Review on today’s trading day
NEWS: GBP 4:30 AM est MPC Meeting Minutes
USD 10:30 AM est Crude Oil Inventories
2:15 AM est ** FOMC Statement **
EUR/USD rallied up strongly through resistance and made fresh yearly highs after price sold off slightly
for several days in row beginning late last week. The high of the day is currently at the weekly pivot
where price is currently residing and testing again for resistance. Because of the lack of selling at this
level, price may merely be stalling and consolidating before attempting to rally again at some point
during the rest of the week. IF price does rally and pops over the weekly pivot, the next possible
resistance are the fib targets from the weekly high/low at 1.4903 and 1.4953. If price does eventually
sell off from the weekly pivot, the next potential support is the current 62% weekly fib at 1.4693 and
the next long term 38% retracement at 1.4580.
GBP/USD also continued to rally from Monday’s rally and double bottom from the beginning of the
month and found the high of the day at the 20 day MA. The trend bias is still bearish and the next
potential resistance are the next long term 50/62% retracements at 1.6437 and 1.6508. If price sells
off from the 20 day MA and current weekly high, the current weekly 38/50/62% retracements are
1.6293, 1.6363-1.6232 for possible support as price sells off.
USD/JPY continued to sell off after finding resistance at the 20 day MA on Monday and sold off to
the next 62% retracement and monthly and weekly pivots where price is currently testing for support.
If the sell off continues, 90.58 and 90.25 are fib profit targets for possible support. IF price reverses
from the weekly pivot and rallies, 91.72 and 91.91 are the current weekly 50/62% retracement levels
that may offer resistance.
USD/CAD sold off also from the 20 day MA and sold off early in the trading session on Tuesday as
price approaches the previously strong support level where price found support multiple times. IF
price continues to sell off to retest the level, watch for possible support at the 1.0600-1.0587 zone
and the next strong possible support at the fib target cluster at 1.0550. IF price rallies, from Tuesday’s
current low and rallies, 1.0756 and 1.0779 are the current 50/62% retracements for possible resistance
if price rallies.
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Nicely rounded up days trading, thanks for the post
Market is picking up as USD and Euro getting strong, on top of that Indian market is also doing good, as they have increased their trading time from 9 to 5, which can serve a good point for european market. Thanks for the nice post.
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Thanks for the summary. You’re helping a lot recently!
Spot on as always. Looks like things may be picking up