with 0.877 & 0.8735 as targets.

What’s up on the forex dance floor: The RSI is mixed with a bullish bias.

Supports and resistances:
0.89
0.886
0.8835
0.8815 Last
0.8795
0.877
0.8735

AUD/USD Intraday: the downside prevails.

Invest Diva likes: Short positions below 0.9415 with targets @ 0.9355 & 0.9325 in extension.

If pair goes nuts: Above 0.9415 look for further upside with 0.9455 & 0.9485 as targets.

What’s up on the forex dance floor: The RSI is mixed with a bearish bias.

Supports and resistances:
0.9485
0.9455
0.9415
0.9397 Last
0.9355
0.9325
0.929

USD/CAD Intraday: continuation of the rebound.

Invest Diva likes: Long @ 1.074 with targets @ 1.075 & 1.0775 in extension.

If pair goes nuts: Below 1.0695 look for further downside with 1.0655 & 1.0625 as targets.

What’s up on the forex dance floor: The immediate trend remains up and the momentum is strong.

Supports and resistances:
1.0805
1.0775
1.075
1.0738 Last
1.0695
1.0655
1.0625

 

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