sibga's Blog
USD/JPY
The USD/JPY pair initially fell during the session on Tuesday, but continues to find support just above the 110 level. By doing so it looks as if we are going to consolidate overall, somewhere between the 110 level and the 112 level above. With this, I think that short-term trading is about as good as it will get as we are range bound. A breakdown below the 50% Fibonacci retracement level should send this market down to the 108 handle after that. Ultimately if we can break above the 112.50 level…
EUR/USD
The main trend is down according to the daily swing chart. However, the closing price reversal bottom and subsequent follow-through rally may be indicating that momentum is getting ready to shift to the upside. EUR/USD in a range the last four days is a pair of Fibonacci levels at 1.0670 and 1.0651, and a pair of 50% levels at 1.0700 and 1.0715. Trader reaction to 1.0715 and 1.0651 will determine the longer term direction of the Forex pair.The new short-term range is 1.0906 to 1.0635. If the rea…
NZD/USD
NZD/USD fell into a range shortly after the March Fed meeting with buyers stepping in on dips below the 0.7000 handle and sellers capping rallies around 0.7050.The cross rates provide a bearish bias that suggests a higher probability of a downside break in NZD/USD. On an hourly chart, a declining channel has encompassed price action over the past week. Channel resistance falls near highs posted earlier today, around 0.7015. A sustained break of horizontal support at 0.6991 would signal a bearish…