Review on 21st
NEWS: CAD 9:00 AM est BOC Rate Statement / Overnight Rate
USD 10:00 AM est Fed Chairman Bernanke Testifies
AUD 9:30 PM est CPI
EUR/USD rallied up to make new monthly and 10 day highs and is approaching last
month’s high. The high of the day for Monday was a long range fib target and the next
possible resistance is the next fib target for this particular swing at 1.4317. The next
possible resistance is 1.4361. IF price sells off, 1.4133 is approx. the 62% retracement
for the week and 1.4089 is the next long term 38% retracement for potential support.
GBP/USD rallied up strongly after finding support at the 20 day MA and also made
new 10 day highs as price continued from last week’s rally. IF price keeps rallying up,
the next fib targets from Friday’s low to this week’s current high are 1.6655 and 1.6721.
IF price sells off, 1.6407 and 1.6374 are the 50/62% retracements from the previously
mentioned swing.
USD/JPY rallied to the 20 day MA and found resistance for the highs of the day then
sold off rapidly to make new daily/weekly lows. Price is still below the 20/50 and 200
day MA’s after rallying up to and correcting itself from the previous news related huge
sell off from weeks ago. Price is making lower lows in price at the time of publication.
IF price keeps selling off, 93.26 and 92.91 are the next major 50/62% retracements
for possible support. IF price rallies, 95.00 begins the next major possible resistance
zone.
USD/CHF had a steep sell off to open the trading session then consolidated for the
rest of the day. IF price continues to drop, as price appears to be bearish for the
early part of the week, the next possible support is 1.0597 and 1.0560. IF price
rallies, 1.0755 is the current 62% retracement from last Friday’s high to this week’s
current low and 1.0798 is the next major 50% retracement for possible resistance.
USD/CAD sold off below last week’s low and strong support to make new monthly
lows and found the low of the day at the fib target from last Wednesday’s move. IF
price keeps selling off, 1.0977 is the next fib target from the previously mentioned
swing and 1.0786 is last month’s low which may be strong potential support if tested
this week. IF price rallies, 1.1200 is the beginning of the next stronger possible
resistance cluster and 1.1267 is the next long term 38% retracement.
No comments yet.