Review on 2nd April
NEWS: * G20 Meetings ALL DAY *
GBP 2:00 AM est Nationwide HPI
CHF 4:30 AM est Gov Board Member Hildebrand speaks
EUR 7:45 AM est Minimum Bid Rate
8:30 AM est ECB Press Conference
USD 8:30 AM est Unemployment Claims
EUR/USD had a lower volatility inside day as price bounced from the 20 day MA and failed to test Tuesday’s high for resistance. If price rallies, 1.3351 is the next 38% retracement and weekly high and 1.3425 is a 50% retracement and weekly pivot for potential resistance. IF price sells off and tests the 20 day MA again for support, this is currently located near the next long range 50% fib retracement and low of the week near the 1.3100 level, then 1.2947 is the next major 62% retracement for strong support, although unlikely to be tested today.
GBP/USD has trended up for the entire week after finding support at the 20 day MA at the beginning of the week. IF price is to continue to rally for Thursday, the next possible resistance is 1.4521 as the 62% retracement from last week’s high and this week’s current low. 1.4643 is the next weekly pivot and swing level for light resistance. IF price reverses and sells off, use the fib level from Wednesday’s HIGH to the weekly low at 1.4109 for your support points for tomorrow as price is currently making higher highs for the day at the time of publishing. TAKE specific note of the 50/62% retracements as these tend to have the most merit.
USD/JPY rallied and found resistance at the 200 day MA as price briefly rallied over a multi-week trend line, but quickly sold off each time back into the range. Price is stuck between the 200 and the 20 day MA’s. Price may be ready to sell off for the rest of the week due to the strong selling pressue at the 200 day MA. If it does, the current weekly fib levels which may offer support are 97.71 and 97.37 so use caution. IF price rallies, March’s high of 99.68 may offer resistance and 100.00 is a major whole number which tends to be resistance if the level has not been tested in a while.
USD/CHF rallied up to the 20 day MA, found resistance and sold off for the 3rd day in a row. Price is contained between the 20 and 200 day MA’s. Price is still somewhat bullish, but has also found strong resistance at the MA. IF PRICE does sell off on Thursday, the next weekly fib levels for potential support are 1.1354 (also low of the week) and 1.1308. IF price rallies through the 20 day MA, watch for a breakout and a strong uptrending day. You may find resistance at 1.1600 (fib target and whole number) and 1.1657 for strong resistance!
USD/CAD retraced and sold off after 3 straight strong bullish days in a row as price rallied hard over the 20 day MA and is currently selling back off to test the MA for support. The trend is still UP but may need some more retracement before the rally is to continue. IF price pulls back on Thursday, watch for support at the next major fib levels of 1.2513, 1.2451 and 1.2390.* IF price finds support and RALLIES, the next resistance to watch for is 1.2798 and 1.2879 for light resistance as the next intra-weekly fib targets.
Happy trading
Nice writing style. Looking forward to reading more from you.
Chris Moran