The pick of the day is AUD/USD because I’m eyeing the pair to see if it’s going to rebound on the 61% Fibonacci level or not.

It is likely that the pair continues dancing up on the daily dance floor, breaking Mr. fibo’s heart, since the Mr. Ichimoku is signaling an upward movement with the Tenkan moving average and the Ichimoku  cloud moving up. The RSI though just rebounded from the overbought zone but it’s supported by an upward support line, so chances are we see more gains towards 0.954 and October’s top at 0.97. Now a break below 0.89 could open doors for more declines with 0.87, 0.857 and 0.83 as targets. Intraday on a shorter time frame we should see some drops.

Looking to this week, data will be a little less high level than last week’s numbers (though last week’s numbers did very little to shift investor opinion in any direction), so the highlights will probably be the minutes of last month FMOC meeting on Wednesday. Ahead of this we’ll be looking out for any announcements on policy tweaks from the Bank of Japan tonight, as well as UK industrial output tomorrow. Thursday is a fairly busy day with Chinese trade balance out in the early hours, ECB data and the Bank of England interest rate announcement. A quick word with our Japanese followers, 来月から日本語で為替市場レポートをお伝えしますから、是非日本語バージョンも見てください！！

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Intraday Forex Technical Levels

EUR/USD Intraday: rebound.

Our preference: Long positions above 1.369 with targets @ 1.3755 & 1.3785 in extension.

Alternative scenario: Below 1.369 look for further downside with 1.367 & 1.3655 as targets.

Comment: The pair is rebounding and is breaking above its resistance.

Supports and resistances:
1.3815
1.3785
1.3755
1.3736 Last
1.369
1.367
1.3655

GBP/USD Intraday: under pressure.

Our preference: Short positions below 1.662 with targets @ 1.655 & 1.6505 in extension.

Alternative scenario: Above 1.662 look for further upside with 1.6645 & 1.668 as targets.

Comment: The pair remains under pressure and is challenging its support.

Supports and resistances:
1.668
1.6645
1.662
1.6583 Last
1.655
1.6505
1.647

USD/JPY Intraday: under pressure.

Our preference: Short positions below 103.45 with targets @ 102.95 & 102.7 in extension.

Alternative scenario: Above 103.45 look for further upside with 103.7 & 104.1 as targets.

Comment: The pair is rebounding but stands below its resistance.

Supports and resistances:
104.1
103.7
103.45
103.211 Last
102.95
102.7
102.45

USD/CHF Intraday: under pressure.

Our preference: Short positions below 0.8925 with targets @ 0.8875 & 0.885 in extension.

Alternative scenario: Above 0.8925 look for further upside with 0.894 & 0.896 as targets.

Comment: The RSI is badly directed.

Supports and resistances:
0.896
0.894
0.8925
0.8886 Last
0.8875
0.885
0.883

NZD/USD Intraday: intraday support around 0.857.

Our preference: Long positions above 0.857 with targets @ 0.861 & 0.8635 in extension.

Alternative scenario: Below 0.857 look for further downside with 0.853 & 0.851 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
0.8675
0.8635
0.861
0.8587 Last
0.857
0.853
0.851

AUD/USD Intraday: turning down.

Our preference: Short positions below 0.93 with targets @ 0.9245 & 0.922 in extension.

Alternative scenario: Above 0.93 look for further upside with 0.934 & 0.937 as targets.

Comment: As long as the resistance at 0.93 is not surpassed, the risk of the break below 0.9245 remains high. The pair failed to break above the 0.93 key resistance area and reversed down.

Supports and resistances:
0.937
0.934
0.930
0.9263 Last
0.9245
0.922
0.92

USD/CAD Intraday: key resistance at 1.1.

Our preference: Short positions below 1.1 with targets @ 1.096 & 1.0935 in extension.

Alternative scenario: Above 1.1 look for further upside with 1.1045 & 1.1075 as targets.

Comment: The upward potential is likely to be limited by the resistance at 1.1.

Supports and resistances:
1.1075
1.1045
1.1
1.0995 Last
1.096
1.0935
1.0905