Aggressive purchases are observed on NZD/USD. The New Zealand dollar has risen by more than 100 points over the few past trading sessions. The currency has reached the 0.7035 key resistance level. The technical pattern is ambiguous now.
I don’t exclude a technical correction in the nearest future. I’ll buy NZD/USD, if the price reaches 50.0-61.8% of the correctional zone.
I’ll open long positions, if the price overcomes and fixes above 0.7035. Its support is provided by the growth of oil quotations. The goal for taking profit is 0.7085.
The meeting of the Bank of Canada will be held today. The regulator will make a decision about the further monetary policy. The latest statistics from Canada was ambiguous. Experts believe that the Central Bank will keep the interest rate at the previous level (0.50%). I’ve identified the following key levels:
Support - 1.3450, 1.3300
Resistance - 1.3585, 1.3750
I’ll open positions, if the price fixes above/below these levels.
I’ll buy USD/CAD, if the quotes fix above the 1.3585 mark. Potential movement – to 1.3750.
I’ll sell, if the price overcomes the 1.3450 support level. Potential movement – to 1.3300.
This idea has a medium-term character.
AUD/USD held the 0.7500-0.7510 key resistance yesterday. It has triggered aggressive sales. I plan to open deals in the current trend direction. I’ll sell AUD/USD, if the price fixes below the 0.7445 local support. The goal for taking profit is 0.7410.
The current technical pattern on GBP/USD indicates the corrective movement development. The strongest reversal formation of technical analysis, the MACD divergence, has formed at the H4 chart. I’ll sell, if the price fixes below the 1.2850 support level. Potential movement - to the 1.2700 round level. Confirmations and entry points into the market can be found at smaller timeframes. This deal will be medium-term.
The technical pattern on NZD/USD is ambiguous at the moment. I’ve identified the following key levels:
Support - 0.7000, 0.6950
Resistance – 0.7050
I’ll open positions after the price fixes above/below these levels.
I’ll open longs, if NZD/USD fixes above 0.7050. Target movement - to the 0.7100 round level.
If the price fixes below the 0.7000 support level, I’ll sell. Potential movement - to 0.6950.
Trading activity and volatility won’t be very high today. This is due to holidays in the US and UK. I’ll open short-term speculative positions. I’ve identified the following key levels for EUR/USD:
Support – 1.1160
Resistance - 1.1185, 1.1210
USD/JPY
Support — 111.15, 110.90
Resistance — 111.40, 111.65
Potential movement — to the nearest s&r levels. I’ll use a trailing stop for these positions.
Bears are dominating on EUR/USD now. The euro has lost more than 50 points during the Asian trading session. I’ll open deals in the current trend direction. I plan to wait for a correction to 1.1160-1.1175. I’m going to open short positions, if the price reaches this zone. Potential movement - to 1.1110-1.1080.
My favorite reversal formation is the divergence of the price and the MACD histogram as I’m pretty good at working with it. Such a situation has formed on NZD/USD (timeframe N1). I plan to open short positions here. I’ll sell after the price fixes below the 0.7040 support level. The goal for fixing profits is the 0.7000 round level. Signals for opening a position may appear during several days.
I can identify the following key levels on USD/JPY:
Support — 110.70
Resistance — 111.15.
It seems to me that the demand for safe assets can grow in the nearest future. It is rather difficult to predict what the report on the US labor market will be like on June 2, since the latest statistics from the United States was ambiguous. Also, the political risks in Britain are growing.
I’ll sell USD/JPY, if the price fixes below 110.70. Potential movement - to 110.30. I’ll use a trailing stop for this position.
The bearish sentiment prevails on GBP/USD. I plan to open deals in the current trend direction. I’ll think of selling it after the price fixes below 1.2770 (a local extremum). The target level of movement is the 1.2700 round level. I’ll also use a trailing stop here.
The technical pattern indicates a possible correction on EUR/USD now. The price has held the 1.1250 resistance level. I plan opening short positions. I’ll sell it, if the price fixes below 1.1220. The goal for taking profit is 1.1190.
The divergence on NZD/USD has continued. There may be a correction in the near future. I plan to sell, if the price fixes below the 0.7070 support level. Confirmations and entry points to the market should be found on smaller timeframes. Potential movement - to the 0.7000 round level. I’ll use a trailing stop for tracking the position. This transaction will be medium-term.
The statistics on the US labor market is in focus today. The most of experts expect the worsening of indicators. I’m not going to trade today but will watch the market carefully.
Yesterday’s preliminary report from ADP and business activity in the US manufacturing sector turned out to be positive. It seems to me that today’s statistics will be quite strong and may exceed all market expectations. It may strengthen the dollar’s position in the nearest future. Nevertheless, I’ll be back to trading only the next week.
I’ve defined the following key levels for EUR/USD:
Support — 1.1170, 1.1080
Resistance — 1.1250
USD/JPY
Support — 111.15, 110.50
Resistance — 111.70, 112.20
An interesting technical pattern has formed on GBP/USD. An “Ascending Triangle”, a classical figure of technical analysis, has appeared. The price has overcame and fixed above the upper border of the figure. I plan to buy the pair, if the price fixes above 1.2940. Potential movement - to 1.2990-1.3035. This transaction will be medium-term.
I’ve identified the following key levels on EUR/USD:
Support – 1.1240
Resistance – 1.1280
I’ll open positions from them.
I’ll buy, if the price fixes above the level of 1.1280. Potential movement - to 1.1325-1.1350.
I’ll sell, if the price fixes below the 1.1240 support level. The goal for taking profit is 1.1200.
There will be parliamentary elections in the UK tomorrow. GBP/USD will likely be in flat all the time before the results announcements. I’ve identified the following trading range: 1.2800-1.2925 and plan to wait until the elections are over. I’ll open positions from the key levels. There may be strong trend movements in the nearest future. So I’ll try to reduce the risk for that deal.
Aggressive sales are observed on USD/JPY. I’ll open deals in the current trend direction. I’ll sell the pair, if the price fixes below the 109.200 local support. Potential movement - to 109.00-108.75. I’ll use a trailing stop for tracking the position. At the moment, the demand for safe assets is at a high level.
I expect the growth of volativity and trading activity on EUR/USD today. The ECB will make a decision on interest rates at 11:45. At 12:30, a press conference will be held. The economic forecasts will be published.
I’ll reduce risks when opening a position. I plan to trade short-term.
The following key levels for EUR/USD:
support: 1.1240, 1.1200, 1.1165
resistance: 1.1280
