The pick of the day is GBP/USD, as Mr. British pound dances against Ms. USA in an upward channel on the daily dance floor. As you probably remember we made some pips on the pair first week of April. I got out of the market at the 1.67 level and the pair continued its way up to reach this year’s fresh high at the 1.68190. With the RSI teasing the overbought zone, I’m thinking that the pair could see a pull back with 1.65 and 1.63 as targets. I’m not touching this pair as of now because of my personal risk management but I have set a bullish entry order for when the pair hits 1.65 again, setting my stop loss at 1.63, and my bullish targets at 1.704 and 1.74. Now if the pair suddenly decides to go nuts and break below 1.62, that will change our outlook to bearish with 1.587 and 1.56 in extension.
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Intraday Forex Technical Levels
EUR/USD Intraday: rebound
Our preference: Long positions above 1.381 with targets @ 1.3865 & 1.388 in extension.
Alternative scenario: Below 1.381 look for further downside with 1.379 & 1.377 as targets.
Comment: The pair is rebounding and is breaking above its resistance.
Supports and resistances:
1.39
1.388
1.3865
1.3838 Last
1.381
1.379
1.377
GBP/USD Intraday: the upside prevails
Our preference: Long positions above 1.675 with targets @ 1.682 & 1.685 in extension.
Alternative scenario: Below 1.675 look for further downside with 1.6715 & 1.669 as targets.
Comment: The pair has broken above its resistance and remains on the upside.
Supports and resistances:
1.69
1.685
1.682
1.6794 Last
1.675
1.6715
1.669
USD/JPY Intraday: the upside prevails.
Our preference: Long positions above 101.95 with targets @ 102.4 & 102.6 in extension.
Alternative scenario: Below 101.95 look for further downside with 101.65 & 101.45 as targets.
Comment: The pair has broken above its resistance and should post further advance.
Supports and resistances:
103
102.6
102.4
102.255 Last
101.95
101.65
101.45
USD/CHF Intraday: the bias remains bullish.
Our preference: Long positions above 0.8775 with targets @ 0.8805 & 0.8825 in extension.
Alternative scenario: Below 0.8775 look for further downside with 0.8755 & 0.8735 as targets.
Comment: The pair is rebounding above its support as the RSI is turning up.
Supports and resistances:
0.8845
0.8825
0.8805
0.8793 Last
0.8775
0.8755
0.8735
NZD/USD Intraday: key resistance at 0.863.
Our preference: Short positions below 0.863 with targets @ 0.857 & 0.8545 in extension.
Alternative scenario: Above 0.863 look for further upside with 0.866 & 0.869 as targets.
Comment: As long as the resistance at 0.863 is not surpassed, the risk of the break below 0.857 remains high.
Supports and resistances:
0.869
0.866
0.863
0.86 Last
0.857
0.8545
0.8515
AUD/USD Intraday: intraday support around 0.9325.
Our preference: Long positions above 0.9325 with targets @ 0.938 & 0.9425 in extension.
Alternative scenario: Below 0.9325 look for further downside with 0.929 & 0.925 as targets.
Comment: The RSI calls for a rebound.
Supports and resistances:
0.946
0.9425
0.938
0.9363 Last
0.9325
0.929
0.925
USD/CAD Intraday: intraday support around 1.0965.
Our preference: Long positions above 1.0965 with targets @ 1.101 & 1.103 in extension.
Alternative scenario: Below 1.0965 look for further downside with 1.094 & 1.0915 as targets.
Comment: The RSI is well directed. The pair is trading in a slightly ascending channel as the RSI is well directed.
Supports and resistances:
1.1045
1.103
1.101
1.0985 Last
1.0965
1.094
1.0915
