Dailyfx | Aug 03, 2015 12:44PM ET
Price & Time Analysis: EUR/USD
ChartPrepared by Kristian Kerr
EUR/USD Strategy: Square.
Instrument |
Support 2 |
Support 1 |
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Spot |
Resistance 1 |
Resistance 2 |
EUR/USD |
1.0870 |
*1.0920 |
1.0960 |
1.1040 |
*1.1100 |
Price & Time Analysis: NZD/USD
ChartPrepared by Kristian Kerr
NZD/USD Strategy: Like the short side while below .6735
Instrument |
Support 2 |
Support 1 |
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Spot |
Resistance 1 |
Resistance 2 |
NZD/USD |
*.6500 |
.6535 |
.6590 |
.6670 |
*.6735 |
Focus Chart of the Day: USD/MXN
The price action in USD/MXN needs to be watched closely. Last week’s reversal on the back of Banxico’s decision to increase FX intervention has left a top of potentially some importance on the daily and weekly charts. What makes the reversal particularly interesting is the timing of it all as it occurred right around a Pi cycle of 3.14 years from the 2012 high in USD/MXN. (The closing high for the month actually came within one trading day of the May 2012 high) If a more important and drawn out correction against the primary trend is playing out here then 16.4900 should easily hold on any backtest and ideally even 16.2900. Weakness under 16.0000 would help signal that another leg lower is underway.
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
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