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Lazy Yen & Forex Technical Levels


Mar.27.2014

From the New York Stock Exchange, my name is Kiana Danial they call me Invest Diva, the go-to investing advisor who helps you make extra money. If you are clueless about forex trading, please first visit the Learn to Earn page, and then come back here to hear about today’s diamond analysis on a currency pair, dancing on the forex dance floor.

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The pick of the day is USD/JPY, the tired pair who has become extremely lazy these days and aren’t showing much action on the dance floor. The pair remains above the 50% Fibonacci level at 101.346, trying to pierce inside the prevailing Ichimoku cloud. The RSI is reversing up above its oversold area and now teasing above its neutrality area. Next bullish targets are still set at the 23% Fibonacci level at103.515 and the previous top at 105.45. A break below 100.3 would turn the outlook to bearish with a first alternative target at 97.7. On the fundamentals side, today we see a lot from the US including final GDP readings for Q4, jobless claims, and personal consumption. President Obama continues his European road trip, today he's in Rome to meet Matteo Renzi.

USDJPY technical analysis fibonacci RSI Ichimoku moving average

Bank of Japan announced yesterday that they will reassess their economic assumptions in June to decide if further monetary easing is needed. A lot of people expect more QE from Prime minister Abe, particularly as their planned sales tax hike comes into effect next week, which risks further downside to growth for the yen, which will through the USD/JPY pair up.

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More on Fundamentals

We're likely to hear from the IMF today about their bailout package for Ukraine. The $15bn package should help bolster the country's dwindling foreign exchange reserves, but comes at a cost to citizens of a 50% hike in gas prices as the loan comes on condition that that the government stop fuel subsidies.

Today we get UK retail sales  at 09.30 - a big one for Sterling, as the market's view of the currency has dimmed somewhat in recent weeks. We also get the Bank of England's Financial Policy committee minutes to chew over.

Intraday Technical Levels

EUR/USD Intraday: under pressure.

Pivot: 1.381

Our preference: Short positions below 1.381 with targets @ 1.372 & 1.37 in extension.

Alternative scenario: Above 1.381 look for further upside with 1.3845 & 1.388 as targets.

Comment: The pair has broken below its support and remains under pressure.

Supports and resistances:
1.388
1.3845
1.381
1.3753 Last
1.372
1.37
1.3685

GBP/USD Intraday: the upside prevails.

Our preference: Long positions above 1.655 with targets @ 1.6645 & 1.6665 in extension.

Alternative scenario: Below 1.655 look for further downside with 1.6505 & 1.646 as targets.

Comment: The pair has broken above its resistance and remains on the upside.

Supports and resistances:
1.67
1.6665
1.6645
1.6619 Last
1.655
1.6505
1.646

USD/JPY Intraday: under pressure

Our preference: Short positions below 102.45 with targets @ 101.75 & 101.45 in extension.

Alternative scenario: Above 102.45 look for further upside with 102.65 & 102.85 as targets.

Comment: The pair is posting a rebound but stands below its resistance.

Supports and resistances:
102.85
102.65
102.45
102.264 Last
101.75
101.45
101.2

USD/CHF Intraday: bullish bias above 0.8835.

Our preference: Long positions above 0.8835 with targets @ 0.887 & 0.889 in extension.

Alternative scenario: Below 0.8835 look for further downside with 0.881 & 0.8785 as targets.

Comment: The pair is rebounding above its support.

Supports and resistances:
0.891
0.889
0.887
0.8863 Last
0.8835
0.881
0.8785

NZD/USD Intraday: further upside.

Our preference: Long positions above 0.862 with targets @ 0.87 & 0.872 in extension.

Alternative scenario: Below 0.862 look for further downside with 0.8585 & 0.8565 as targets.

Comment: the RSI is well directed.

Supports and resistances:
0.875
0.872
0.87
0.8671 Last
0.862
0.8585
0.8565

AUD/USD Intraday: the bias remains bullish

Our preference: Long positions above 0.918 with targets @ 0.926 & 0.93 in extension.

Alternative scenario: Below 0.918 look for further downside with 0.915 & 0.911 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
0.934
0.93
0.926
0.9233 Last
0.918
0.915
0.911

USD/CAD Intraday: the downside prevails.

Our preference: Short positions below 1.113 with targets @ 1.104 & 1.102 in extension.

Alternative scenario: Above 1.113 look for further upside with 1.118 & 1.121 as targets.

Comment: The declining 50-period moving average maintains a downside pressure.

Supports and resistances:
1.121
1.118
1.113
1.1099 Last
1.104
1.102
1.0975

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