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And the pick of the day is EUR/USD as Mr. Mr. euro dances against Ms. USA above the Ichimoku cloud on the daily dance floor. The pair formed a hammer candle pattern on Friday, with its lower shadow teasing the upper band of the Ichimoku cloud. It opened higher this morning with the RSI neatly above the neutrality area. We think Mr. Fibonacci was able to hold the pair very well above the 50% level and have set our target at 1.39210. Now if the pair suddenly decides to go nuts and break down below 1.3640, that would change our outlook to consolidation in the 1.34 area.
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Intraday Forex Technical Levels
EUR/USD Intraday: the upside prevails.
Our preference: Long positions above 1.385 with targets @ 1.389 & 1.3905 in extension.
Alternative scenario: Below 1.385 look for further downside with 1.3835 & 1.381 as targets.
Comment: The pair stands above its support and remains on the upside.
Supports and resistances:
1.393
1.3905
1.389
1.3874 Last
1.385
1.3835
1.381
GBP/USD Intraday: the upside prevails
Our preference: Long positions above 1.6845 with targets @ 1.69 & 1.692 in extension.
Alternative scenario: Below 1.6845 look for further downside with 1.682 & 1.68 as targets.
Comment: The pair stands above its new support.
Supports and resistances:
1.696
1.692
1.69
1.6865 Last
1.6845
1.682
1.68
USD/JPY Intraday: the downside prevails.
Our preference: Short positions below 102.25 with targets @ 101.8 & 101.65 in extension.
Alternative scenario: Above 102.25 look for further upside with 102.5 & 102.75 as targets.
Comment: The pair has struck against its resistance and remains under pressure.
Supports and resistances:
102.75
102.5
102.25
101.96 Last
101.8
101.65
101.45
USD/CHF Intraday: the downside prevails. |
Our preference: Short positions below 0.879 with targets @ 0.876 & 0.875 in extension.
Alternative scenario: Above 0.879 look for further upside with 0.8805 & 0.8825 as targets.
Comment: The pair stands below its resistance and remains under pressure.
Supports and resistances:
0.8825
0.8805
0.879
0.8773 Last
0.876
0.875
0.874
NZD/USD Intraday: bullish bias above 0.859.
Our preference: Long positions above 0.859 with targets @ 0.867 & 0.869 in extension.
Alternative scenario: Below 0.859 look for further downside with 0.857 & 0.854 as targets.
Comment: The immediate trend remains up and the momentum is strong. The price is supported by a rising trend line.
Supports and resistances:
0.8735
0.869
0.867
0.8663 Last
0.859
0.857
0.854
AUD/USD Intraday: intraday support around 0.9245.
Our preference: Long positions above 0.9245 with targets @ 0.929 & 0.9315 in extension.
Alternative scenario: Below 0.9245 look for further downside with 0.92 & 0.918 as targets.
Comment: The break above 0.9245 is a positive signal that has opened a path to 0.929.
Supports and resistances:
0.935
0.9315
0.929
0.926 Last
0.9245
0.92
0.918
USD/CAD Intraday: bullish bias above 1.094.
Our preference: Long positions above 1.094 with targets @ 1.101 & 1.105 in extension.
Alternative scenario: Below 1.094 look for further downside with 1.0915 & 1.087 as targets.
Comment: A support base at 1.094 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
1.107
1.105
1.101
1.0982 Last
1.094
1.0915
1.087
