Analysis by AlexKul

[Niklasco8]

Thanks for the info. Glad to know about this. lol

 

[alextrader79]

Despite the weak ADP report on the US labor market, I expect a correction on EUR/USD soon. A Bearish Engulfing PA pattern has formed near the 1.1900 round level. I’ll sell the pair, if it fixes below the 1.1835 local support. The goal for taking profit is the 1.1800 round level.

 

[alextrader79]

A correctional movement is observed on AUD/USD during the last trading sessions. The Aussie is under pressure due to the weak data on the Australian trading balance. I expect a correction of the AUD/USD quotes. I’ll sell the pair, if it fixes below the 0.7920 level. The pair may move to 0.7880.

 

[alextrader79]

The report on the US labor market is at the center of attention today. Preliminary data from ADP and statistics on business activity in the non-manufacturing sector from ISM turned out to be weak. At the same time, the experts expect an increase of the average hourly wage and a drop of the unemployment rate to 4.3%. A positive report can strengthen investors' expectations about another increase of the Fed's interest rate. I expect high trading activity today. So, I won’t trade today but just watch the market. I’ve identified the following key levels:

EUR/USD
support : 1.1835, 1.1760
resistance: 1.1900, 1.1950

 

[alextrader79]

USD/JPY
support: 110.00, 109.50
resistance: 110.40, 110.90, 111.30

 

[alextrader79]

The US Department of Commerce published a positive report on the labor market on Friday. The demand for the US currency is at a fairly high level now. I expect further strengthening of the US dollar against the major currency majors in the nearest future.
USD/JPY is testing a strong 110.90 resistance level at the moment. I’ll buy it, if the price fixes above this mark. The closest target for taking profit is the 111.30 resistance.

 

[alextrader79]

The euro is testing a 1.1800 round level now. I plan to sell EUR/USD after the breakdown and retest of the 1.1785 level. The pair may move to the 1.1740 local support.

 

[alextrader79]

Yesterday's trading was very calm. Majors were traded in a rather narrow range.
I still expect a further correction on EUR/USD. I plan to sell, if the price fixes below the 1.1800 round level. The pair may move to the 1.1740 local support level.

 

[alextrader79]

There is a correction on USD/CAD now. It seems to me that the pair has a good potential for the further growth. The demand for the US dollar remains at a fairly high level. I plan to buy it, if the price fixes above the 1.2675 local resistance. The goal for taking profit is the 1.2700 round level. I’ll use the trailing stop for tracking this position.

 

[alextrader79]

The technical pattern on GBP/USD is ambiguous at the moment. The divergence of price and MACD histogram (a strong reversal formation) has formed. At the same time, I don’t exclude the further fall of the quotes as the demand for the US dollar is at a high level. I’ll open positions from the key levels.

I’ll buy GBP/USD, if the price fixes above 1.3015. The goal for taking profit is the 1.3055 local support.
I’ll sell, if it fixes below 1.2975. The pair may move to 1.2940.

 

[alextrader79]

The bearish sentiment prevails on USD/JPY. The demand for the yen has grown due to the tension on the Korean peninsular. I’ll open deals in the current trend direction and sell the pair after it fixes below the 109.65 local support. It may potentially move to 109.25-109.00.

 

[alextrader79]

Aggressive sales prevailed on USD/CHF yesterday. The quotes fall exceeded 1%. It happened due to the risk growth on the Korean peninsular. These events caused the increase of the demand for safe assets. I’ll sell USD/CHF after the price fixes below 0.9650. My take profit will be at 0.9615.

 

[alextrader79]

NZD has sharply fallen after the RBNZ decision. The Central Bank kept the interest rate at the previous level of 1.75%. The regulator intends to hold a neutral position. NZD/USD came to the 0.7250 support level. I don’t exclude a technical correction. I’ll buy the pair, if it fixes above 0.7280.

 

[alextrader79]

The growth of geopolitical risks on the Korean Peninsula supports the demand for safe assets. The fall of USD/JPY exceeded 100 points. I’ll sell it, if the price fixes below the 108.90 local support. The pair may move to 108.50-108.25.

 

[alextrader79]

The report on the inflation in the United States is at the center of attention today. It seems to me that majors will consolidate before the statistics publication. I recommend opening positions from the key levels. Trading activity and volatility can grow significantly. I identified the key levels on EUR/USD:
support: 1.1740, 1.1700
Resistance: 1.1780, 1.1820, 1.1885

 

[alextrader79]

An interesting technical pattern has formed on USD/CAD. The currency retained the 1.2715 local support. I expect a downward trend soon. I’ll sell USD/CAD after it fixes below the 1.2700 round level. The pair may move to the 1.2665 local support.

 

[alextrader79]

EUR/USD has retained the 1.1830-1.1845 local offer zone. It caused a correction. The technical pattern is ambiguous for me now. I expect the further correctional movement. I’m going to sell EUR/USD after it fixes below the 1.1280 local support. The pair may move ti 1.1740.

 

[alextrader79]

My yesterday's expectations for EUR/USD were confirmed. The report on retail sales in the USA is at the center of attention today (12:30 GMT). It seems to me that before the publication of statistics, the currency will be traded in the 1.1730-1.1775 range. I plan to open positions from these marks.

I’ll sell the pair, if the price fixes below 1.1730. It may move to 1.1690-1.1675.

I’ll buy, if it fixes above 1.1775. It may move to 1.1830-1.1845.

 

[alextrader79]

The USD/CHF pair was traded aggressively yesterday. At the same time, the current technical pattern indicates a possible correction. The price held the key resistance level at 0.9750. I’d sell it after the breakthrough and retest of the 0.9710 level. The pair may move to the 0.9670 mirror support. The risk will be reduced, since this transaction is countertrend.

 

[alextrader79]

There is an upward trend on USD/JPY now. Reducing tensions on the Korean peninsula and a positive report on retail sales in the US support USD. I’ll buy USD/JPY, if the price fixes above the 111.00 round level. The pair may move to 111.50-111.75. Potential entry points to the market may appear within a few days.