The pound weakened significantly against the US dollar on Thursday, February 02. GBP/USD is trading near the 1.2420-1.2470 key demand zone. I think that the correction is possible in the near future. I will monitor this instrument closely. I will buy if the price exceeds the 1.2530 level. Potential movement - to 1.2625.
The RBA kept its monetary policy unchanged today. The regulator also noted the growth of China's economy, which is a key partner for Australia. I saw an increase in demand for the Australian dollar during the Asian session. Sales dominate on the market currently. The currency has broke the 0.7635 support level. I plan to open deals towards the current trend. I’m going to sell AUD/USD after the retest of the 0.7635 "mirror" the resistance level. Potential movement - to 0.7590.
The euro weakened significantly against the US dollar today. I haven’t got any trading ideas currently. I’ve identified the following key levels: Support: 1.0665, 1.0625 Resistance: 1.0725, 1.0765 So, I’ll watch how the price reacts to them. Maybe I’ll open short-time speculative orders from these levels with the reduced risk. Wish you all good profit!
There was a fairly sharp rise of the USD/CAD currency pair this week. The technical pattern is mixed at the moment. The currency has reached the 1.3210 key resistance level. The nearest support level is 1.3150. I will open positions after the breakout and retest of these levels. If the price fixes above the 1.3210 level, I will buy USD/CAD. Potential movement - to 1.3280. If the price fixes below 1.3150, I’ll sell it. Potential movement - to 1.3075.
The euro continues to fall against the US dollar today. I plan to open a deal towards the current trend. I’m going to sell EUR/USD after the price fixes below 1.0640. Potential movement - to 1.0590. I recommend to use trailing stop to accompany this position.
Buyers showed their strength on GBP/USD during the last trading session. The nearest resistance level is 1.2540 now. I plan to open positions in the direction of the current trend. I’d buy GBP/USD after the price exceeds the 1.2540 level. Potential movement - to 1.2625.
EUR/USD kept the 1.0640 key support level yesterday. It triggered the aggressive buying in the afternoon. I plan to look for the entry points for opening long positions. I’m going to buy EUR/USD in case of the breakout and retest of the 1.0700 round price level. The next target for taking profit is 1.0740.
The yen has weakened against the US dollar yesterday. This happened due to the promises of Donald Trump to make a "phenomenal" tax reform in the nearest future. I plan to open transactions towards the current trend today. I’ll buy USD/JPY after the price fixes above 113.85. Potential movement - to 114.40.
An interesting technical pattern has developed on USD/CAD. The currency is testing the 1.3150 resistance level at the moment. I’m going to buy this pair after the breakout and retest of this level. The next target for taking profit is 1.3210.
A mixed technical pattern has formed on USD/JPY at the moment. I highlighted the key levels: support 113.15; resistance 113.85. Signals of the indicators are different. 50 MA is above 200 MA. The MACD histogram has started to decline. I’ll open positions after the breakout and retest of these levels. I’ll buy USD/JPY after the price fixes above 113.85. Potential movement - to 114.40. I’ll sell it if the price fixes below 113.15. Potential movement - to 112.60.