Vladimir Mihaylov
Independent Analyst
After last month's EUR pullback seems that the EU currency is ready to go south for another wave. The pair has lost 1.1200 level again and is currently trading below, with no signs for any upside for now. indicators on almost all timeframes are bearish which tells me that soon we are going to 1.1100 and below. Daily resistance here is at 1.1350 and only above that we may hope for further recovery. The pair is bearish below 1.1300 on Daily any price below this level will be used to open fresh SHORT positions. You should use 1.1350 as a reversal point and exit SHORT positions above it. However we are approaching a huge negative Ichimoku on Daily frame which will continue to press the price level to the downside.
In this situation GOLD has taken some advantage and after testing 1188 support is now back above the sfety 1212 resistance which is support level already. The upside move stopped at the next resistance at 1221 and if broken the move will continue to 1236 and 1248 in the days ahead to encounter the H4 SMA200 resistance at 1244-1248. we have a support area between 1206 and 1212. Breaking below may reverse the bullish outlook.
NZD seems to be still in a consolidation around 0.7500 to bearish mode. To confirm the bearish wave we have to close a H4 bar below 0.7490, and then the pair will set the target price to 0.7440 which is the Senkou Span B price of the positive H4 cloud breaking below it will increase bearish pressure and the price soon may test the 0.7300 and below price levels. Upside may be restored only above 0.7580.
AUD is bearish below 0.7800. H4 and Daily indicators are bearish, but we have a good support at 0.7720,only below 0.7700 the bears will be encouraged to take control of the pair. Here 0.7830 is the reversal point above it AUD will try to recover further to 0.7870 and 0.7950 where is the main resistance for this week.
JPY is trading well above the 119.00 support, first resistance comes at 120.40-120.60 area, and we need some fundamental news to break it higher until that we shall continue with the range trade between 119.30 and 120.30. Below 118.80 the pair will turn south to 118.30 first and then below.
GBP is still in a small upside channel, but now it is close to test the downside border at 1.5350. It is good to know that breaking below that may restore the downside so be very careful. The final support is at 1.5250 and if we loose that too downside will be fully restored. For now we are bearish below 1.5410 and bullish above 1.5440-60. Use the last as a reversal point.
RUB again is going to loose the battle against the dollar as the pair is trying to make its way through 62.00 level. Here the price is quite unstable as we have a wide Ichimoku between 62.30 and 63.70. Maybe the pair is going to wait until tomorrow to break above the tiny part of that same H4 cloud. Overall resistance is 64.70 above which we shall go another 100 pips to the next 65.80 resistance. Bearish outlook is possible only if we have at least two H4 candles closed below 60.00 so fo now seems we are bullish.
For today:
SHORT EUR below 1.1200 SL 1.1210 TP 1.1160-1.1130-1.1100-1.1080-1.1045
LONG EUR above 1.1270 SL 1.1260 TP 1.1310-1.1350-1.1390-1.1450
LONG GOLD above 1210 SL 1207 TP 1222-1228-1234-1242-1246
SHORT GOLD below 1202 SL 1205 TP 1190-1178-1166-1152
Good luck!
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