Vladimir Mihaylov
Independent Analyst
EUR continues to consolidate at the top levels despite the weak data from Eurozone yesterday and even a lot better than expected USA's ISM couldn't help the dollar to recover. EUR remains heavy bullish on all time frames. In this case thinking of going SHORT is crazy. Seems that the EUR will test resistance 1.3890-1.3905 at any moment as it has found a good support at 1.3870 for this attack. If unsuccessful the price will return to prevoius important support at 1.3850 and the final one is 1.3800-1.3810. Resistances are 1.3905 and then 1.3920, finally 1.3965.
GOLD has reached my first long target and bounced back a little. Despite the upside move the metal is in a downside channel and only a Daily close above 1316 may change the bearish outlook. Today's resistance is 1326-1328 and support is at 1300 folloed by 1294, below the last downside pressure will increase.
NZD has tested 0.8700 resistance this morning but at the moment is staying just below at 0.8690. Daily support is at 0.8620 which is far below the current price but i think bulls have enough power to keep the price above 0.8670. Below that we may have a correction to 0.8620.
AUD is still pressured by the 0.9280 resistance and any attempt to break is not successful, however on H4 we are inside a thin Ichimoku and this is the perfect chance to break it higher and i think the pair will use it. Next resistance is 0.9330. You may try to enter LONG at 0.9280 with a small SL, then partly TP at 0.9330
JPY keeps the pressure over the dollar and pushes the price below the 102.30 resistance, but it seems the USD bulls are not likely to allow the price going a lot below 102.00 level, be careful here, because a sudden USD recovery may appear.
GBP is waiting for the EUR to explode higher, the bulls here are looking for a fresh high. Indicators on all time frames are bullish so entering short is not a good idea right now. First support is at 1.6870, followed by 1.6840. We are bullish above the second, and above the first we are extremely bullish.
For today:
LONG EUR above 1.3870 SL 1.3860 TP 1.3890-1.3905-1.3920
SHORT EUR below 1.3970 SL 1.3985 TP 1.3910-1.3885
SHORT GOLD below 1316 SL 1319 TP 1305-1300-1296
LONG GOLD above 1318 SL 1315 TP 1326-1328-1331
Good luck!
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