EUR/USD
EURUSD
edged higher bouncing off of support near the 10-day moving average
at 1.0950. The currency pair is likely to consolidate until the ECB
meets and the markets are able to absorb the new information. This
came following a worse than expected sentiment report. Resistance is
seen near the February high at 1.1375. Momentum remains negative as
the MACD index prints in the red with a downward sloping trajectory.
The RSI turned higher with price action reflecting accelerating
positive momentum, while printing a reading of 50, which is in the
middle of the neutral range.
GBP/USD
GBPUSD initially
fell during the day on Monday, but turned back around to form a very
positive candle. The hammer suggests that we are going to go higher,
but the biggest problem that we have us going long of this market is
not only is in a bit overextended at this point in time, but we do
have quite a bit of noise just above. Because of this, we are going
to simply sit on the sidelines in this particular market. While we do
recognize the potential for a move higher, the reality is that it is
going to be a very hard trade to hold onto.
AUD/USD
AUDUSD continued to break
higher during the course of the day on Monday, testing the 0.75
level. If we can break above there, we should continue to go much
higher, but quite frankly we are a bit overextended at this point so
we will have to wait to see whether or not a pullback occurs that we
can take advantage of as it would offer value in what is obviously a
massive break out to the upside. We have no plans to sell at this
point in time, and believe that the trend has turned around.
USD/JPY
USDJPY fell
just a little bit during the course of the session here on Monday,
but we are still very much in the way of consolidation, so having
said that it is probably best to sit on the sidelines when it comes
to this market. Quite frankly, the easiest trade in this market is to
buy above the 115 level, as it would show a significant breakout
above resistance. At this point in time, that’s essentially what we
are waiting for and as a result will be hesitant to get involved at
this point in time.
GOLD
Gold market took a positive move for
the beginning of the week and showed the potential of the buyers as
the previous candle was a Doji and we were expecting the market to go
down but the interest of the buyer lead the price of yellow metal to
1273 handle now looking at the chart we are waiting for the price to
break the resistance and open a new range of profit booking.
Forecast
We need to wait for the price to break
the 1273 handle and this can lead to 1293 levels where the lower side
support can be placed at 1259.
CRUDE
Crude oil was already moving in a gap
up pricing, after all day consolidation the prices again jumped after
the US opening and broke the $ 37 handle this lead to the main change
in the price and trend of the crude oil. Now we find the major
resistance at $ 38.25 if the buyers lead the market then we have a
wide range to cover at part of profit.
Forecast
Buying in oil after $ 38.50 can lead
the price for $ 41.00 where on the lower end we can wait for the
price of $ 35.00
No comments:
Post a Comment