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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3605
Overview – 4 hour retracement trend has moved up nicely from the 1.2900 area to the upper 1.3600’s. Now looking for a potential break of the 4 hour trend line to begin falling again.
Resistance – 1.3685 / 1.3745 / 1.3797 / 1.3866 / 1.3949
Support – 1.3576 / 1.3490 / 1.3413 / 1.3279 / 1.3185
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GBP/USD – Current 1.5770
Overview – Large reaction to news today falling and testing Fib retracement levels of the previous uptrend. Going to let the market settle before making any new decisions on this pair.
Resistance – 1.5785 / 1.5820 / 1.5848 / 1.5875 / 1.5900
Support – 1.5755 / 1.5708 / 1.5656 / 1.5595 / 1.5508
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USD/CHF – Current 0.9435
Overview – Down trend since Jan. 11 has continued to slide but reaching close to the low from the beginning of the year. .786 Fib of the last run up sitting near .9410 and could send this back up to challenge the weekly down trend line once again.
Resistance – .9485 / .9541 / .9583 / .9675 / .9735
Support – 0.9413 / .9379 / .9346 / .9318
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USD/JPY – Current 82.45
Overview – Congestion between 83.50 and 84.40 has proven to be difficult on the way higher as expected. Only a break of 84.40 will see the next significant bull leg. Under 82.00 could begin a slide back to the mid 81.00’s
Resistance – 82.70 / 83.00 / 83.48 / 83.80 / 84.00 / 84.40 /
Support – 82.27 / 82.00 / 81.57 / 81.10 / 80.30
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USD/CAD – Current 0.9990
Overview – A break of 1.0020/30 will look for more upside. A fall back down from 1.000 will look to retest 0.9900. Daily trend line come into play in the 1.0070 area.
Resistance – 1.0032 / 1.0050 / 1.0080 / 1.0106 / 1.0150
Support – 0.9975 / 0.9950 / 0.9923 / .9890 / 0.9850 / 9829 / .9795 / .9750
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AUD/USD – Current 0.9905
Overview – Have now seen a break of the weekly trend line and looking for the break of key supports to begin next leg down. A turn back up could see a rally back to the mid 1.0150 area.
Resistance – 0.9925 / .9975 / 1.0018 / 1.0045 / 1.0075 / 1.0100 / 1.0155
Support – 0.9865 / 0.9830 / .9820 / 0.9740 / 0.9660
