Sentiment keeps pushing the pair higher, with stocks and gold supporting strong risk appetite, despite pair overbought conditions even in the hourly chart. Hovering and consolidating around 1.4800, pair seems ready for a new up leg, with resistances at 1.4820, today’s high, followed by 1.4867, past September 2008 monthly high. Bigger time frames show pair still has room to ho as momentum is far from exhausted.
Support levels: 1.4775 1.4730 1.4690
Resistance levels: 1.4820 1.4866 1.4890
Pair reached the 50% retracement of the Fibonacci rally 1.6567/1.6135, and retreat some pips, yet remains consolidating clearly above the 38.2% of the same rally, suggesting some more upside to come in next hours.20 SMA is back bullish, while momentum could be starting to show some bearish divergences. Bigger time frames had turned bullish, supporting further rises. Above 1.6350, consider the 1.6400 area, as next resistance level to consider.
Support levels: 1.6320 1.6270 1.6240
Resistance levels: 1.6350 1.6400 1.6440
Japanese yen is also taking advantage of dollar weakness, and reached the 91.00 level before halting the downside rally. With hourly charts bearish, break under mentioned level will accelerate the fall to the 90.50 area first, and key 90.10/20 level then. Pair needs to regain the 91.60 area to change intraday bias.
Support levels: 91.00 90.50 90.15
Resistance levels: 91.35 91.60 92.00
Pair reached the 50% retracement of the Fibonacci rally 1.6567/1.6135, and retreat some pips, yet remains consolidating clearly above the 38.2% of the same rally, suggesting some more upside to come in next hours.20 SMA is back bullish, while momentum could be starting to show some bearish divergences. Bigger time frames had turned bullish, supporting further rises. Above 1.6350, consider the 1.6400 area, as next resistance level to consider.
