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Mr. Aussie is in trouble


Apr.23.2014

Kiana danial Invest Diva

The pick of the day is AUD/USD since poor Mr. Aussie got into deep trouble this morning. You know how Chinese and Australian economies are interconnected? So not only there was a fall in Chinese stock, but Australia missed estimates on inflation data and reported weaker than expected CPI these all took its toll on Mr. Aussie dollar who suddenly dropped the beat on the forex dance floor and all of a sudden moved down about 50 pips dragging Ms. USA and other forex counterparts with him! Ms. USA on the other hand was mostly unmoved on March existing home sales report that beat expectations and ex Fed head Ben Bernanke who said US economy is going to rock and roll.

On the daily dance floor the pair is approaching the 23% Fibonacci level but still remains above the Ichimoku cloud with the RSI in the neutrality area. On a daily basis we could see further drops towards 0.9250 but most likely the pair will shoot back up with 0.94352 and 0.97107 as targets. Now a break below 0.90552 would alter our bullish outlook to bearish, with 0.88906 and 0.86721 as alternative targets.

AUDUSD daily chart technical analysis fibonacci ichimoku RSI

 

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Oh by the way, please don't get offended by the "moron" comment in today's video. It's actually meant for a respectful German reporter at NYSE who was standing right in front of me during the production, is getting interested in forex but thinks there is no way he can understand forex ever.

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Intraday Forex Technical Levels

EUR/USD Intraday: the bias remains bullish.

 Long positions above 1.38 with targets @ 1.3865 & 1.388 in extension.Alternative scenario: Below 1.38 look for further downside with 1.3785 & 1.377 as targets.The pair remains on the upside and is approaching its previous top.Supports and resistances:1.39051.388

1.3865

1.384 Last

1.38

1.3785

1.377

 

GBP/USD Intraday: under pressure.

 |
 Short positions below 1.682 with targets @ 1.677 & 1.675 in extension.Alternative scenario: Above 1.682 look for further upside with 1.6845 & 1.688 as targets.The pair has broken below its support and remains under pressure.Supports and resistances:1.6881.68451.682

1.6802 Last

1.677

1.675

1.6725

USD/JPY Intraday: under pressure.

 |
Short positions below 102.5 with targets @ 102.05 & 101.85 in extension.

Alternative scenario: Above 102.5 look for further upside with 102.7 & 102.95 as targets.

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

Supports and resistances:

102.95

102.7

102.5

102.2375 Last

102.05

101.85

101.65

USD/CHF Intraday: under pressure.

 |
 Short positions below 0.8845 with targets @ 0.88 & 0.8775 in extension.

Alternative scenario: Above 0.8845 look for further upside with 0.886 & 0.8875 as targets

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

Supports and resistances:

0.8875

0.886

0.8845

0.8812 Last

0.88

0.8775

0.8755

 

NZD/USD Intraday: intraday support around 0.8575.

 |
 Long positions above 0.8575 with targets @ 0.862 & 0.865 in extension.Alternative scenario: Below 0.8575 look for further downside with 0.855 & 0.8515 as targets.

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:

0.869

0.865

0.862

0.8586 Last

0.8575

0.855

0.8515

 

USD/CAD Intraday: bullish bias above 1.0995.

 |
Long positions above 1.0995 with targets @ 1.105 & 1.107 in extension.Alternative scenario: Below 1.0995 look for further downside with 1.097 & 1.094 as targets.

Comment: The RSI lacks downward momentum.

Supports and resistances:

1.1105

1.107

1.105

1.1033 Last

1.0995

1.097

1.094

 

 

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