AUD/USD:
The Australian dollar yielded ground to its US counterpart Monday once price shook hands with its 0.72 handle. For traders who read Monday’s briefing you may recall the piece highlighted 0.72 as a number likely on the radar for many sellers this week.
The ingredients behind 0.72 as a sell zone are down to the following:
• Converges with a local H4...
EURNZD bounced nicely off its support at 1.6705 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.6873 (76.4% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is bounced off its support at 1.7% where a corresponding rise could occur.
NZDUSD is approaching its support at 0.6715 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.6770 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support at 2% where a corresponding bounce could occur.
AUDCHF is approaching its support at 0.7038 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 0.7089 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 4.6% where a corresponding bounce could occur.
EURJPY bounced nicely off its support at 123.78 (76.4% Fibonacci retracement, horizontal swing low support, channel support) where it could potentially bounce to its resistance at 124.35 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is bounced off its support at 2.7% where a corresponding rise could occur.
USD/CHF:
Broad-based USD buying (US dollar index overthrew its 96.50 mark to the upside) bolstered the USD/CHF into US trade Thursday. This, as you can see from the H4 timeframe, hauled the candles back to the lower boundary of 1.0000/0.9977 (comprised of the 1.0000 (parity) level and December’s opening level at 0.9977), which is, once again, holding ground. It...
GBPUSD is approaching its support at 140.58 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal pullback support) where it could potentially bounce to its resistance at 141.44 (100% Fibonacci extension, Horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 5.4% where a corresponding bounce could occur.
CHFJPY is approaching its resistance at 110.37 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, Horizontal swing low support) where it could potentially drop to its support at 109.81 (100% Fibonacci extension, Horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its resistance at 95% where a corresponding drop could occur.
CADJPY is approaching its support at 81.70 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, Horizontal swing low support) where it could potentially bounce to its resistance at 82.44 (100% Fibonacci extension, Horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 7.9% where a corresponding bounce could occur.
USDJPY is approaching its support at 109.17 (61.8% & 100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 109.662 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 6.8% where a corresponding bounce could occur.
EURUSD is approaching its resistance at 1.1424 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 1.1373 (61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding reversal may occur.
USD/CAD:
In response to Wednesday’s lackluster Canadian retail sales figures (fell to -0.9% from 0.3% in November and missed expectations of -0.6%), the US dollar gained traction against its Canadian counterpart just north of the 1.33 handle. The move erased the majority of daily losses, though the H4 candles failed to overthrow channel resistance (extended from...
EURCHF is approaching its resistance at 1.1341 (61.8% Fibonacci extension, 61.8%, 50% Fibonacci retracement, Horizontal swing high resistance) where it may drop to its support at 1.1246 (100% Fibonacci extension, Horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding drop may occur.
CHFJPY is testing its support at 109.53 (61.8% & 100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where price may bounce up to its resistance at 110.31 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is testing its support at 4.4% where a corresponding bounce may occur.
EURGBP is testing its support at 0.8763 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where price could bounce up to its resistance at 0.8866 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is testing its support at 1.7% where a corresponding bounce may occur.
EURAUD reversed off its resistance at 1.5971 (100% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it could drop further to its support at 1.5896 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop may occur.
The Canadian dollar is Tuesday’s G10 underperformer, amid a decline in oil, the US dollar index preserving strength above the 96.30 mark and lower-than-expected Canadian wholesale sales and manufacturing sales numbers.
Since Jan 11, as highlighted in Tuesday’s briefing, the H4 candles have been compressing within an ascending channel formation (1.3183/1.3318)....
EURUSD is approaching its support at 1.1310 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.1379 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 4.6% where a corresponding bounce could occur.
