Review on 2nd of July
NEWS: EUR 7:45 AM est Minimum Bid Rate
USD 8:30 AM est Non-Farm Employment Change **
8:30 AM est Unemployment Rate
EUR/USD rallied up heavily after news was released at approx. noon est. pushing the
rally into new weekly highs through resistance. Price is still over the 20 and 50 day MA’s
and has been rallying for several weeks but a pullback may be due some point this week
because of being so overbought. IF price rallies again, watch for possible resistance at
1.4200 (currently weekly high) and at 1.4250 which begins a fib target cluster. IF price
sells off, 1.4056 and 1.4027 begin the next two fib retracement clusters for possible
support.
GBP/USD sold off to make new weekly lows, then found support at the next strong fib
38% retracemetn for the lows of the day. Price is still hovering over the 20 day MA.
IF price sells off and breaks below the 20 day MA, watch for a strong potential down
trending day. The next possible support is is the low of the week at 1.6382 amd the next
fib target of 1.6300. IF price rallies, watch for potential resistance at 1.6563 and 1.6606
which are the current weekly 50/62% retracements.
USD/JPY rallied to the top of the daily trend channel which also combined with the 20
and 50 day MA’s where price found resistance and sold off the rest of the day. Price
is likely to be bearish for the rest of the week because of the strong resistance but must
wait for further confirmation. IF price sells off, 96.00 is a fib retracement and 95.68
is the next longer term fib retracement for possible support. IF price rallies, 95.15 begins
the next resistance peaks from the past several weeks and is also a weekly pivot for
potential resistance.
USD/CHF sold off rapidly after the news release as price sold off to the 2nd buy zone
for the lows of the day and rallied back into the range. 1.0711 was the low of the day
on Wednesday and may again offer support if tested. The next possible strong support
is 1.0636 which beings a multiple support cluster and the low of last week. IF price rallies,
the current fib retracement levels that may offer resistance are 1.0800 and 1.0820.
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