It managed a post cut low down to 1.0150 where, if stories are to be believed, George Soros may have been taking profit.
There was a small dip back to 1.0150 on the back of the NZ intervention news but data from China soon wiped that loss and we’ve been steadily pushing back up.
Tech wise there’s not a lot going on. For you intraday traders and scalpers there’s the 38.2 fib level of the rate move at 1.0218. I prefer to draw my fibs over a longer time frame starting from about a week so on my chart I’ve got the fibs from the 30 April Hi/lo. The 38.2 comes in at 1.0241.
Before we get there though there is firm resistance between 1.0229/39. Above there we have the bottom of the broken trend line and 55 H4 ma at 1.0280 then the 100 H4 ma at 1.0290
To the downside we have strong support at 1.0150 and more at 1.0140/45. Below there we find the 2013 low at 1.0114 with the July 2012 low at 1.0095
Overall I’m neither bullish or bearish on the pair. Sell off’s have been met with strong demand so I’m inclined to look for the long trade rather than the short trade. I’m going to look to get in small at 1.0150 and add more around 1.0120 then more ahead of 1.0100, with a stop at around 1.0080/85.
As with all trades I’ll be noting the reason for the market moving to my levels before trading.
