Daily Pivots: (S1) 1.2555; (P) 1.2628; (R1) 1.2689
EUR/USD’s strong rally in early US session suggests that rebound from 1.2389 is resuming. At this point, intraday bias is mildly on the upside as long as 1.2585 minor support holds. Further rise is in favor to 1.3290 high and 100% projection of 1.2329 to 1.3290 from 1.2389 at 1.3350 to complete the consolidation from 1.2329. Nevertheless, upside is expected be limited below 1.3768 cluster resistance and bring down trend resumption. On the downside, below 1.2585 will flip intraday bias back to the downside and break of 1.2389 will be an important indication that consolidation from 1.2329 has completed and recent down trend has resumed for next target of 50% retracement of 0.8223 to 1.6038 at 1.2131
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Daily Pivots: (S1) 1.4609; (P) 1.4781; (R1) 1.4907
GBP/USD’s recovery from 1.4557 extends further today and with 4 hours MACD staying well above signal line, an intraday low should be in place. Some more consolidation is in favor. Above 1.4557 will encourage stronger recovery towards 4 hours 55 EMA (now at 1.5327). But upside should be limited below 1.5600 support turned resistance and bring fall resumption. On the downside, below 1.4557 will target mentioned 100% projection of 1.7630 to 1.5269 from 1.6671 at 1.4310.
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GBP/USD’s down trend resumed last week and dived to as low as 1.4557 before turning sideway. Initial bias remains on the downside this week as long as 1.5080 minor resistance holds and further fall is expected to 100% projection of 1.7630 to 1.5269 from 1.6671 at 1.4310. On the upside, above 1.5080 will turn intraday outlook neutral and bring recovery to 4 hours 55 EMA (now at 1.5428). But upside should be limited below 1.5600 support turned resistance and bring fall resumption.
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Daily Pivots: (S1) 1.4600; (P) 1.4796; (R1) 1.5033
GBP/USD recovers mildly after dipping to 1.4557 but upside is still limited below 1.5080 minor resistance. Intraday bias remains on the downside and further decline is still expected to mentioned target of 161.8% projection of 2.0158 to 1.7445 from 1.8668 at 1.4278. On the upside, above 1.5345 will turn intraday outlook neutral first and bring brief consolidation before staging another fall. Read the rest of this entry »
Daily Pivots: (S1) 1.2488; (P) 1.2672; (R1) 1.2955
EUR/USD’s strong rebound from 1.2389 indicates that an intraday low is in place and more importantly, it invalidated the triangle breakout scenario and suggests that consolidation from 1.2329 is still in progress. Intraday bias is flipped back to the upside and further rebound could be seen towards 1.3290 high. Though, there is no change in the broader view that price actions from 1.2329 is merely consolidation in the larger down trend. Upside of the current rise from 1.2389 is still expected to be limited below 1.3768 cluster resistance and bring down trend resumption. On the downside, below 1.2591 will turn intraday outlook neutral again. Further break of 1.2389 will be an important indication that recent down trend has resumed for next target of 50% retracement of 0.8223 to 1.6038 at 1.2131
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Daily Pivots: (S1) 1.2106; (P) 1.2246; (R1) 1.2511
USD/CAD’s rise from 1.1464 extends further to as high as 1.2418 before turning sideway. At this point, intraday bias remains on the upside as long as 1.2150 minor support holds. As discussed before, correction from 1.3015 has completed at 1.3015 has completed, ahead of 50% retracement of 0.9823 to 1.3015 at 1.1419. Further rise is expected to retest this 1.3015 high. On the downside, below 1.2150 will turn intraday outlook neutral first. Though, another rally is still in favor as long as pull back is contained above 1.1658 support.
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Daily Pivots: (S1) 1.5261; (P) 1.5482; (R1) 1.5601
GBP/USD’s fall from 1.6671 extends further to as low as 1.5347 before recovering mildly. At this point, it’s still uncertain on whether such decline represents resumption of the prior down trend or it’s merely part of the consolidation that started at 1.5269. Nevertheless, intraday bias remains on the downside as long as 1.5884 minor resistance holds and retest of 1.5269 low should be seen. Sustained break will confirm that recent down trend has resumed for 161.8% projection of 2.0158 to 1.7445 from 1.8668 at 1.4278 next. On the upside, though, above 1.5884 will suggest that fall from 1.6671 has completed and consolidation from 1.5269 is still in progress for another rise to 1.6771 before completion. Read the rest of this entry »
Daily Pivots: (S1) 1.1733; (P) 1.1862; (R1) 1.2069
USD/CAD’s rise lost steam ahead of 1.2022 resistance and retreats mildly. Intraday outlook remains neutral for the moment. As discussed before, break of 1.2022 resistance will indicate rise from 1.1464 has resumed. More importantly, this will reaffirm the case that correction from 1.3015 has completed with three waves down to 1.1464, slightly above 50% retracement of 0.9823 to 1.3015 at 1.1419. In such case, strong rally should be seen to retest 1.3015 high. On the downside, though, below 1.1464 will indicate that fall from 1.3015 has resumed. Read the rest of this entry »
Daily Pivots: (S1) 1.5700; (P) 1.5949; (R1) 1.6147
GBP/USD is still staying in tight range after rebound from 1.5603 was limited by 4 hours 55 MEA. Intraday outlook remains neutral for the moment. Short term outlook is also mixed with consolidation that started at 1.5269 still in progress. Nevertheless, below 1.5603 will encourage a retest of 1.5269 low. On the upside, above 1.6198 will encourage a retest of 1.6671 resistance. But after all, note that the path of consolidation will remain unpredictable as long as 1.5269 low remains intact. Read the rest of this entry »
EUR/USD continued to engage in choppy sideway consolidation between 1.2329 and 1.3290 last week. As discussed before, with EUR/USD just missed 38.2% retracement of 1.4867 to 1.2329 at 1.3299, it’s believed that fall from 1.4867 has completed. Consolidation from 1.2329 is still in progress and is probably developing into triangle pattern. Nevertheless, in any case, firstly, as long as 1.2329 low holds, such consolidation could extend further. Secondly, in case of another rise, upside should be limited below 1.3768 cluster resistance. And more importantly, the path of the consolidation will remain unpredictable. Read the rest of this entry »
