Source: PaxForex Premium Analytics Portal, Technical Insight
The New York City FRSB lowered its forecast for US GDP:
FRSE of New York: current GDP forecast for the USA for the 3rd quarter is downgraded by 0.3% to +13.8%;
GDP forecast for Q4 decreased by 1.2% to +3.6%;
The main driver of the revised estimates were unpleasant surprises from the data on industrial production and capacity utilization published last week.
USD/JPY, 30 min
Pivot: 105.42
Analysis:
Provided that the currency pair is traded above 105.25, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 105.42
- Take Profit 1: 105.60
- Take Profit 2: 105.80
Alternative scenario:
In case of breakdown of the level 105.25, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 105.25
- Take Profit 1: 105.15
- Take Profit 2: 105.00
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels
| Resistance | Support |
| 106.00 | 105.25 |
| 105.80 | 105.15 |
| 105.60 | 105.00 |
USD/JPY, D1
Pivot: 105.31
Analysis:
While the price is below 106.15, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 105.31
- Take Profit 1: 104.85
- Take Profit 2: 104.00
Alternative scenario:
If the level 106.15 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 106.15
- Take Profit 1: 106.90
- Take Profit 2: 107.60
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 107.60 | 104.85 |
| 106.90 | 104.00 |
| 106.15 | 103.00 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.1730 with 1.1670 and 1.1660 as Take Profit targets. Alternative scenario - if the level of 11.1730 is broken-out, you should consider buying with the targets 1.1745 and 1.1765 as Take Profit.
GBP/USD - long positions above 1.2895 with 1.2960 and 1.2990 targets as Take Profit. Alternative scenario - if the level of 1.2895 is broken-down, sell with the targets 1.2860 and 1.2840 as Take Profit.
USD/CHF - buy above 0.9135 with 0.9175 and 0.9185 targets as Take Profit. Alternative scenario - if the level 0.9135 is broken-down, sell with the TP 0.9210 and 0.9110.
