15
Review on 15th of April
NEWS: USD 8:30 AM est Core CPI
9:00 AM est TIC Long-Term Purchases
10:30 AM est Crude Oil Inventories
EUR/USD sold off from Monday’s high at the 20 day MA and found support for the ultimate low of the day at the 62% retracement of the week. Price appears to be bearish for Wednesday, due to the selling reaction at the previously mentioned levels from Monday’s high. IF price does rally, look for a chance to reenter the downtrend at the current 62% retracement of 1.3328, then again at the weekly high of 1.3392. The next potential support is the 62% retracement from last week’s low and this week’s high at 1.3205, and Sunday night’s low and the fib target at 1.3124 but use caution taking countertrend if the FXPI is extremely weak.
GBP/USD had a lower volatility taday but managed to extend the gains from Monday and had a slight rally on choppy trading conditions. IF price rallies up again, the next possible resistance is last week’s high of 1.4960 and the strong possible resistnace at the 1.5075** zone. (fib target cluster from multiple swings. IF we get a sell off, 1.477 zone is a 50% retracement for the week and previous strong resistnace level which should now act as strong support if tested on
Wednesday! 1.4733 is the 62% retracement of the week and weekly pivot for the next possible support.
USD/JPY ended up selling off almost the entire day as price dropped through support and found the low of the day right at the 200 and 20 day MA’s. These may provide strong support but overall the intermediate trend is bearish, so watch for another sell of day if Tuesday’s lows are broken to the short side. IF price rallies, look for a possible chance to reenter the downtrend at 99.73 (fib retracement cluster) and at 100.00 (weekly 62% retracement and double whole
number.) Watch for the next possible support at 98.06 as STRONG potential support, especially the 1st time this level is tested as long as the FXPI is not ultra weak.
USD/CHF bonced from the 200 day MA and rallied on Tuesday, but price is stuck between the 200 and 20 day MA and still below the 50 day MA so difficult to predict trend direction for Wednesday. IF price sells off below 1.1300 then 1.1244 is last week’s low and 1.1161 is last month’s low for the next possible support levels. IF price rallies, 1.1454 and 1.1490 are the weekly fib retracement levels for possible resistance.
USD/CAD did manage to sell off below strong support as identified in yesterday’s trading plan and trended down for most of the trading session. Price is still bearish but is currently rallying to retest the previously strong support level for resistance. 1.2190 begins the cluster of this resistance for possible chance to reenter the downtrend on late Tuesday or Wednesday when more trading volume enters the market. The next resistance above this is 1.2272. IF price does continue the downtrend, you may experience light support at the fib target of 1.2035 and also beginning at 1.1920.* These areas MAY also be good places to take profits if you are in a short from the previously identified resistnace zones.