One of the lightest days on the economic calendar ever! Most major pairs are consolidating although Ms. USA (AKA US dollar) softened slightly yesterday especially against the Euro.
For newbie traders just tuning in, the forex market typically moves in cycles, so after seeing a number of strongly bullish sessions for USD, it’s not unlikely to see a little profit-taking and a little consolidation.
In case you missed my radio interview at Benzinga beginning of this week, check it out above because in the 24-minute show I explained about my long-term visions and important characteristics of the forex market.
We then have a long wait until anything exciting happens with Japanese bond purchases providing the evenings excitement. Markets however will be gearing up for Thursdays German unemployment and Inflation numbers and should be jostling for position prior to this.
Short Term Technical Analysis
EUR/USD 4-hour: Consolidating.
Invest Diva Likes: Short positions below 1.3153 with targets at 1.3120 and 1.3.
If Pair Goes Nuts: Above 1.3198 look for further upside towards 1.3292 and 1.3337.
What’s up on the Forex Dance Floor: The pair is still consolidating while on a long-term downtrend. The RSI is below the neutrality area.
Supports and Resistances
1.3337
1.3292
1.3198
1.3153
1.3120
USD/JPY 4-hour: Consolidating.
Invest Diva Likes: Short positions below 103.92 with targets at 103.22 and 102.90.
If Pair Goes Nuts: Above 103.92 look for further upside towards 104.25 and 105.
What’s up on the Forex Dance Floor: The pair is consolidating after the uptrend with RSI on the down trend and currently around the neutrality area.
Supports and Resistances
105
104.25
103.92
103.22
102.90
USD/CAD 4-hour: Moving down.
Invest Diva Likes: Short positions below 1.0892 with targets at 1.0861 and 1.08.
If Pair Goes Nuts: Above 1.0892 look for further upside towards 1.0922 and 1.0944.
What’s up on the Forex Dance Floor: After forming a double top, the pair is now moving down, breaking below the Ichimoku cloud and teasing the 23% Fibonacci level at 1.0892. The RSI is below the neutrality area.
Supports and Resistances
1.0944
1.0922
1.0892 pivot point
1.0861
1.08
