Levels to focus on March 24
NEWS: GBP 5:30 AM est CPI
5:45 AM est Inflation Report Hearings
11:30 AM est BOE Gov King Soeaks
USD 10:00 AM est Fed Chairman Bernanke Testifies
EUR/USD tripple topped at the high of last week for Monday’s high then sold off and found support at the bottom of a trend channel just below Friday’s low for the ultimate low of the day. Price is in a consolidating channel after the huge breakout from last week and may need a few days of consolidation before breaking out one way or the other and trending. IF price rallies, take note of the 1.3730 area as this level has contained price multiple times before and may again provide for resistance. IF the level does not hold watch for a possible possibility to buy the breakout. The next possible resistance is 1.3851 (fib target.) IF price sells off, 1.3390, 1.3284 and 1.3187 are the next fib retracement levels from last week’s high/low for possible support.
GBP/USD had a false breakout above last week’s high then sold off back into the range. Price has shifted now above the 20 and 50 day MA’s and trend bias is still somewhat bullish. IF price does breakout to the long side, the next possible resistance are the fib target clusters beginning at 1.4745 and the next monthly pivot and fib target from 1.4746-1.4865. IF price sells off, 1.4338 is a 38% retracement from last week’s swing and the next fib retracement cluster zone is 1.4268-1.4243 for possible support points!
USD/JPY is stuck between the 20 and 50 day MA’s but manage to extend from late last week’s rally and trended up for most of the day. IF price does manage to rally, the next major 1.618 fib target is 98.00 and 98.75! IF price reverses from the short term rally, watch for possible support at the fib retracement levels from Monday’s high to last week’s low at 95.88, 95.43 and 95.00.
USD/CHF sold off to find support at the 200 day MA for the 3rd day in a row, then had a short lived rally only to close near the opening price range of the day. If price sells off below the 1.1161 level (approx. the level of the 200 day MA) then try to sell the breakdown of this level! The next possible support are the fib target clusters of 1.1043 and 1.0972. IF price maintains support at the 200 day MA and rallies, 1.1467 and 1.1562 are the next LONG TERM major fib retracements that should offer some sort of resistance on the 1st time being tested.
USD/CAD is now well under the 20 and 50 day MA and is currently testing last week’s lows as support at the time of publishing. IF price continues to sell off below the level, watch for short bias for Tuesday and the next possible support is 1.2134 (previously month’s low and monthly pivot) then 1.2073 (fib target for light potential support.) IF price rallies, 1.2446 is the high of Friday and begins a resistance zone, THEN 1.2522 begins the NEXT potential strong resistance zone which may provide solid resistance!
Use these levels below to find high propability trades, and make more pips
AUD/JPY Buy lightly 67.50 but 67.10 to 67.00 should be low
AUD/USD Buy .6950 to .6943
CAD/JPY Buy 78.00 to 77.78
USD/JPY Buy 96.00 to 95.77
GBP/JPY Buy 139.22 to 139.00
NZD/JPY Lightly buy 54.50 and aggressively 54.09 to 53.93
USD/CHF Buy breakout of 1.1300 and also buy 1.1125 to 1.1100
GBP/USD May be running out of steam. If it breaks 1.4600 and EURGBP trending down buy otherwise sell 1.4700 to 1.4730
NZD/USD Sell .5760
EUR/JPY Seems to be topping out, look to sell 133.14 to 133.50
USD/CAD Sell 1.2350 and 1.2450 and breakdown of 1.2200
EUR/USD Sell 1.3800
EUR/GBP Sell .9425 to .9450
Happy trading
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