As the Greenback continues to rally heading into the end of
the year we thought it would be a good time to review a couple key S/R
levels.Traders generate S/R based on a
number of factors.One key factor is
based on the tenor of the chart the trader is using.A trader using a tick or minute chart will be
less concerned about S/R generated from a 4 hour chart that is 100+ pips from
the current handle.However, that same
trader will want to know where the longer term S/R levels sit. If price moves
towards those points he can integrate them into his trading strategies thereby
profiting and or avoiding losses.
The Cable is currently sitting below its 100 day MA which
generates an already negative bias.A candle
body below 1.6198 would generate the next Short entry point. Near term profit taking would be the 200 day
MA.If the 200 day MA is breached we
would target the low of this range bound period near 1.5683 which also
represents the Fibonacci 38.2% Retrace level.The 38.2% Retrace level was generated from the Sterlingâ€™s turn around in
January of this year.
The Aussie has shown great resilience and for good
reason.The RBA had taken a hawkish
stance on rates as it was amongst the first to raise rates.The Australian economy is in relatively good
shape.Additionally, the AUD is a
commodity currency and it has ridden the commodity rally. Currently the AUD is
sitting just below the 50 day MA.A
candle body appearing below .8944 equal to the Fibonacci 76.4% Retrace level,
which also coincides with recent support levels would trigger a near term Short
entry.We would increase the Short
position with a close below the 100 day MA, currently holding at .8834.A long signal would be generated with a close
well above near term resistance at .9325.
With the EUR taking a sharp nose dive yesterday it prompts
us to look at recent relative price levels on the G-7.The EUR/USD is the most commonly traded pair
in the world.The price of the EUR has
broad implications on the relative value of other G-7 currencies.Although the below data can be shown
graphically it is easier to view price differentials in a table.If the EUR is a leading indicator of relative
value then the CAD, AUD, and GBP may be in for a minor drop.
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