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Daily plan on 19th of May
NEWS: USD 8:30AM est Housing Starts
EUR/USD sold off to the 200 day MA on Sunday evening and rallied for the rest of the day to find resistance at the weekly pivot for the current highs of the day. If price continues to rally on Tuesday, the next potential resistance is 1.3608 (next major 68% fib retracement) and 1.3650 (next peak high and weekly pivot.) IF price sells off, 1.3400 is a long term 38% retracement and 1.3300 is the next 50%
major fib for potential support for tomorrow.
GBP/USD rallied to find resistance and the highs at the weekly highs from last week which are also very close to the yearly highs. IF price rallies up through this level, the next possible resistance is 1.5460 (fib target) and 1.5500 (fib target and monthly pivot. IF price sells off, 1.5200 is the 62% retracement from Monday’s high and low swings points, and 1.5060 is the low from last week for your possible support levels for Tuesday.
USD/JPY rallied to the 38% fib retracement from the high and low of last two weeks for the high of the day as price rapidly sold off. The next 50/62% levels for this swing are 97.16 and 97.77 for the next possible resistance. IF price sells off, the current 62% retracement for Monday is 95.34 and the low from Sunday is 94.55 which may act as support if tested.
USD/CAD sold off and trended down the entire day approx. 200 pips with very little retracement until price reached the ultimate lows of the day. Be cautious taking countertrend setups when price is trending heavily like this. Use the FXPI and FXMM before taking countertrend trades. IF price rallies, the 50/62% fib retracements for Monday’s range are currently 1.1709 and 1.1733 and the highs
from Sunday and last week are 1.1800 area for your possible resistance levels. IF price sells off, the weekly pivot is near the previous swing low at 1.1554 and the lows for last week are 1.1479 for your potential support!
USD/CHF rallied to the next major 38% retracement late Friday and early Sunday and sold off causing price to trend down most of the day. IF price continues to sell off, the next possible support begins at 1.1090* and last week’s lows of 1.1039. If price rallies to test the highs of the week at 1.1261 at the next 50% fib retracement of 1.1359, may be possible resistance.
Happy trading