Vladimir Mihaylov
Independent Analyst
EUR dropped below 1.3500 yesterday and is now approaching a strong support area which is going to stop the downside move and to start a recovery to the upside.This area is between 1.3420 and 1.3450. However if 1.3400 is broken this will lead to another 100 pips drop, but i think this won't happen this month. Since today's opening the EUR shows signs of recovery. The target is 1.3500 and above but the first attempt may not succeed.
GOLD is pretty calm in this situation, hovering above 1300 the metal uses the support of the negative Daily cloud below at 1285. Another test of 1292-95 is possible and if it holds, then another upside will occur with target 1330-1350.
NZD has built a good support at 0.8650 and currently recovers back to the upside. First target is 0.8710 and the second one is 20-30 pips above somewhere close to 0.8740. Above 0.8650 you may enter LONG, exit below 0.8640.
AUD is also long but only above 0.9390, you have to exit LONG below 0.9380. The pair is now at 0.9430, but we may have a pullback to 0.9400 again before next upside attempt so keep this in mind.
JPY continues to keep the dollar below the resistance levels and moves currently into the positive Weekly cloud. Currently there is no interest of trading this pair.
GBP is trading at the support area of 1.7070, this keeps the upside potential alive and you may enter LONG above 1.7110. First support comes at 1.7030 and the next one is at 1.6970. The pair is now in a consolidation mode with a bearish bias.
RUB was unable to stay above the Daily negative clod and now will test the cloud's bottom which is the Senkou Span A price at 34.60. If that is broken the last support will be 34.30 if that is broken too, the upside will reverse to the downside. Try to enter LONG above 34.50 and exit at 34.30.
For today:
LONG EUR above 1.3460 SL 1.3450 TP 1.3475-1.3500-1.3520
LONG EUR above 1.3430 SL 1.3420 TP 1.3475-1.3500-1.3520
SHORT EUR below 1.3475 SL 1.3485 TP 1.3440-1.3410-1.3400
SHORT GOLD below 1314 SL 1317 TP 1302-1295-1292-1288
LONG GOLD above 1285 SL 1283 TP 1295-1302-1308-1312
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
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.