Source: PaxForex Premium Analytics Portal, Technical Insight
According to Reuters, president and CEO of the Federal Reserve Bank of Dallas Kaplan said in an ongoing speech:
- I wouldn't want the Fed to create an obstacle for the Treasury bond market with its actions;
- Once the pandemic is over and we see progress on jobs and inflation, I will be in favor of rolling back QE;
- As for financial markets, I am more concerned about what I don't see than what I do see;
- The Fed's inflation target is still at 2%, even under the new policy strategy;
- I want to see real results, but I will still use forecasts as well.
Pivot: 1.3684
Analysis:
Provided that the currency pair is traded below 1.3715, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3684
- Take Profit 1: 1.3650
- Take Profit 2: 1.3620
Alternative scenario:
In case of breakout of the level 1.3715, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3715
- Take Profit 1: 1.3740
- Take Profit 2: 1.3770
Comment:
RSI shows descending momentum during the day.
Key levels:
Resistance | Support |
1.3770 | 1.3650 |
1.3740 | 1.3620 |
1.3715 | 1.3600 |
GBP/USD, D1
Pivot: 1.3705
Analysis:
While the price is below 1.4000, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3705
- Take Profit 1: 1.3450
- Take Profit 2: 1.3260
Alternative scenario:
If the level 1.4000 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4000
- Take Profit 1: 1.4240
- Take Profit 2: 1.4370
Comment:
RSI indicates that a downtrend continues in the medium term.
Key levels:
Resistance | Support |
1.4370 | 1.3450 |
1.4240 | 1.3260 |
1.4000 | 1.3070 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.1910 with 1.1865 and 1.1850 as Take Profit targets. Alternative scenario - if the level of 1.1910 is broken-out, you should consider buying with the targets 1.1925 and 1.1940 as Take Profit.
USD/CAD - long positions above 1.2520 with 1.2610 and 1.2635 targets as Take Profit. Alternative scenario - if the level of 1.2520 is broken-down, sell with the targets 1.2500 and 1.2480 as Take Profit.
NZD/USD – buy above 0.6999 with 0.7097 and 0.7117 targets as Take Profit. Alternative scenario - if the level 0.6999 is broken-down, sell with the TP 0.6964 and 0.6944.