Short'n'longs

This day will be full of important economic reports and news from the United States. The US Federal Reserve may raise the interest rates for the first time in 2017. The FedWatch Tool is at 90.8% now. It seems to me that the regulator is likely to tighten the monetary policy. At the same time, this event has already been added to the price. It is necessary to monitor the comments of the Fed representatives. The demand for the US dollar will grow, in case if the regulator announces another possible increase of the interest rates.

I won’t open any deals today as I’m planning to wait for the Fed’s decision. I'll be back to trading tomorrow. For now, I’ve identified the following key levels and I’m going to watch how the price reacts to them. Wish you all high profits!

EUR/USD
Support levels: 1.0600, 1.0530
Resistance levels: 1.0670, 1.0710

USD/JPY
Support levels: 114.500, 113.600
Resistance levels: 115.45

The Fed raised the interest rate by 25 basis points yesterday. At the same time, the US dollar weakened against major world currencies. I’ve already wrote that a possible increase in rates is already “priced-in”. It seems to me that the US currency was under pressure, as Yellen's speech was not strong and aggressive enough.

The technical correction indicates a possible correction on USD/JPY. The strongest reversal formations of technical analysis, the price divergence and the MACD histogram, have formed on the market. I’d buy the pair after the price fixes above the 113.30 level. Potential movement - to the 114.00 round level.

The aggressive buying was observed on GBP/USD yesterday. 1.2300 if the closest resistance level. There is also a correction on this pair. I plan to wait for the price to roll back to the 1.2245-1.2230 area. I’ll look for the entry points for opening long positions, if the price reaches that zone. Potential movement - to 1.2300-1.2325.

The divergence of the price and the MACD histogram continued yesterday. I am still waiting for a correction on USD/JPY. The demand for the US dollar is supported due to the yesterdays positive statistics and the growth of the government bonds yield. Id buy USD/JPY after the price fixes above the 113.45 mark. Potential movement to 114.00-114.25.

The NZD/USD currency pair has been strongly adjusted after a significant growth on Wednesday, March 15. I’d buy NZD/USD, if the price fixes above the 0.6985 local resistance. Potential movement - to 0.6940. I‘ll use a trailing stop for this position.

There are "bullish" sentiments on NZD/USD at the moment. The growth of quotations exceeded 60 points during the Asian trading session. The currency has found its resistance at 0.7070. I plan to open deals in the current trend’s direction. I’ll buy the pair, if the price fixes above the 0.7070 mark. Potential movement - to 0.7100-0.7125.

The technical pattern on EUR/USD is mixed for me. I highlighted the following key levels:
Support - 1.0755;
Resistance - 1.0780.
Strong reversal formations (the price divergence and the MACD histogram) were formed on the market. I’d sell EUR/USD, if the price fixes below the 1.0755 level. Potential movement - to 1.0705.
At the same time, I do not exclude the further growth of the EUR/USD quotations. I’d buy it, if the price overcomes the 1.0780 local resistance level. The immediate goal for taking profit is 1.0825.

Purchases dominate on EUR/USD now. The euro has overcame the 1.0780 local resistance. The Fed representative, Charles Evans, said that the regulator won’t rush to raise the rates. I’d buy the pair after the retest of the 1.0780 "mirror" support level. Potential movement - to 1.0825-1.0850.

The USD/CAD pair has held its local resistance at 1.3365. I plan to sell it, if the price fixes below 1.3325. The immediate goal for taking profit is 1.3280. I’ll use a trailing stop here. I think that the currency can reach the 1.3200 round level.

The pound has increased in its value over the past week. The GBP/USD currency pair has reached a rather strong resistance zone. The technical pattern is ambiguous for me at the moment. I don’t exclude a correction on GBP/USD in the nearest future. I’ve identified the following levels:
Support - 1.2440
Resistance - 1.2500

I plan to open positions after the breakthrough and retest of these levels. Confirmations and entry points can be found on the smaller timeframes.

Sellers dominate on USD/CHF now. I plan to open deals in the current trend’s direction. The currency is testing the 0.9920 local support at the moment. I’ll sell it, if the price fixes below this level. Potential movement - to 0.9875-0.9850.

EUR/USD is in sideways motion at the moment. I can identify the key support and resistance levels: 1.0780 and 1.0820. I plan to open transactions after the breakthrough and retest of these levels. The market is waiting for the speech of the Fed chairman.

I’ll buy EUR/USD to 1.0850-1.0875, if the price fixes above the 1.0820 level.

I’ll sell it to 1.0750-1.0725, if the price fixes below the level of 1.0780.

The technical pattern on USD/CAD indicates the "bullish" sentiment now. The currency has held the 1.3320 local support level. The nearest resistance is 1.3360. Ill buy USD/CAD, if the price fixes above this level. Potential movement - to the 1.3400 round level.

I’m going to look for the entry points for short positions on EUR/USD today. The currency has formed the 1.0760 local support level. I’ll sell it, if the price fixes below this level. Potential movement - to 1.0725.

USD/JPY has found its support at 110.75. The yen held this mark yesterday. The technical pattern indicates the development of corrective movement. I plan to buy the pair, if the price fixes above the 111.50 local resistance. Potential movement - to 112.35.

The bearish sentiments continue to prevail on the USD/JPY pair. The yen has firmed below the 110.75 key support level. I plan to open deals in the current trend’s direction. I’ll sell USD/JPY, if the price fixes below the 110.15 level. Potential movement - to 109.50

GBP/USD is testing the 1.2525 "mirror" support level at the moment. The technical pattern indicates the continuation of the upward trend. If the price holds 1.2525, I’ll look for entry points to open long positions. Potential movement - to 1.2550-1.2575.

I expect a correction on EUR/USD. I’m going to look for the entry points into the short positions, if the price fixes below 1.0850. The nearest target for taking profit is 1.0815. This order will be short-time and speculative.

I think there will be the growth of the USD/CAD quotes. We can clearly notice a “triangle”, a classic pattern of technical analysis. The currency pair is testing the 1.3395 mirror support level. I plan opening orders after the price fixes above the 1.3410 mark. Potential movement – to 1.3450-1.3475.