ForexAnalytixPipczar

ForexAnalytixPipczar

Intraday Update: The AUDUSD is at flag support, and near the 38% retracement at .6643, which may offer a good place for longs.

ForexAnalytixPipczar

Intraday Update: The Cable is trading in the bull flag pattern setup, but the 61.8% retracement at 1.3200 level is key resistance following the NFP, and if a strong employment report the risk would be a move back below 1.3100 and (more than likely) negate the bullish pattern.

02:28

ForexAnalytixPipczar

The bounce back in the USDJPY was a gift for bears. Despite the ISM services data, the rest of the data this week does suggest a possible move below the 141.50 and beyond. The FOMC is on pace to cut rates and with the BOJ hell bent on raising rates, this should help the pair lower regardless of what the NFP data looks like tomorrow.

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Intraday Update: The USDMXN is nearing the 20.00 level as Mexico's Lower house approved general text by AMLO which would allow justices to be elected by popular vote. This has kept pressure on the MXN and a break of the 20.0000, then 20.2300 would trigger upside stops. While above 19.6000 the risk remains higher.

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Intraday Update: The SPX has hit the 127% ext (4points away) and the 50dma is here as well. This will be a do/die level for the market in the day(s) ahead.

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Intraday Update: A bull flag may be developing in the GBPUSD which does suggest the 1.3170 level should cap for now. A rally above this level may put the 1.3250 level back in play next.

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Intraday Update: Today the USDCAD could have a toxic mix of month end flows, CAD GDP and US PCE today (h/t to Lucas for mentioning this in the chatroom) and the pair has been consolidating losses near the 61.8% retracement. Also a bear flag pattern so move below the 1.3450 would usher in a continuation lower, and back above the 1.3500 level a squeeze back towards...

ForexAnalytixPipczar

Intraday Update: The AUDUSD has gotten a foothold above the .6800 level, and with prelim GDP and unemployment claims ahead, the sustainability above this resistance in the AUDUSD today is in question.

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Intraday Update: The GBPUSD has a head and shoulder setup, thanks to the USD strength (overall) following the EZ economic data earlier. The neckline is at the 1.3150 level. A move back above the 1.3230 would invalidate. The weekly unemployment claims will be in focus later today for direction. A stronger US unemployment claims (weak number, good for USDollar)...

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Intraday Update: After almost hitting the 161% extension this week, the GBPUSD may pullback towards the 1.3150 level, which is the 61.8% retracement and also the long term breakout point.

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Intraday Update: The EURNZD may be trying to work a longer term false breakout, head and shoulder pattern, etc, however the intraday RSI's are reaching for very oversold condition. We'd expect sellers to step in above 1.7950's if a bounce happens intraday. We have also hit the 200dma as expected overnight.

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Intraday Update: The DXY is back at the 101.00 level as the divergent intraday RSI has worked itself back to neutral. Expect some sellers near this previous support and further at 101.50.

ForexAnalytixPipczar

Intraday Update: The EURGBP continues to slide now that is it is back below the .8500 level pivot, however the 78% retracement at the .8434 is attracting buyers intraday. Any move back to the .8500 level (should it be seen) should find sellers intraday.

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Intraday Update: Cable take out new trend highs intraday as bull flag pattern takes place, RSI divergent. While above the 1.3150, upside targets remain at 1.3280's near term.

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Intraday Update: The AUDNZD is finding support at the rising channel, and the 50% retracement. While above the 1.0950 we'd expect a move back above the 1.1000 level.

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Intraday Update: The USDCAD is at the key 1.3600 level, 200dma and has broken yesterday's lows. The bulls are at risk of stops being triggered below the 1.3590 level now.

ForexAnalytixPipczar

Intraday Update: It gores without saying how important the 1.3590-1.3600 level support is on the USDCAD is and has been most of 2024. The daily RSI is very oversold, and Canadian inflation is today. If short USDCAD you have to be careful, but stops below the 1.3590 may be targeted today should inflation come in "sticky." Only back above 1.3655 takes the downside...

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Intraday Update: The GBPUSD usually gets a reaction from the 78% retracement, and today in European trade has been no different. The 1.2975 is strong resistance with support down at 1.2900 and 1.2870 today.