U.S. GDP was revised to show a drop of a 5.7% annual rate in the first quarter. Less inventory liquidation and a smaller drop in exports were factors in the adjustment up from the originally estimated 6.1% GDP drop. First market reaction was against dollar, thus very limited at this point.

Eur/Usd 4 hours charts also remain bullish, and after breaking the 38.2% of the monthly Fibo at 1.3740, is aproaching quickly to next Fibo level, the 50% of the rally 1.6018/1.2330 at 1.4180. If pair continues up, I expect some rebound from that level. Expect some downside correction from actual levels, with supports at 1.4058 1.4015 and 1.3980 zone.

Quoting at 1.6165, 4 hours charts show a more than healthy bullish trend. Pair could correct a bit to the downside from here, to the 1.6120 zone, before a new leg up. Resistances above 1.6180 current high will be at 1.6230 and 1.6265 zone. Break under mentioned 1.6120, could extend the correction to next support at 1.6078 and then the 1.6040 zone. With the monthly fibo level there, (check previous post on Gbp) today’s close will be key for the pair longer term perspective.

With gold quoting above $975/oz. and crude barrel above $ 65.00 no surprise commodity currencies continue pushing higher. Australian dollar quotes against greenback at 0.7980 with a first resistance at the 0.8000 zone. Clear break above will send the pair close to 0.8100 with an intermediate resistance at 0.8045. If continues rising, key longer term level lies at 0.83~. Supports,to consider are 0.7940 and 0.7902.

Canadian dollar reached a several months high against greenback at 1.1000, and the pair continues pushing lower. Break under than level, could trigger more bearish momentum in the pair despite daily over sold conditions, with midterm target at 1.0800 zone. Immediate supports lie at 1.0955 and 1.0910. Resistances on the other hand are at 1.1038 and 1.1092.

Here is the majors sentiment for today:

Eur/Usd: Bullish

Gbp/Usd: Bullish

Usd/Chf: Bearish

Usd/Jpy: Bearish

Eur/Gbp: Bearish

Hi everybody and welcome back! Rising price in oil and gold are sending dollar down early Europe, and risk appetite boost Gbp above 1.6100, while Euro slowly approaches to 1.4200. Market confidence got some help from Fed Governor Richard Fisher, who pointed out that although the U.S. economy is unlikely to recover in a meaningful way, the recession is showing signs of fading. Germany added to the positive mood with a 0.5% increase in its retail sales last month, while euro zone inflation remains at the 0.0%. Still, we have the U.S. GDP later today, to made market even more interesting.  Here is the link for today’s calendar: 

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day! 

U.S. very positive data triggered risk appetite, and the pair is rising quickly above 1.3900 zone. breaking 20 SMA in 4 hours charts if confirmed with a new candle open above, expect the pair to continue to 1.40 zone, with an intermediate resistance at 1.3960. Above 1.4010, 1.4040 and 1.4100 are next levels to watch. To the downside, 1.3910, 1.3870 and 1.3810.

Pair strong rally seems ready to continue as the pair is pushing tobreak a small continuation triangle clear in the hourly chart. Any confirmation above 97.10 could send the pair close to 98.00 despite previous rally, with resistances at 97.35 and 97.80 zone. under 96.70, consider next supports at 96.40 zone and 96.10.

Here is the majors sentiment for today:

Eur/Usd: Bearish

Gbp/Usd: Bearish

Usd/Chf: Bullish

Usd/Jpy: Bullish

Eur/Gbp: Bullish

Hi! late late! I have been without conexion for some hours and I feel lost! No much general comments today, let’s go quickly to technical points, guess you all know already what happened here: yen fell across the board, during all Asian session, as carry trade become more atractive, and japanese currency less tks to North Korean nuclear test. In less than 30 minutes we have unemployment claims and durable goods in the U.S. and i expect both to move the market. Here is the link for today’s calendar: 

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!