EUR/USD intraday: under pressure.
Our preference: Short positions below 1.3255 with targets @ 1.3135 & 1.308 in extension.
Alternative scenario: Above 1.3255 look for further upside with 1.329 & 1.333 as targets.
Comment: the pair remains below its 1.3255 resistance (38.2% retracement) while the RSI broke below a rising trend line.
USD/CAD intraday: bullish bias above 1.0155.
Our preference: Long positions above 1.0155 with targets @ 1.0205 & 1.0225 in extension.
Alternative scenario: Below 1.0155 look for further downside with 1.014 & 1.0105 as targets.
Comment: the RSI is bullish and calls for further upside.
USD/JPY intraday: key ST resistance at 93.5.
Our preference: Short positions below 93.5 with targets @ 92.75 & 92.2 in extension.
Alternative scenario: Above 93.5 look for further upside with 93.85 & 94.2 as targets.
Comment: the 93.5 resistance area maintains a downside pressure and the RSI lacks upward momentum.
AUD/USD intraday: further upside.
Our preference: Long positions above 1.029 with targets @ 1.0365 & 1.0385 in extension.
Alternative scenario: Below 1.029 look for further downside with 1.0265 & 1.0215 as targets.
Comment: the RSI calls for a new upleg.
GBP/USD intraday: key ST resistance at 1.533.
Our preference: Short positions below 1.533 with targets @ 1.5215 & 1.513 in extension.
Alternative scenario: Above 1.533 look for further upside with 1.541 & 1.5445 as targets.
Comment: as long as the resistance at 1.533 is not surpassed, the risk of the break below 1.5215 remains high.
EUR/JPY intraday: key ST resistance at 123.6.
Our preference: Short positions below 123.6 with targets @ 122.35 & 121.6 in extension.
Alternative scenario: Above 123.6 look for further upside with 124.15 & 124.7 as targets.
Comment: the RSI is bearish and calls for further downside.
Trading foreign currencies is a challenging and potentially profitable opportunity for educated and experienced investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose.
There is considerable exposure to risk in any foreign exchange transaction. Any transaction involving currencies involves risks including, but not limited to, the potential for changing political and/or economic conditions that may substantially affect the price or liquidity of a currency.
Moreover, the leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as well as for you. The possibility exists that you could sustain a total loss of initial margin funds and be required to deposit additional funds to maintain your position. If you fail to meet any margin call within the time prescribed, your position will be liquidated and you will be responsible for any resulting losses. Investors may lower their exposure to risk by employing risk-reducing strategies such as 'stop-loss' or 'limit' orders.
Since the possibility of losing your entire cash balance does exist, speculation in the Forex market should only be conducted with risk capital you can afford to lose which will not dramatically impact your lifestyle. Forex Systems is compensated through a portion of the bid/ask spread.
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