Vladimir Mihaylov
Independent Analyst
Deeper and deeper EUR goes with another gap lower opening week. Finally the big players sold the EUR they have since close to 1.4000 levels. Where EUR is going to stop - it is not clear yet, but somewhere around 1.3066 we have a support area. We are currently some 200 pips below the weekly Senkou Span B price of the positive Ichimoku,however we have broken it lower too early and we have to make some significant correction higher before this break to be confirmed. The dollar is extremely strong, but some currencies are dollar resistant and we will see this below.
GOLD shows no change it is between the support 1282 and the resistance 1286, despite the test of 1270 it remains in range and consolidating. You may sell below 1280 with 3 USD SL.
NZD is below the negatve cloud on Daily and the strength disappears ahead of 0.8400, so i expect another swing to 0.8400 and drop to 0.8300 if we have a fail at 0.8400. Sell there with SL no more than 15 pips.
AUD uses the old good support at 0.9300-10 to start a recovery to 0.9350, we need to break this and to close above the day to continue the upside, otherwise another drop may follow. For now we are bullish above 0.9310 SL 0.9300 TP 0.9360-0.9400
JPY continues to loose price again and the pair formed a 'flag' on Weekly and Daily. The pair is bullish above 103.90-104.00, below that exit LONG. next target is 105.20
GBP shows resistance against growing dollar strength, here no major change of the price can be seen for several days.1.6530 is a good support and the price now is trying to break the 1.6610 resistance. If this happens the recovery will continue to 1.6690-1.6760. and if we fail, the price may return back to 1.6530 support.
RUB has reach almost 37.30 this morning with some high volatility by the time of writing, but the pair is still bullish above 37.00. i can't say where the next high will be as these are the highest levels recorded ever on my platform.
For today:
LONG EUR above 1.3122 SL 1.3110 TP 1.3140-1.3170-1.3190-1.3220-1.3250
SHORT EUR below 1.3140 SL 1.3150 TP 1.3110-1.3090-1.3066-1.3030-1.3000
LONG GOLD above 1282 SL 1279 TP 1292-1296-1302-1308-1316
SHORT GOLD below 1278 SL 1282 TP 1270-1266-1254
Good luck!
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.