The Euro versus the Yen bounces from the 131.00 level

The Euro versus the Yen has reached the round number level of the 131.00, as we can see on the daily chart and bounces from that level to the upside. If the price continues retracing to the upside, the 132.00 could act as resistance, but above the 132, the 133.00 or the 200 day exponential moving average, around the 134.43 level could also act as resistance. During next week, the price could continue falling and the pair could try to go and visit the 129.67 low.

76.4% Fibo retracement on the AUD/USD

After the AUD/USD rallied from the 0.7016 to the 0.7384, the pair started to retrace to the downside with some volatility and reaches the 61.8% Fibonacci retracement where it was consolidating during the last few days. However, today we see that the bearish momentum comes in again and the pair breaks below the 61.8% Fibo to reach the 76.4% Fibo, around the 0.7102 where it has stalled momentarily. From this point the price may try to retrace to the 50% Fibo around the 0.7199, but if it breaks to the downside its next support level could be the low at the 0.7016 level from where it started rising.

EUR/USD: Volatile, but the consolidation continues

Today we had the Federal Reserve’s announcement out of the US, where the central bank has raised its interest rates by 25 basis points as expected. The Euro versus the Dollar became very volatile after the announcement and tried to break below the 1.0900 and above the 1.1000 level, but then it settled around the 1.0900 level again. On the daily chart we can see that the 55 day exponential moving average (purple line) is around the 1.0900 level and continues acting as a good support. The direction of the pair now depends on the future fundamentals from the United States and the Eurozone. In order for the pair to break below the 1.0900 level, the US fundamentals must come out a lot better than expected and in order for it to break above the 1.1000 level, the Eurozone fundamentals must also come out a lot better than expected.

EUR/CAD: Bounce from the 76.4% Fibo

The Euro versus the Canadian Dollar has suffered a drop from the 1.5561 to the 1.4024, but during the last couple of weeks the pair has been retracing to the upside and it has reached the 76.4% Fibonacci retracement as shown on the daily chart. The 76.4% Fibo could act as a good support or resistance zone and that is why we are seeing the price stall at that level and goes back to the 61.8% Fibo, around the 1.4971 level. If the pair continues dropping, then its next support could be the 38.2% Fibo, around the 1.4609 level. To the upside, the 76.4% Fibo could continue acting as a resistance, but if it breaks that level to the upside, then its next resistance could be the 1.5561 level from where it started dropping.

GBP/JPY: Good resistance at the 183.00 level

The Pound versus the Yen drops below Friday’s low around the 183.55 level and breaks below the 183.00 level. The price came very close to the 182.00 level, but it couldn’t reach that level. On the 15 minute chart of the GBP/JPY we can see that after the price broke below the 183.00 level, it made a few pullbacks to that level, but it could pass above it. It clearly shows that the 183.00 has been acting as a good resistance, but a head and shoulders pattern may be developing, which means that if completed, the price may change direction to the upside. To the downside, the 182.00 may act as its next support.

AUD/USD: Another attempt towards the 61.8% Fibo

Yesterday the Australian Dollar rallied versus the US Dollar, pushed by the better than expected readings on the Australian labor sector, but today we see that the pair has fallen again rapidly and it is trying to reach the 61.8% Fibonacci retracement of the move from the 0.7016 level to the 0.7384. The 61.8% Fibo is around the 0.7156 level and if the price visits that level, it may try to bounce from that zone to the upside. Below the 61.8% Fibo, the 76.4% may also act as a support. To the upside, the 23.6% may act as a resistance in case the price goes back up.

Webinars: The Four Pillars of Personal Trading

Today, there is an especial Webinar by ActivTrades on the Four Pillars of Personal Trading. Learn from Malte Kaub the unique traits that a person must have in order to become a professional trader. The event is free of charge and can be taken from the comfort of your home or office. All you need to do is go to the link below and register. In case you are unavailable for today’s Webinar, we invite you to take a look at the upcoming events on December 17^th and January 7^th. Don’t miss out on this great opportunity to expand your knowledge and become a better trader.

https://www.activtrades.co.uk/index.aspx?page=events_webinar