My yesterday expectations for the euro were justified. I expect the correction continuation on EUR/USD. A reversal Price Action pattern, Bearish Engulfing, was formed on the daily chart near the 1.1000 round level. This level acts as a rather strong resistance. I’ll sell the pair, if the price fixes below the 1.0875 level. The goal for fixing profits is 1.0835.
The technical picture on USD/JPY is ambiguous for me now. The demand for the US dollar is supported by a strong report on the US labor market and an increase of the expectations of an interest rate growth in June. At the same time, I don’t exclude a technical correction after a significant rally of the US currency.
I’ve identified the following levels. I’ll look for the entry points, if the price is fixed above/below these markers:
Support – 113.65
Resistance – 114.30
I’ll buy USD/JPY, if the price fixes above the 114.30 level. Potential movement - to 114.75.
I’ll sell, if it overcomes the 113.65 local support. Target movement - to 113.000.
The news background on the GBP/USD pair is very saturated today. At 11:00 (GMT), there will be a meeting of the Bank of England during which a decision regarding further monetary policy will be made. I plan to wait for the conclusions on the interest rate.
I’ve identified the following key levels. I’ll watch how the price reacts to them:
Support - 1.2910, 1.2865
Resistance - 1.2980, 1.3025
The New Zealand dollar fell today due to the RBNZ decision. The NZD/USD pair is dominated by bearish sentiments. I plan to open deals in the current trend direction. I’ll sell it after the retest of the local offer zone (0.6880-0.6900). The goal for fixing profits is 0.6825. This transaction can last for a few days.
Sales dominate on GBP/USD at the moment. I plan to open deals in the current trend direction. I’ll sell, if the price fixes below the 1.2880 local resistance level. The goal for taking profit if 1.2850.
USD/CHF is trading in flat during the last trading session after a significant increase since the beginning of the current week (it has grown by more than 200 points). The technical pattern is ambiguous. I’ve identified the following key levels:
Support – 1.0055
Resistance- 1.0090
I plan to open deals, if the price fixes above/below these levels.
I’ll buy USD/CHF, if the price fixes above 1.0090. Potential movement - to 1.0125.
If the price overcomes the 1.0055 local support level, a correction may develop. Potential movement - to 1.0010-1.0000.
By the way, the data on the inflation and retail sales in the United States will be published today.
The American currency is under pressure. The latest statistics from the US was very weak. I expect correction of USD/JPY. I plan to sell it, if the price fixes below the 112.20 local support. Target movement - to 111.50. I’ll use a trailing stop for this position. The transaction can last for several days.
The report on the labor market in Britain will be released today at 9:30. I expect positive statistics, since the latest data on the activity indices was quite optimistic. I’ll buy GBP/USD, if the price fixes above the 1.2940 local resistance. The goal for taking profit is 1.2980.
There is an increase in the demand for the Australian dollar at the moment. This happens due to the publication of a positive report on the labor market in Australia. I’m going to open long positions today. I’ll buy AUD/USD, if the price fixes above the 0.7465 local resistance. The immediate goal for taking profit is 0.7510.
A bearish sentiment prevails on USD/JPY since the beginning of this week. The demand for the yen is also supported by the positive data on Japan's GDP. At the same time, the current technical pattern is ambiguous. I don’t exclude a technical correction after a significant drop of USD/JPY. I’ll open positions from the key levels.
I’ll buy USD/JPY, if the price fixes above the 111.50 local resistance. Potential movement - to the 112.20 level.
I’ll sell, if the price overcomes the 110.70 local support. Potential movement - to 110.25-110.00.
A correction was observed on EUR/USD yesterday. The technical pattern is ambiguous for me now. We don’t expect the publication of important economic reports from the US and the EU today. For myself, I have identified the following key levels:
Support – 1.1080.
Resistance – 1.1165.
I plan to open deals after the breakthrough and retest of these marks.
The correction on EUR/USD may continue, if the price fixes below the 1.1080 support level. I’ll sell the pair to the 1.1000 round level.
I’ll open long positions, if the price fixes above the 1.1165 resistance level. The immediate goal for taking profit is 1.1200.
The technical pattern on NZD/USD indicates the current trend continuation. I’ll open short positions, if the price overcomes the 0.6880 local support level and I’ll use a trailing stop for this position. Potential movement – to 0.6860-0.6825
The American currency is still under pressure due to the political risks in the US. A bullish sentiment prevails on EUR/USD. The euro has overcome the 1.1210 local support level. I plan to open deals in the current trend direction and will buy the pair after retesting of the 1.1210 mirror support level. Potential movement – to 1.1250-1.1275. I’ll use a trailing stop for this deal.
The Canadian dollar is trading near the 1.3500 round level at the moment. The technical patter indicates the further fall of the USD/CAD quotes. The MACD says about the seller’s strength. I’ll sell the pair, if the price fixes below the 1.3500 level. A goal for its movement is 1.3450.
GBP/USD has kept the resistance level at 1.3040. The technical pattern indicates a possible correction. The pound is under pressure now because of the terrorist attack in the UK. The currency is trading near the 1.2970 support level. I’ll open short positions. I’ll sell, if the price fixes below 1.2970. Potential movement - to 1.2910. The MACD histogram has moved to the negative zone that also indicates the development of a downward trend.
Aggressive purchases are observed on NZD/USD. The New Zealand dollar has risen by more than 100 points over the few past trading sessions. The currency has reached the 0.7035 key resistance level. The technical pattern is ambiguous now.
I don’t exclude a technical correction in the nearest future. I’ll buy NZD/USD, if the price reaches 50.0-61.8% of the correctional zone.
I’ll open long positions, if the price overcomes and fixes above 0.7035. Its support is provided by the growth of oil quotations. The goal for taking profit is 0.7085.
The meeting of the Bank of Canada will be held today. The regulator will make a decision about the further monetary policy. The latest statistics from Canada was ambiguous. Experts believe that the Central Bank will keep the interest rate at the previous level (0.50%). I’ve identified the following key levels:
Support - 1.3450, 1.3300
Resistance - 1.3585, 1.3750
I’ll open positions, if the price fixes above/below these levels.
I’ll buy USD/CAD, if the quotes fix above the 1.3585 mark. Potential movement – to 1.3750.
I’ll sell, if the price overcomes the 1.3450 support level. Potential movement – to 1.3300.
This idea has a medium-term character.
AUD/USD held the 0.7500-0.7510 key resistance yesterday. It has triggered aggressive sales. I plan to open deals in the current trend direction. I’ll sell AUD/USD, if the price fixes below the 0.7445 local support. The goal for taking profit is 0.7410.
The current technical pattern on GBP/USD indicates the corrective movement development. The strongest reversal formation of technical analysis, the MACD divergence, has formed at the H4 chart. I’ll sell, if the price fixes below the 1.2850 support level. Potential movement - to the 1.2700 round level. Confirmations and entry points into the market can be found at smaller timeframes. This deal will be medium-term.
The technical pattern on NZD/USD is ambiguous at the moment. I’ve identified the following key levels:
Support - 0.7000, 0.6950
Resistance – 0.7050
I’ll open positions after the price fixes above/below these levels.
I’ll open longs, if NZD/USD fixes above 0.7050. Target movement - to the 0.7100 round level.
If the price fixes below the 0.7000 support level, I’ll sell. Potential movement - to 0.6950.
