NZD/USD Daily: Reached Our First Bearish Target at 0.7460.
Kiana’s positioning: Short position since 0.7600 with extended bearish targets at 0.73500 and 0.72380
Technical reasons why: The pair has been moving down alongside a falling wedge below the 23% Fibonacci level and just reached the lower band of Ichimoku cloud with strong bearish sentiment. A break below the cloud would further confirm our bearish position.
Alternative Scenario: Above 0.7600 look for further upside with 0.78300 as first alternative target..
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.73500 | 0.7600 | 0.7830 |
| 0.72380 | 0.8020 |
USD/CAD Daily: Long Positions Towards 1.2777
Kiana’s positioning: Long positions within the consolidating range towards 1.2777.
Technical reasons why: The pair confirmed above the Ichimoku cloud and moving towards the upper band of Bollinger Bands (BB). We could see more zigzag moves within the rectangle chart pattern between 1.2777 and 1.2460.
Alternative Scenario: A break below 1.2460 would change our outlook to short-term bearish with 1.218 as first alternative target.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.2700 | 1.2460 | 1.2181 |
| 1.2777 | 1.2100 |
AUD/USD Daily: Testing Pivot Level with Strong Bearish Sentiment.
Kiana’s positioning: Short position below 0.7500 with targets set at 0.7300 and 0.7030 in extension
Technical reasons why: Unable to reach the 23% Fibonacci retracement level, the pair is pulling back towards the lower level of Bollinger Bands with the MACD indicator signaling further drops. The strong US dollar push on Monday morning has to with the AUD/USD drop.
Alternative Scenario: Above 0.7900 look for further upside with 0.8042 as first alternative target and 0.8317 in extension
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.7300 | 0.7500 | 0.8042 |
| 0.7030 | 0.7900 | 0.8317 |
