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Market News |Forex Trading Levels | US Index


Jun.24.2014

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Here are you hot market moving events around the globe that have been shaking the forex dance floor:

Europe

Mario Draghi said that large scale asset purchases (QE) are in the central banks’ arsenal, but for now he just wants to see what the initial stimulus measures will do. Mr Draghi says there are no signs that inflation will dip below levels where he will need to employ QE, but is aware that global events could quickly change that, and appears to be ready if they do. In a different interview Mr Draghi  that rates are going to be low until at least 2016 and want to see consistent growth above 2% before they think about raising – which at the moment seems a very long way off.

Those global events that could change things include Ukraine and Iraq, where neither situation seems to be going particularly well. In Ukraine, a ceasefire over the weekend has been very short lived, with shots fired in the East of the country. This comes after a 15 step peace plan was unveiled by new President Poroshenko. The key point in the plan is that rebels be granted safe passage to Russia. Vladmir Putin is supporting the plan and stressed that the most important things were for all parties to get round the negotiating table and for Russian speakers in Ukraine to feel part of the country.

Middle East

In Iraq, ISIS now have control of some border crossings into Syria and Jordan and have also taken control of more towns. Iran’s supreme leader has rejected the idea of US interventions in Iraq, saying that “the US aims to bring its own blind followers to power since the US is not happy about the current government in Iraq” Ayatollah Ali Khamenei believes that Iraq can sort itself out. Oil prices are so far only up about 6% for the month, but much of a push further south by ISIS and this is going to change, quickly.

Upcoming Events

Looking to this week; the UK will be back in the news, with the Bank of England’s bi-annual Financial Stability Report. We’ll be keen to see what the Bank will recommend in order to take control of spiralling house prices and the accompanying press conference should give a lot of opportunity to ask the governor some pretty probing rate rise questions, so expect plenty  speculation around Mr. British Pound on Thursday morning.

Economic data to look for this week include German IFO today and retail sales on Wednesday. The US has a fairly steady stream of data all week and there also seems to be no shortage of central bank speakers on the roster either. This week’s trading has got off to a good start, thanks to the first expansion in China’s manufacturing sector in six months – according to data from HSBC. Mr. Aussie Dollar is enjoying the most benefit from the news, up half a percent, regaining a lot of the ground it gave back to the US Dollar late last week.

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Intraday Forex Technical Levels

EUR/USD Intraday: the bias remains bullish.

Invest Diva likes: Long positions above 1.358 with targets @ 1.363 & 1.365 in extension.

If pairs go nuts: Below 1.358 look for further downside with 1.356 & 1.3535 as targets.

What’s up on the forex dance floor: The pair remains on the upside and is approaching its previous top.

Supports and resistances:
1.367
1.365
1.363
1.3626 Last
1.358
1.356
1.3535

GBP/USD Intraday: under pressure.

Invest Diva likes: Short positions below 1.7035 with targets @ 1.695 & 1.6915 in extension.

If pairs go nuts: Above 1.7035 look for further upside with 1.706 & 1.709 as targets.

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

Supports and resistances:
1.709
1.706
1.7035
1.6995 Last
1.695
1.6915
1.688

USD/JPY Intraday: the upside prevails.

Invest Diva likes: Long positions above 101.8 with targets @ 102 & 102.15 in extension.

If pairs go nuts: Below 101.8 look for further downside with 101.7 & 101.6 as targets.

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

Supports and resistances:
102.3
102.15
102
101.8845 Last
101.8
101.7
101.6

スライド1

USD/CHF Intraday: under pressure.

Invest Diva likes: Short positions below 0.8955 with targets @ 0.892 & 0.8905 in extension.

If pairs go nuts: Above 0.8955 look for further upside with 0.8975 & 0.8985 as targets.

What’s up on the forex dance floor: The pair remains under pressure and is challenging its support.

Supports and resistances:
0.8985
0.8975
0.8955
0.8933 Last
0.892
0.8905
0.8895

NZD/USD Intraday: the bias remains bullish.

Invest Diva likes: Long positions above 0.8675 with targets @ 0.875 & 0.8775 in extension.

If pairs go nuts: Below 0.8675 look for further downside with 0.8635 & 0.86 as targets.

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

Supports and resistances:
0.88
0.8775
0.875
0.8711 Last
0.8675
0.8635
0.86

AUD/USD Intraday: consolidation in place.

Invest Diva likes: Short positions below 0.9445 with targets @ 0.9375 & 0.9345 in extension.

If pairs go nuts: Above 0.9445 look for further upside with 0.9465 & 0.95 as targets.

What’s up on the forex dance floor: Technically the RSI is below its neutrality area at 50.

Supports and resistances:
0.95
0.9465
0.9445
0.9399 Last
0.9375
0.9345
0.9325

スライド3

USD/CAD Intraday: the downside prevails.

Invest Diva likes: Short positions below 1.078 with targets @ 1.0675 & 1.064 in extension.

If pairs go nuts: Above 1.078 look for further upside with 1.0805 & 1.0835 as targets.

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

Supports and resistances:
1.0835
1.0805
1.078
1.0728 Last
1.0675
1.064
1.0585

US Index Levels

S&P500 (CME)

Long positions above 1937 with targets @ 1960 & 1975 in extension.

Alternative scenario: Below 1937 look for further downside with 1924 & 1917 as targets.

Dow Jones (CBT) 

Long positions above 16750 with targets @ 16920 & 17000 in extension.

Alternative scenario: Below 16750 look for further downside with 16625 & 16550 as targets.

Nasdaq 100 (CME)

Long positions above 3772 with targets @ 3808 & 3814 in extension.

Alternative scenario: Below 3772 look for further downside with 3755 & 3744 as targets.

Russell 2000 (ICE)

Long positions above 1170 with targets @ 1188 & 1192 in extension.

Alternative scenario: Below 1170 look for further downside with 1162 & 1155 as targets.

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