Review on Monday
NEWS: EUR 5:00 AM est Industrial New Orders
CAD 8:30 AM est Core Retail Sales
NZD 11:00 PM est Inflation Expectations
EUR/USD had a big rally to open the session, retraced to 50% of the breakout then rallied
again to test the highs of the day. Currently Price is well above the 20 and 50 day MA’s but
may need to retrace to test support if the uptrend is to continue. IF price does sell off, 1.4250
is a fib retracement and weekly pivot and 1.4210 is the next long term 50% retracement for
possible support. IF momentum continues and takes price to test the highs, 1.4376 is the high
for last week and may again be resistance and 1.4441 is the next fib target from Friday’s
swing high/low.
GBP/USD rallied to double top at the previous weekly highs then sold off again, as price is
still contained between the 20 and 50 day MA’s as support and resistance. IF price rallies
to test the highs, 1.6624 is the high of last week and 1.6700 is the next fib target for potential
resistance for Monday. If price reverses and sells off, 1.6408 is the long term 62%
retracement and 1.6276 is the low of last week for high possible support for Monday as
well.
USD/JPY sold off on Friday to make new monthly lows then rallied hard in the afternoon
session and has since rallied early Sunday session to test the highs of Friday. IF price keeps
rallying 95.08 and 95.60 are the 38/50% retracements of the past several weeks where price
may find resistance. IF price sells off, 93.43 is the low of last week for possible support
if price tests this level on Monday or Tuesday.
USD/CAD also rallied heavily in the afternoon of the Friday session and is approaching the
potentially strong resistance where the 20/50 and 200 day MA’s are clustered. 95.08 and
95.60 are the next 38/50% retracements where price may find resistance. IF price sells off,
93.43 is the weekly low and weekly pivot for possible support and 92.65 is the next light
potential support point (fib target.)
USD/CHF sold off to major support for the lows of the week, where price is currently
testing again for support just above the monthly pivot. If price ultimately finds support here
and rallies, 1.0660 and 1.0681 are the next fib retracement levels from different weekly
and multi-weekly swings for possible resistance. IF price sells off, 1.0507 is a fib target
and 1.0477 is a fib target and weekly pivot for possible support as well.
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