This
past week’s short term trend reversal has left many investors and traders scratching
their heads. Both currencies and stock markets alike have been affected. The
million dollar question is whether this is just a temporary pause before the
overall trend reasserts itself. At times like this, it pays to be a trader
rather than an investor.
EUR/USD
It’s currently trading at
1.3273 and remains below it’s recent high of 1.3451. Targets on the upside are
1.3347 and 1.3375. On the downside targets are 1.3267 and 1.3215.
RESISTANCE
|
R1: 1.3347
|
R2: 1.3375
|
R3: 1.3427
|
SUPPORT
|
S1: 1.3267
|
S2: 1.3215
|
R3: 1.3187
|
GBP/USD
For those that thought they
missed the opportunity to go short this pair in the 1.5800’s, well those
traders have gotten their wish. On the upside, getting above 1.5840 opens the
way for 1.5866.
RESISTANCE
|
R1: 1.5866
|
R2: 1.5904
|
R3: 1.5978
|
SUPPORT
|
S1: 1.5754
|
S2: 1.5680
|
R3: 1.5642
|
NZD/USD
The pair is at the very top
of it’s yearly range at .8127. Breaking above .8154 could set up the path for
.8183, while downside targets are .8124 and .8110.
RESISTANCE
|
R1: .8146
|
R2: .8154
|
R3: .8168
|
SUPPORT
|
S1: .8124
|
S2: 0.8110
|
R3: 0.8102
|
S & P Futures
The index has been in steady
uptrend since the beginning of the year with periodic pullbacks. It’s unclear
if the top is in, though time will tell.
RESISTANCE
|
R1: $1690.10
|
R2: $1703.12
|
R3: $1710.14
|
SUPPORT
|
S1: $1670.62
|
S2: $ 1661.10
|
R3: $1651.05
|