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.
Tags: 2009, 23, review
Due to my analysis I expect the NZD to be the strongest followed by USD, GBP, CAD and CHF and weakest pairs are JPY then EUR then AUD.
In all the systems I trade one thing I focus on is buying strongest pairs vs weakest and shorting weakest pairs vs strongest.
Here are the levels I’ll be looking at to buy/sell.
USD/JPY Lightly buy 95.23 and aggressively 94.90 to 94.50
NZD/JPY Buy 53.00 to 52.74 and aggressively 52.50
GBP/JPY Buy 137.12 to 137.00
CAD/JPY Buy 76.62 to 76.50
USD/CHF Buy 1.1200 to 1.1180
AUD/JPY Buy 65.00 and 64.50
USD/CAD Buy 1.2330 to 1.2300
EUR/JPY Buy 129.00
NZD/USD Buy breakout of .5625 or sell breakdown of .5550
GBP/USD Sell 1.4600 and breakdown of 1.4400
EUR/GBP Sell .9450 and breakdown of .9381
AUD/USD Aggressively sell breakdown of .6850 and sell .6950
EUR/USD Aggressively sell breakdown of 1.3550 and 1.3700
Happy trading 
Tags: 23, focus, march