Germany's IFO data yesterday came out better than expected, although the difference was not so big to make some serious EUR move, and the pair has reached only to 1.3716. Then it slided back to the support line at 1.3653. The price is locked in range ahead of FED's decision tomorrow, when i expect some huge volatility. For now the price seems well supported by the 1.3640-50 support zone and today i will try long above that. Weekly indicators are bullish, Daily and H4 are mixed but will turn bullish once the price is above 1.3690. So first long entry point is above 1.3650, second is above 1.3690. I will not discuss the downside today, as any move below 1.3650 will be a false move.

GOLD has bounced back ahead of Senkou Span B price as expected, and for now is back to 1252-1254 support area, it will depend on FED's decision only to continue to the downside or to progress above 1280. I think the metal will remain in a stand-by close to 1254 until tomorrow afternoon.

NZD is back into the negative cloud on Daily and who has bought it yesterday already has a small profit, move your SL at 0.82 and wait. By the end of the week i expect it above 0.83, but let's see.

AUD also continued recovery as forecasted yesterday and almost has reached 0.88, but there is a resistance area just below at 0.8787 (easy to remember) which has stopped the progress for now. After some hesitation below 0.88 i expect another test of the support close to 0.8720 and then another push to the upside in attempt to enter the negative Ichimoku above.

JPY - still the Yenn lacks power to bounce from the Senkou Span A price and it remained stuck onto the cloud, It is possible some recovery to 103.30 and then any downside push will make the price enter the cloud and will set the target at 100.00

GBP has recovered  Friday afternoon's losses and returned at 1.6600 level. It is a good starting point to attack the Friday's top, but if failed downside will be even more powerful. Currently the pair is clearly bullish above 1.6590. The support zone is 1.6570-1.6560 and i do not expect for it to be broken today.

For today:

LONG EUR above 1.3650 SL 1.3635 TP 1.3710-1.3740-1.3765-1.3790

SHORT EUR below 1.3645 SL 1.3660 TP 1.3620-1.3605-1.3580-1.3540-1.3510

LONG GOLD above 1252 SL 1247 TP 1263-1272

SHORT GOLD below 1244 SL 1250 TP 1220-1200

Good luck!

Views: 620

Comment by umar shahzad on January 28, 2014 at 9:52am


Comment by Syed Ali Arslan on January 28, 2014 at 5:08pm



You need to be a member of Forex Social Network to add comments!


© 2018   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service


Live Video