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After several breakout
attempts and swingy consolidative moves, Pound has once
again been rejected by immediate resistance and hit a 2-year
low against USD. This week has been marked by a very volatile
& spikied price action, and it'll still be seen due to
today NFP's.
NFP usually brings spikied
price moves, our advice is to await the spike and use a
buy-low sell high strategy. Once one of the spike limits has
been broken, follow the move and take profit on intraday
trendlines.
To the downside,
the day opened on a 150 pips fall. Main support is at
1.7530/45, and a sustained break lower may send the Pound to
new lows : 1.7490 and 1.4720 are possible targets on
short-term. However, be aware about reversals at day
lows.
To the upside,
if no new lows are seen and/or if a rejection from lows
occurs, we may have a spike higher towards pre-data levels.
Then, sustained break above 1.7640/50 minor resistance zone
will lead to a test of main intraday resistance at
1.7695. Break above this levels targts 1.7740/60 falling
channel highs. We do not expect a break
hgher, but if it occurs, 1.7820 may be touched, where good
offers stands..
Indicator's Status
:
- Slow MACD crossed positive but
remain below 0 : Bias remain neutral to negative. Spikied
counter-trend moves may be seen.
- Fast stochastic still in a
negative cycle, corrective mode. Bias remain neutral to
negative. Waiting for negative cross for downside, waiting for
overbought fluttering on bullish move.
- Both RSI and W%R neutral to
negative. Bias remain negative. Monitor overbought/sold status
according to price level to determine intraday trend
continuation or reversal. | 
