Review on Friday
NEWS: GBP 4:30 AM est Manufacturing PMI
USD 9:55 AM est Revised UoM Consumer Sentiment
Revised UoM Inflation Expectations
10:00 AM est ISM Manufacturing PMI
EUR/USD rallied to double top at the high of two weeks ago then sold off rapidly to find supportat 20 day MA and the 38% fib retracement from the low of two weeks ago and high of this week.The high was also just outside of the long term trend channel seen on a daily chart, which may indicated that price is potentially going to bearish on Friday. IF price does sell off, watch for support at 1st buy zone from 1.3150-1.3128 (major fib cluster/monthly pivot) and the next major 62% fib retracement at 1.3076. IF price rallies, 1.3426 is the beginning of the next fib target cluster, as well as 1.3478 for the next potential resistance.
GBP/USD also rallied to a fib target and sell zone then sold off rapidly to test and find support at the 20 day MA for the current daily lows. IF price sells off, the next possible support levels will be 1.4682 and 1.4625-1.4607 (weekly pivot/62% fib retracement.) IF price continues with the longer term rally, the next possible resistance are the weekly highs at approx. 1.4945 and at 1.5000.*
USD/JPY continued with the weekly strong rally as price found resistance at the 200 and 20 day MA’s for the high of the day. The immediate trend is still bullish, and if price does continue to rally watch for possible resistance at the next fib retracement level at 99.22 and the monthly high and fib target of 99.66. IF price sells off, watch for a chance to reenter the uptrend at the fib retracement levels of (98.08-97.87) and the next longer term 38% fib retracement of 97.29.
USD/CAD continued with the long term down trend and made new monthly lows as price is now approaching the 200 day MA. If the downtrend is to continue, watch for potential resistance and a chance to reenter the downtrend at the key fib retracement levels at 1.2063 and 1.2107.* IF price does continue to sell off, the current possible support levels are the weekly pivot and fib target beginning at 1.1791 and the next major fib target at approx. 1.1706.
USD/CHF sold off below the 200 day MA, then rallied strongly to close over the MA which has
acted as strong support since mid-march. Price is still in a long term consolidating wedge pattern best seen on a long term, or daily chart. If price rallies, the 1.1500 zone contains is currently very strong potential resistance is this level is tested on Friday. The next possible resistance is 1.1560. IF price sells off, and tests the weekly lows, watch for potential support at 1.1200 and 1.1159.* These levels are fib targets and the previous monthly low (1.1161)
Hi, good post. I have been thinking about this issue,so thanks for sharing. I’ll certainly be coming back to your blog.