Plenty of data out today for anyone who might have been complaining about lack of hot economic data.
The market moving events today will likely affect the Aussie dollar, British Pound Canadian dollar and the US dollar. The Asian session kicked off with Australia’s CPI release which came in better than expected,followed by the UK MPC Asset Purchase Facility Votes turning out 0-0-9.
Canada’s Core retail sales index is out at the same time the US CPI is released; worse than expected for Mr. Canadian dollar and better than expected for Mr. USA, causing a sharp jump in the USD/CAD pair.
Right at the London market close Bank of Canada’s press conference starts at 4:15 PM followed by a speech by governor Poloz. RBA Gov Stevens Speaks at 10 PM and could create volatility for those of you who like to trade forex the late hours.
These all sound cool, but let’s leave the market noise alone for a sec and focus on the technical, shall we?
Intraday Forex Technical Levels
EUR/USD 4-hour: Completed a double top
Invest Diva Likes: Short positions below 1.2661 with targets at 1.2511 and 1.2442 in extension.
If Pair Goes Nuts: Above 1.2661 look for further upside towards 1.2753 and 1.2828.
What’s up on the Forex Dance Floor: The pair is teasing the 23% Fibonacci level after rebounding and completing a double top chart pattern at the 50% Fibonacci level. The RSI is below the neutrality area. A break below this level could open doors for more drops.
Supports and Resistances
1.2828
1.2753
1.2661 Pivot Point
1.2511
1.2442
GBP/USD 4-hour: Consolidating.
Invest Diva Likes: Short positions below 1.6025 with targets at 1.5942 and 1.5882 in extension.
If Pair Goes Nuts: Above 1.6025 look for further upside towards 1.6114 and 1.6186.
What’s up on the Forex Dance Floor: The pair is teasing the 23% Fibonacci level at 1.6025 within the Ichimoku’s cloud after rebounding from the 50% Fibonacci level. The RSI is below the neutrality area.
Supports and Resistances
1.6186
1.6114
1.6025 Pivot Point
1.5942
1.5882
USD/JPY 4-hour: Moving up within the Ichimoku’s cloud.
Invest Diva Likes: Long positions above 107.21 with targets at 108 and 109.17 in extension.
If Pair Goes Nuts: Below 107.21 look for further downside towards 106.71 and 105.67.
What’s up on the Forex Dance Floor: The pair is moving up after rebounding from the 50% Fibonacci level and entering the Ichimoku’s cloud, testing a key resistance level . The RSI is above the neutrality area.
Supports and Resistances
109.17
108
106.71 Pivot Point
105.67
104.63
USD/CHF 4-hour: Moving up.
Invest Diva Likes: Long positions below 0.9491 with targets at 0.9573 and 0.9745 in extension.
If Pair Goes Nuts: Below 0.9491 look for further upside towards 0.9392 and 0.9336.
What’s up on the Forex Dance Floor: The pair is moving up and teasing the upper boundary of Ichimoku’s cloud and Bollinger band. A break of the Ichimoku’s cloud would signal further gains. The RSI is above the neutrality area.
Supports and Resistances
0.9689
0.9573
0.9491 Pivot Point
0.9392
0.9336
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