Vladimir Mihaylov
Independent Analyst
EUR lost another 20 pips yesterday and is currently trading just below the 1.3800 level. The price is capped by the final support at 1.3790. Breaking below will target 1.3720 and 1.3700. The major support area is around 1.3650-70 and breaking below that will set the 1.3510 as the next target. To the upside we need at least a Daily close above 1.3820. upside will be fully restored once above 1.3890, but before that we have to deal with the 1.3860 resistance. We have a good chance of recovering to the upside later today because of the good economic data from Germany tomorrow and in Thursday, if the economic releases are weaker than expected downside pressure over the EUR will be increased.
GOLD failed to break above 1302 and i expect it will continue to loose price, Breaking above 1295 may reach 1306, and then the metal will try to stay above 1302 once again. Another fail will mean another drop to 1280. Above 1315 the price will attack the Weekly negative Ichimoku and the 1331 price level.
NZD is in a recovery mode on Daily frame, but on H4 frame the price is stopped currently by the SMA200 resistance at 0.8585. On breaking that resistance target will be at 0.8620 but i doubt the bulls here are stronger enough to break through it too.
AUD faced a resistance area too at 0.9360-0.9370. If the price closes on H4 above 0.9370 it may attack 0.9400 once again. Support here is 0.9330 below that is 0.9310 and finally 0.9220.
JPY continues to loose positions against the dollar and now the price is back into the negative Daily Ichimoku. Next target is 102.90 and then 104.10 will be attacked again. But we need to break the 102.70 resistance of the H1 Senkou Span B line of the negative cloud. We are bullish here as long as the price is above 102.50. Below 102.45 the pair will make a correction lower.
GBP is consolidating at 1.6800 level and this is close to the top at 1.6843. Daily and Weekly indicators are strongly bullish, while smaller ones are flat. The pair is waiting for some ecomomic data from the UK to determine further direction. Major support is 1.6750 which may turn into a reversal point. Last support is at 1.6665.
For today:
LONG EUR above 1.3790 SL 1.3780 TP 1.3820-1.3850-1.3880-1.3905
SHORT EUR below 1.3860 SL 1.3870 TP 1.3820-1.3795-1.3760-1.3740
SHORT GOLD below 1290 SL 1294 TP 1278-1272
LONG GOLD above 1295 SL 1291 TP 1302-1305-1312
Good luck!
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