Review on Thursday 30th of April
NEWS: GBP 2:00 AM est Nationwide HPI
JPY (tentative) BOJ Press Conference
2:00 AM est BOJ Outlook Report
CAD 8:30 AM est GDP
USD 8:30 AM est Unemployment Claims
EUR/USD rallied up over the 50 day MA and found resistance at a long range trend line where
price quickly sold off back into the weekly range after testing and failing the trend line. The trend
is UP watch for price to possible sell off after the strong selling from just above the 1.3300 level.
If price does sell off, the next key fib retracements for the week’s high/low are 1.3200,
(1.3166-1.3152), and 1.3113. These are the major fib retracement levels, as well as, fib clusters
from other swings. IF price breaks through Wednesday’s high and rallies, you may attempt to buy
the breakout, but watch for possible resistance at the fib targets of 1.3423 and 1.3475.
GBP/USD rallied up above the 20 day MA and found resistance at the long term 62% retracement
just above the 1.4800 level then sold back off into the day’s range. IF price continues the bullish
trend and tests the highs of the day, the next potential resistance are the fib target clusters beginning
at 1.4928 and 1.4968. IF price reverses and sells off the current key weekly fib retracements for
potential support and a chance to reenter the uptrend are 1.4666 and 1.4630.
USD/JPY rallied heavily back to a previous trend line that was once used as strong support and is
now testing as resistance. The highs of the day are at the 50 day MA. If price rallies, the next
strong potential resistnace is the long term fib retracement of 98.54 and the next (fib target/weekly
pivot) at 98.85. IF price sells off, 96.79 and 96.51 are the weekly 50/62% retracements and
95.63 is the weekly/monthly low for possible support. The Bank Of Japan is having a press
conference, however the time of the conference is currently tentative so use caution.
USD/CHF sold off below last week’s lows and the 200 day MA but rallied quickly to close the
day’s price above this support zone at the time of publishing this letter. The trend, however, is
still down so use the possible light support at the fib target’s from the most recent swing including
Wednesday’s price range are currently 1.1243 and 1.1209. IF price rallies, the next fib retracement
clusters where price may bounce begin at 1.1448 and 1.1483.
USD/CAD sold off rapidly after the opening of the London trading session and found support for
the ultimate low of the day at the 1.2000 level which was also near the low of the month. IF price
breaks down below the 1.2000 level, you may attempt to sell the breakdown, however, be
cautious of a false breakout. IF price rallies, 1.2159 is the 62% retracement for the week and
1.2247 is the next major 50% fib retracement for potential resistance.
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