The markets continue to be jittery as global economy and global stock markets remain the center focus. The EURUSD moved couple of pips higher on weak US data, but remains below 1.09 levels as investors price-in possibility of more ECB rate cuts. The GBPUSD was steady near five-and-a-half year lows after the minutes of the Bank of England’s latest policy meeting were less dovish than expected. The strongest currency is the CHF. The weakest currency is the NZD. Gold was little changed on Thursday after its rise the previous session as sharp selloff in equities enhanced demand for the safe haven.
Elsewhere, oil prices continue driving global sentiment lower. Canada, one of the big global oil producers, saw its dollar dive as deep as C$1.4382 per U.S. dollar, its lowest level since April 2003. In Europe, investors were also not getting much encouragement from the region’s two biggest central banks, the ECB and the Bank of England. The BoE kept its interest rates on hold in its first policy meeting of the year although one member continued to call for a hike.
Trading quote of the day: “You will always remember the trades that could have been and forget about the risks that were involved.
Currency Updates:
EUR/USD Intraday: consolidation
Pivot: 1.0945
Our preference: short positions below 1.0945 with targets @ 1.08 & 1.077 in extension.
Alternative scenario: above 1.0945 look for further upside with 1.0975 & 1.099 as targets.
Comment: the RSI is mixed to bearish.
Supports and resistances:
1.099 ***
1.0975 ***
1.0945 ***
1.0854 Last
1.08 ***
1.077 ***
1.0735 ***
USD/JPY Intraday: consolidation.
Pivot: 118.35
Our preference: short positions below 118.35 with targets @ 117.45 & 117.2 in extension.
Alternative scenario: above 118.35 look for further upside with 118.6 & 118.85 as targets.
Comment: the RSI lacks upward momentum.
Supports and resistances:
118.85 ***
118.6 ***
118.35 ***
118.218 Last
117.45 ***
117.2 ***
116.95 **
GBP/USD Intraday: caution
Pivot: 1.435
Our preference: long positions above 1.435 with targets @ 1.4475 & 1.4515 in extension.
Alternative scenario: below 1.435 look for further downside with 1.43 & 1.4225 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1.456 **
1.4515 ***
1.4475 ***
1.4412 Last
1.435 **
1.43 *
1.4225 *
AUD/USD Intraday: rebound
Pivot: 0.6905
Our preference: long positions above 0.6905 with targets @ 0.704 & 0.7085 in extension.
Alternative scenario: below 0.6905 look for further downside with 0.6865 & 0.685 as targets.
Comment: the RSI is bullish and calls for further upside.
Supports and resistances:
0.7105 ***
0.7085 ***
0.704 ***
0.6983 Last
0.6905 ***
0.6865 **
0.685 **
SPI 200 (ASX) (H6) Intraday: expect 4985.
Pivot: 4852
Our preference: long positions above 4852 with targets @ 4947 & 4985 in extension.
Alternative scenario: below 4852 look for further downside with 4825 & 4810 as targets.
Comment: the RSI is bullish and calls for further upside.
Supports and resistances:
5040
4985
4947
4935 Last
4852
4825
4810
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