Good morning everyone.

Here is a mid week update for you regarding the 10 currency pairs I look at for FMP.

If you have any questions regarding this update or if you want me to look at any other currency pairs – PLEASE drop me a note in my current weekly thread in the forum. It is just easier for me then to spot your questions so that I can get back to you ASAP.   

I can spot loads of MACD divergence and convergence on the pairs this morning plus we at key support/resistance levels so possible counter trades can be on the cardsfor the next day or two.

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LETS HAVE A LOOK:

1) Euro/Dollar on the 4 hour chart:

I am keeping an eye on the 1.0979 WR1 pivot level for a possible counter short. We have MACD divergence showing up and stochastic is overbought so possible correction can be on its way back to the 200 EMA waiting at 1.0816.

2) Euro/JPY on the 4 hour chart:

I am keeping an eye on the psychological level at 122.00 just above the WR1 pivot level for a possible counter short. We have no MACD divergence showing up but on the 4 hour chart…..but we do have on the 60 min chart……stochastic is overbought so possible correction can be on its way back to the 120.13 and 119.50 levels.

3) Euro/GBP on the 4 hour chart:

We in that zone area I called yesterday between 0.8510 and 0.8542. Currently we hitting the 4 hour 200 EMA with MACD showing divergence and stochastic that is overbought so possible correction can be on its way back to the 55 EMA waiting at 0.8461

4) GBP/Dollar on the 4 hour chart:

Currently still in no man’s land I will prefer a correction to at least 1.2747 and 1.2730 where I will re look to long from……possible counter shorts from 1.2900.

5) GBP/JPY on the 4hour chart:

I am keeping an eye on the 143.00 and 143.16  WR1 pivot level for a possible counter short. We have MACD divergence showing up and stochastic is overbought so possible correction can be on its way back to the 141.15 and 140.64 levels.

6) Aussie/Dollar on the 4hour chart:

Price broke the 200 EMA`S to the downside……and it’s on the way to the WS1 pivot at 0.7494. last week’s low area too……so possible support coming up there for a possible long position again.

7) Aussie/JPY on the 4 hour chart:

We in that zone area I called yesterday between 83.70 and 84.27. Currently we hitting the 4 hour and daily 200 EMA`s with MACD showing divergence and stochastic that is overbought so possible correction can be on its way back to the 55 EMA ad main weekly pivot waiting at 82.72.

8) Dollar/JPY on the 4 hour chart:

Price broke that roadblock zone to the upside…..the 2 x 200 EMA`S and 55 EMA but we getting closer now to the WR2 pivot at 111.70 where we might hit resistance on this one and possible shorts. Problem for me is that we have loads of EMA`S that can give support and limit the move down.

9) Dollar/CAD on the 4 hour chart:

Price had a nice rally from the weekly main pivot and 55 EMA at 1.3424 hitting the WR1 pivot at 1.3586 giving us well over a 100 pips…….price found resistance at the WR1 pivot and gave railway tracks on the 4 hour chart with MACD divergence so correction might be on the cards for this pair back down to 1.3500 and 1.3460 areas.

10) Dollar Index on the 4hour chart:

Still in no man’s land…..If we make new lows follow price with your fib to get the adjusted zone for the week. Possible counter longs from the WS1 pivot at 98.37. We have MACD divergence showing up, so correction might be on its way………I will re look to short once we hit 99.39 and 99.64 and 99.74 areas.

Well that’s my mid week update for now

Happy pipping

Pierre

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