Matt Simpson, CFTe, MSTA
CityIndex
Lower liquidity today due to Japanese Bank Holiday
HSBC upgrade Chine growth forecast to 7.5%, up 0.1%
AUDNZD traded higher form open early Asia as Traders favoured the A$ over N$
NZD immigration remains strong which poses upside risk for Kiwi Dollar
UP NEXT:
No red news to drive the markets today so we may be in for a quieter session, albeit further escalation surrounding Malaysian Flight MH17.
TECHNICAL ANALYSIS:
EURGBP D1: Seeking bearish setups on the daily timeframe
Friday closed with Shooting Star below the 8eMA and 0.7925 resistance level. As we remain light on News tonight this may take a few days to come into play, but the trend remains bearish as continues to print lower lows/highs.
If we break above Friday’s high then seek bearish setups below 0.7958, which is likely to provide more reliable resistance with the 21eMA, horizontal resistance and bearish trendline.
EURUSD H1: Intraday spike warns of pending strength
The closely watched 1.50 level finally gave way last Friday, only to see it bounce aggressively back above to produce a Bullish Hammer. This spike low could be taken as the first clue to near-term strength, but going into today’s European open we can also see that price has broken above 1.354 resistance (now likely support) and intraday bullish momentum is increasing.
This favours long setups on lower timeframes using the daily and weekly pivots as intraday targets.
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