Daily review
EUR/USD rallied and broke above the current weekly highs and rallied to new 10 day highs and new monthly highs, and is rapidly approaching the current yearly highs from early January. After retracing and selling off to the 200 day MA in the beginning of the week, price found support and has rallied strongly ever since. IF price continues to rally on Thusday, the next possible resistance is the fib target and monthly pivot at 1.3924, then at (1.3982-1.4000) which could be strong potential resistance (fib cluster and strong whole number. IF price reverses from the rally and sells off, the next fib retracement levels for potential support are 1.3678 (fib cluster) and 1.3627 (weekly 50% fib retracement.)
GBP/USD did manage to rally up to new yearly highs, and is currently well over the 200 day MA as well. IF price continues to rally for the rest of the week the next possible light resistance is the fib target at 1.5921 and the next fib target/whole number/fib retracement from 1.6000-1.6030 for stronger potential resistance. If price reverses from the strong rally and sells off from the daily highs, the current fib retracement levels from Wednesday’s big rally for potential support are 1.5625 and 1.5586. The next stronger possible support level is (1.5534-1.5510) and may allow a chance to reenter the strong weekly uptrend.
USD/JPY sold off as the weak USD pushed price down the 2nd consecutive day and has currently double near the lows of the week and is testing for support. IF price finds support and rallies on Thursday, the next key fib retracement for possible resistance are 95.55 and the current weekly highs at 96.69. IF price breaks below and makes new weekly lows, 93.90-93.80 is a fib target cluster and weekly pivot and 93.41 is the next fib target for possible support.
USD/CHF sold off and trended down all day and made new monthly lows before spiking up, finding support and consolidating the rest of the day. Price is also at the bottom quartile of a long term trend channel seen on a daily chart. Price is very weak, however and may need to consolidate before selling off below this level for the rest of the week. IF price does sell off below 1.0980 level then the next possible support is 1.0906 (light support) and 1.0867 (stronger potential support zone.) IF price does rally before retesting the lows, the next potential resistance is 1.1079, 1.1114 and 1.1150. These are the weekly 38/50/62% retracements and may be resistance when 1st tested!
USD/CAD also had a very weak downtrending day and an ultra weak USD pushed price into new yearly lows! Price is well below the 20/50 and 200 day MA’s. IF price continues to sell off, the next possible support is 1.1274 and 1.1221 as fib targets from Wednesday’s current high/low swings. USE caution taking countertrend trades when the trend is very strong and use your FXPI and FXMM to filter out strong trends. Price is also near the bottom of the long term trend channel from a daily chart and may find support. IF price does find support and rallies for the rest of the week, the next key fib levels for possible resistance are the weekly fib retracements at 1.1533, 1.1586 and 1.1640. IF price makes a NEW DAILY lower low, then redraw your fibs from the weekly highs and lows and use THESE levels for potential resistance points.
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Unfortunately, I’ve never managed to really get the form of success I wanted with forex.. YET !
That’s true, this very usefull blog.