Markets seem to be resuming their natural rhythm today: the EUR/USD is holding steady, USD/JPY is pushing higher - the GBP/USD and AUD/USD are dropping heavily.
Super Mario is up tomorrow after visiting the Spanish Parliment, there may be some interesting comments to watch out for.
There is also a strong focus on Cyprus at the moment, and it will be key to see developments from the Euro group finance meeting next week. In the build up we could see some side comments from various Euro group members.
We also have a flood of UK data tomorrow in the form of PPI and CPI, with the pound dropping aggressively today. A break beyond lower support on bad data could spur an even larger decline. Good data could allow for a pop higher.
EUR/USD
The euro remained relatively static today. We could still see a further pull back in this pair before a move higher, so it's key to wait for clear signals.
Weekly signs still point to a Bullish trend in the EUR/USD, however sentiment towards the pair is waning, therefore the 1.33 support level will be key if the up trend remains intact.
Personal Bias: Bullish
Support: 1.3300
Resistance: 1.3500 / 1.3650 / 1.3710
My Strategy: Look for buying opportunities on a retracement and rejections off of support to the 1.33 mark.
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GBPUSD
The British pound collapsed from my blue region on yesterday's chart. We still suspect this pair has a lot further to go, and therefore will continue to watch for Bearish entry signals on the 4hr and Daily charts. Push higher and rejection would put me short.
Personal Bias: Bearish
Support: 1.5630
Resistance: 1.5825
My Strategy: Remain Bearish under the 1.5825 mark. Will look for short entries on 4hr chart below this, aiming for the recent lows and support levels.
If UK data is good tomorrow (beats expectations), we could get a small rally to offer good shorting opportunities.
AUDUSD
Aussie dropped steadily today, finding support before the US session but then breaking through this later in the day.
I continue to like this pair for a push lower towards the 1.0200 mark.
Personal Bias: Bearish
Support: 1.0250
Resistance: 1.0300 / 1.0350
My Strategy: Short from 1.0320, stops now lowered to 1.0300 - initial target 1.0220 looking for 1.0150.
USD/JPY
The yen continued to weaken today with the USD/JPY hitting and smashing through the 94.00 mark.
i was looking for short entry signals below the 92.00 mark, and this highlights why it is key to wait for good signals and confirmation.
Personal Bias: Neutral
Support: 92.00 / 91.00
Resistance: ??? - not sure there is any...
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My Strategy: wait for good entry signal
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