The famous Australian cheering chant may have just been replaced.
Even though the AUD/USD tested some higher prices earlier Tuesday, the pair remains on a strong downtrend, breaking all kinds of key levels. That’s why in the forex world, the traders are probably replacing “Aussie Aussie Aussie oi oi oi” to “Aussie Aussie Aussie down down down.”
Even though the pair tested some higher prices earlier Tuesday, the pair remains on a strong downtrend, breaking all kinds of key levels.
With very light economic data on Monday and national holiday in Japan on Tuesday, Most major pairs are taking a rest on the forex dance floor. That is of course besides Mr. Aussie, Ausie Ausie, who’s going down down down.
Bloomberg reported that the Aussie dollar is caught between a rock and a hard place. I’m thinking that’s probably not very comfortable. Mr. Aussie broke below the 61% Fibonacci level and rapidly approaching our bearish targets at 0.8839 and 0.8659. Only a break above 0.91 would alter our outlook to bullish.
Next we are looking at EUR/USD that is also going down and on its way to reach our bearish target and an important support level of 1.2780. As the pair continues to dance below the Ichimoku cloud, we could expect further drops towards a previous low from November 2012 at 1.2691.
Dollar Swissy finally confirmed its break above the 61% Fibonacci level at 0.9350 after dancing sideways for over 2 weeks. We could finally expect the pair to reach our bullish target of 0.9450.
Now let’ take a look at the major events in the forex world in the coming days. Tuesday’s London session will start off with French Flash Manufacturing PMI at 8 am GMT followed by Canadian Core Retail Sales at 1:30 PM. New Zealand Trade Balance is released at the end of the day at 11:45 PM. Wednesday is an important day for the Euro with German IFO business climate data at 9 am and the US dollar could face some volatility at 3 PM with the US New Home Sales data release.
Did you like this video? If you did, like it on Social media and share it with your friends so they know what’s up on the forex dance floor as well. And if you want to take it to the next level and learn how to do your own analysis, we’ve got you covered on the 5 hour power video education course where I personally teach all you need to know to trade forex successfully.
Intraday Forex Technical Levels
GBP/USD 4-hour: Moving up.
Invest Diva Likes: Long positions above 1.6324 with targets at 1.6485 and 1.6616 in extension.
If Pair Goes Nuts: Below 1.6324 look for further downside towards 1.6236 and 1.6155.
What’s up on the Forex Dance Floor: The pair was in a strong overall downtrend but it has been moved up after hitting the bottom level at 1.6060. After breakingabove the upper boundary of Ichimoku’s cloud, the pair isnow moving up above the 23% Fibonacci level at 1.6324 with the RSI above the neutrality area.
Supports and Resistances
1.6616
1.6485
1.6324 Pivot point
1.6236
1.6155
USD/JPY 4-hour: Consolidating.
Invest Diva Likes: Long positions above 108.71 with targets at 109.17 and 110 in extension.
If Pair Goes Nuts: Below 108 look for further downside towards 107.31 and 106.15.
What’s up on the Forex Dance Floor: The pair is on an overall uptrend above the Ichimoku’s cloud but is now consolidating around the level at 108.71. The RSI is heading above the neutrality area.
Supports and Resistances
110
109.17
108.71 Pivot point
108
107.31
106.15
NZD/USD 4-hour: Consolidating
Invest Diva Likes: Short positions below 0.8127 with targets at 0.8074 and 0.8031 in extension.
If Pair Goes Nuts: Above 0.8127 look for further upside towards 0.8156 and 0.8250.
What’s up on the Forex Dance Floor: The pair is on an overall downtrend below the Ichimoku’s cloud but is now consolidating inside a symmetrical triangle around the level at 0.8127 after hitting the bottom at 0.8074. The RSI is slightly below the neutrality area. A break below the triangle could open doors for more drops.
Supports and Resistances
0.8250
0.8156
0.8127 Pivot Point
0.8074
0.8031
Intraday Commodities Technical Levels
Dow Jones Intraday: the downside prevails.
Invest Diva Likes: Short positions below 17230 with targets at 17005 and 16955 in extension.
Alternative scenario: Above 17230 look for further upside with 17280 and 17395 as targets.
Gold spot Intraday: under pressure.
Invest Diva Likes: Short positions below 1229 with targets at 1207 and 1200 in extension.
Alternative scenario: Above 1229 look for further upside with 1239 and 1250 as targets.
Crude Oil Intraday: under pressure.
Invest Diva Likes: Short positions below 91.9 with targets at 90.4 and 89.7 in extension.
Alternative scenario: Above 91.9 look for further upside with 92.5 and 93.6 as targets.
#1 Best Selling Author. Helping you accelerate your retirement with Triple Compounding™ Former engineer on a mission to help 1 million households take control of their finances. Founder & CEO of Invest Diva.
