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Now the 17.40 level become the support and bulls should be watching it closely. We assume the price action is now in the uptrend so buying on dips is preferable. 17.40 is a perfect place to put on some longs. Targets at the new high and the stop should be placed at 1.1640
Bulls – same as before Bulls need to take profit at this stage. If you have been long in this market you should bank some profits at these prices and wait for another pull back down. It looks like GBPUSD existed the current leg up and its ready for a correction. Watch 1.3050 as a support to re enter long positions.Bears Bears might have a chance to short the Cable. Today’s key reversal off the 3 month high is a sign of more downside to come. The price needs to take out 1.3050 first for the larger down-move to be confirmed. Watch that level
Things are looking up better for USD bears. As the price is pointing to the downside, you should be already short from the current level. Today’s close marks 8 day low and the daily candle engulfed previous 7 sessions. All stops are probably triggered, and more selling is likely to follow up. Sell the market with stops above 95.30 and targets at 93.80 support.
USDJPY is climbing higher and about to re test the resistance at 112.00. My bias is to the downside as long as we are not breaking that resistance. Bulls There are no setups to buy USDJPY. Buying the resistance is never a good plan. I would like to wait for a pullback to 111.20 first. Bears There are more options for bears here. The perfect spot to sell lies at 111.05. This is just below yesterday’s low and would count as a 3 days corrective rally to the resistance. The break of that level will open the door to more declines. Stops at 112.00. targets at 109.80
GBPUSD cleared the resistance and the Friday’s pin bar. The price closed at 1.3020, right at the last month’s high. More upside is expected, and any declines should be treated as opportunity to buy the Cable. An attractive level sit at 1.2940. If he price moves down to retest it, longs should be entered. Stops just below the recent low @ 1.2770 and targets at the fresh highs.
USDJPY finally collapsed. The pair moved from 11.50 to 110.70 and is closing the session below 20 days moving average, engulfing 9 previous days. This is strong bearish signal and another aggressive leg down is very likely to follow tomorrow. If this is the case, NFP should come in weak and propel USDJPY to the downside. My short position remains open, but the current level is a great opportunity to open more shorts. Stops should be placed at 111.90 and profits to be taken at 109.70
The cable stage an aggressive leg up and closed the session at 1.2900 (after climbing to 1.2980) earlier on. We need to see a follow up on the rally. A break and a firm close above 1.2980 (today’s high) would be a nice confirmation of the bottom and more upside would be very likely. I will be waiting for a daily close above this level to enter longs. I expect a long-term bottom to take place at the current level.
GLD moved lower as the USD moved higher. GLD closed the session at 1191, $10 lower from the open. If the USD rally will gain more steam, Gold is likely to move deeper down. I still hold my long position with stops at 1180. If that level is taken out, more downside will be likely. But if we trade and closed higher, the price might recover beyond 1210
EURUSD was flat today on thin volume. Last week’s rejection of the 1.1740 resistance and a massive engulfing daily candle gives enough reason to believe there will be more downside to play out. I have placed stop sell order at 1.1580 Stop loss at 1.1720 Initial targets at 1.1320The entry is placed just below Friday’ low The stop loss is placed few pips above the most recent top at 1.1715
EURUSD recorded first down day after 4 consecutive higher daily closes. The high from 3 sessions ago @1.1730 marks the resistance. I expect the price to come down from here and move towards the support at 1.1570. I would like to wait for another lower daily close before committing to short position. I expect tomorrow’s session will close lower too.
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