Review on today
NEWS: GBP 4:30 AM est PPI Input
CAD 7:00 AM est Employment Change
USD 8:30 AM est Non-Farm Employment Change *
Unemployment Rate *
EUR/USD sold off to make new weekly lows and found support at the 50% retracement level
from last week’s low to this week’s current high for the ultimate low of the day. Price has now
found strong resistance near the levels I discussed yesterday which are price level peaks from
late December. IF price continues to sell off, the next possible support is the low of Thursday
at 1.4065 and 1.4000 (62% retracement.) IF price rallies, 1.4237 is the current weekly 62%
retracement for light possible resistance and 1.4338 is the current weekly high for stronger
possible resistance.
GBP/USD continued from Wednesday’s sell off and found support at the 62% retracement
of the last two week’s high/low for the current low of the day. IF the sell off continues, the next
possible support is 1.6000 and 1.5886* (strong fib cluster.) IF price rallies to retest the
current weekly range, the fib retracements which may offer resistance are 1.6306, 1.6373 and
1.6440.
USD/JPY has attempted to break from the long term consolidation pattern and rallied above
the weekly highs after the news was released, injecting volume into the markets. This may be
a false breakout as price has not conviningly rallied to new highs, so use caution. IF price does
continue to rally, 97.24 is last week’s high and 97.70 is a fib target for potential resistance levels.
IF price sells off, 96.00, 95.70 and 95.41 are the weekly fib retracements which may be support
if tested on Friday.
USD/CHF rallied up to make new weekly highs but quickly sold back off to consolidate within
the trading range of the week. Price has also met strong support and may consolidate more or
need to rally before breaking through to new lows. IF price does rally, the next possible
resistance is Thursday’s high near approx. 1.0770 then 1.0815 (next longer term 62% retracement.)
IF price sells off, 1.0600 has been strong support multiple times and may again be support if
tested on Friday and 1.0560 is a fib target and weekly pivot.
USD/CAD reversed from yesterday’s huge rally when CAD news was released and found the
ultimate lows of the day at the weekly 62% retracement. IF price rallies from this level, the current
62% retracement from Thursday’s move is 1.1071 and the highs of the week are 1.1144 for
potential resistance. IF price continues to sell off, 1.0844 is the fib target of Thurday’s current
high/low and 1.0800 has been strong support multiple times where price may bounce from again
if tested.
I had stuck my investment by buying euros, finally I sold them today for no profit.
thanks for the nice and informative post.
Shocking figures but we can be sure that its just a sign of the times
Good to see some of the markets picking up again. However, I fear that this could actually be a false dawn
It is very good to see this type of indication but with unemployment reaching 2m in the UK today how long will this last?
Again great daily advice form yourself. Thanks
Thanks for the daily advice please keep it coming
Thank you for the review. I am quite new to this game and your daily updates are a real help
The week pound is killing my business. Do you think its set to continue?
GBP to USD are looking like they are almost back to where they were 6 months ago
Another really good post. How often do you aim to do these reports as they can be very useful?
Nice post… hope the market really picks up soon..
nice site i like this.
Your blog is great,please keep adding useful financial news!