The Germany's PMI data yesterday was better than expected and the pair has tested 1.3850, however most of the market players prefer to wait until the IFO data release today, and the EUR was not able to progress above 1.3850. Still noone sells EUR since 2 weeks ago and on weekly the pair maintains the bullish tone. Daily framse shows EUR still in a correction mode, but a Daily close above 1.3850 will restore the bullish outlook here. H4 is in neutral position for now and H1 seems to turn to the upside. So i think we have more chances for upside today than to the downside. We are long as the price is above 1.3810. Only below 1.3800 you have to reconsider your LONG position.
GOLD is trying to build a support area at 1280-85. We have a strong resistance at 1298-1300 and bullish outlook will be restored far above, the final resistance is 1322, which is pretty far from the current price level. Try to enter LONG above 1280 for 1295-98 for example.
NZD has made a powerful recovery back to the well known resistance 0.8630 and maybe it will try to reach 0.8650. Currently it has entered the negative H4 Ichimoku and the battle for today will be to stay inside because it is too early to break it to the upside above 0.8650. We have a good support here at 0.8600, so we are bullish as the price stays above 0.8600.
AUD is looking for a support after yesterday's drop. Currently is trying to gain back above 0.9300, but we have a strong resistance at 0.9320 and the recovery seems limited by that price level. As the price is below 0.9320 further downside is more likely.
JPY is not giving up its positions against the dollar. Daily negative Ichimoku still keeps the downside pressure over the USD and the pair is again in a flat consolidation mode. Bulls here will be encouraged if we have a break through 102.60, whle bears are waiting for the price to drop below 102.10 to take it to the 101.20.
GBP is consolidating at the highest levels but unable for now to record a fresh high. a break below the 1.6750 support will take the price quickly to 1.6660, and the final support which is also a weekly reversal point is 1.6560, breaking below the last will take the price another 200 pips down in no time. However here also noone wants to sell and on a Daily frame as long as we are above 1.6770 we are bullish, hoping for a fresh high on a better EU data and bad US data.
LONG EUR above 1.3820 SL 1.3805 TP 1.3865-1.3885-1.3905
SHORT EUR below 1.3790 SL 1.3805 TP 1.3750-1.3730-1.3700
LONG GOLD above 1280 SL 1276 TP 1295-1298-1302
SHORT GOLD below 1302 SL 1305 TP 1292-1286
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