The pick of the day is EUR/USD who’s been on an overall uptrend since June 2012 and within a well-define upward channel since April 2013. That’s last year and we are looking at the weekly dance floor. We have been getting in out of this dance floor within this range many times already, the latest being our bullish entry at 1.36593.
The pair made a pullback before reaching our target of 1.39561 last Friday, and now on the 4-hour chart it is scratching the lower band of Mr. Bollinger, approaching the new 50% Fibonacci level. Intraday our outlook is bearish but there is a possibility that the pair holds their downer at 50% or 61% Fibo, regain energy and shoot back up to feed our bullish appetite with 1.42 as target. But a break below 1.345 would alter our bullish scenario to bearish, with 1.33 and 1.299 as targets.
A quick word with our Japanese followers, 来月から日本語で為替市場レポートをお伝えしますから、是非日本語バージョンも見にきてください！！
Long term traders. Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly. And all of you, enroll in Invest Diva’s program today and learn forex trading with me with over 100 awesome education videos.
Intraday Forex Technical Levels
EUR/USD Intraday: the downside prevails.
Our preference: Short positions below 1.384 with targets @ 1.377 & 1.375 in extension.
Alternative scenario: Above 1.384 look for further upside with 1.3865 & 1.388 as targets.
Comment: The pair stands below its new resistance and remains under pressure.
Supports and resistances:
1.388
1.3865
1.384
1.3804 Last
1.377
1.375
1.373
GBP/USD Intraday: key resistance at 1.675
Our preference: Short positions below 1.675 with targets @ 1.669 & 1.666 in extension.
Alternative scenario: Above 1.675 look for further upside with 1.679 & 1.682 as targets.
Comment: The pair is posting a rebound but stands below its resistance.
Supports and resistances:
1.682
1.679
1.675
1.6722 Last
1.669
1.666
1.6635
USD/JPY Intraday: the upside prevails.
Our preference: Long positions above 101.5 with targets @ 102.15 & 102.4 in extension.
Alternative scenario: Below 101.5 look for further downside with 101.2 & 100.8 as targets.
Comment: The pair is rebounding above its support as the RSI is well directed.
Supports and resistances:
102.65
102.4
102.15
101.8625 Last
101.5
101.2
100.8
USD/CHF Intraday: the upside prevails.
Our preference: Long positions above 0.8775 with targets @ 0.8825 & 0.8845 in extension.
Alternative scenario: Below 0.8775 look for further downside with 0.8755 & 0.8735 as targets.
Comment: The RSI is well directed.
Supports and resistances:
0.8865
0.8845
0.8825
0.8809 Last
0.8775
0.8755
0.8735
NZD/USD Intraday: capped by a negative trend line.
Our preference: Short positions below 0.869 with targets @ 0.8625 & 0.861 in extension.
Alternative scenario: Above 0.869 look for further upside with 0.8725 & 0.8745 as targets.
Comment: The RSI is bearish and calls for further downside.
Supports and resistances:
0.8745
0.8725
0.869
0.8654 Last
0.8625
0.861
0.857
AUD/USD Intraday: intraday support around 0.9375.
Our preference: Long positions above 0.9375 with targets @ 0.9425 & 0.946 in extension.
Alternative scenario: Below 0.9375 look for further downside with 0.933 & 0.929 as targets.
Comment: A support base at 0.9375 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
0.954
0.946
0.9425
0.9389 Last
0.9375
0.933
0.929
USD/CAD Intraday: supported by a rising trend line
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 bullish and calls for further upside. The pair is supported by a rising trend line.
Supports and resistances:
1.1045
1.103
1.101
1.0989 Last
1.0965
1.094
1.0915
