Pierre`s Monday Morning FX Market Overview, 10 April 2017

by | Apr 10, 2017 | Forex Analysis

Good morning everyone.

I hope you are all well, healthy and ready for this week’s trading with us.

Remember if you new or old here at FMP to pop in at the forum if you need help. I will be happy to help.

With last weeks NFP out of the way…….lets have have a look:

Monday inspiration:

The Spaghetti indicator:

Most currencies are flat this morning except for  the CAD so I will be keeping an eye on them for possible trade setups.

cad1

One that I will be keeping an eye on will be the CAD/JPY zone:

We hitting the zone and we have a resistance area at the psychological level of 83.00. If we look to the left we have previous support/resistance. I will prefer if we can close under the 55 EMA at 82.92.

cadjpy

If we drop to the 60 min chart we can already spot MACD divergence too with a double top overbought stochastic………

cad22

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Let’s have a quick Monday morning look at what is cooking in the Forex kitchen this morning.

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1) Euro Dollar on the 4 hour chart:

Currently I have an Earth and Sky short zone between 1.0636 and 1.0668 with areas to keep an eye on at the 1.0652 and 1.0658 and 1.0675 as resistance areas where after I will re look to short this pair again.

Possible counter long at 1.0542 areas.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

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2) Euro JPY on the 4 hour chart:

Currently I have an Earth and Sky short zone between 118.18 and 118.61 with areas to keep an eye on at the 118.18 and 118.54 resistance areas where after I will re look to short this pair again.

Possible counter long at 116.97 areas.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

……………………………………………………………….

3) Euro GBP on the 4 hour  chart :

Looks like we trapped in a triangle. Problem for me is if we break to the upside, we have a roadblock at 0.8600 where we have loads happening so a break out to the upside can be limited.

If we break to the downside we4 have a roadblock at 0.8518/06 where we have a 200 EMA and WS1 pivot waiting so a break out to the upside can be limited.

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 4) GBP Dollar on the 4 hour chart:

Currently I have an Earth and Sky short zone between 1.2462 and 11.2510 with areas to keep an eye on at the 1.2453 resistance areas where after I will re look to short this pair again.

Possible counter long at 1.2307

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

Notes:

We have a road block at the 55 and 200 EMA at 1.2419 before we get to the trading zone this week so keep an eye on this level too for possible short set ups.

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5) GBP JPY on the 4 hour  chart:

Currently I have an Earth and Sky short zone between 138.37 and 139.13 with areas to keep an eye on at the 138.28 and 138.37 resistance areas where after I will re look to short this pair again.

Possible counter long at 136.34.

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

Notes:

If we break past the 55 EMA at 138.37 then I will re look to short from the 139.13 level where the 200 EMA will be waiting.

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6) Aussie Dollar on the 4 hour chart:

Currently I have an Earth and Sky short zone between 0.7559 and 0.7600 with areas to keep an eye on at the 0.7546 ( loads happening here at the 38.2 fib) and 0.7574 and 0.7596 resistance areas where after I will re look to short this pair again.

Possible counter long at 0.7454

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

………………………………………………………………

7) Aussie JPY on the 4 hour and daily chart:

Currently I have an Earth and Sky short zone between 83.94 and 84.51 with areas to keep an eye on at the 83.87 and 84.00 and 84.13 resistance areas where after I will re look to short this pair again.

Possible counter long at 82.50

If we make new lows without the correction….follow price with your fib to get the adjusted trading zone for the week.

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8) Dollar JPY on the DAILY chart:

I don’t like the way how price don’t respects the 4 hour 200 EMA and daily 55 EMA at the 111.11 area. I will re look to short this pair once we get back up to the 112.17 and 112.40 areas as we have EMA`S waiting there plus previous support/resistance.

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9) Dollar CAD on the DAILY chart:

We broke the triangle to the upside and price gave two opportunities for a M2 long. I however will re look to short once we get to the MR1 pivot at 1.3480 and 1.3500 and 1.3550 areas on this one.

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10) Dollar Index on the 4 hour chart :

Currently I have an Earth and Sky long zone between 100.85 and 100.59 with areas to keep an eye on at the 100.72 and 100.68 and 100.59 support areas where after I will re look to long this index again.

Possible counter shorts at 101.55

If we make new highs without the correction….follow price with your fib to get the adjusted trading zone for the week.

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Well that’s that for my Monday Morning Quick overview.

I will be back tomorrow morning with a comprehensive Earth and Sky analysis for the rest of the week.

Regards

Pierre

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