Major Pairs Consolidating On Friday

Overall, there were some real gainers on the week for some pairs while other remained flat for the most part. The pound takes the cake with a 290 pip move on the week followed by the cad (235) and yen (150). Meanwhile, the euro had a 40 pip change while the aussie (11) and swissy (9) barely measure a change.

The euro (Eur/Usd 1.4687) spent most of the trading day in a volatile 110 pip range. Maine resistance was seen at the neutral pivot point at 1.4699 while support was found in the 1.4610 area which also supported the pair on Monday. The 4 hour chart also shows support at the 1.4540 area.

The pound (Gbp/Usd 1.5937) found a measure of support in the 1.5930 area after a tremendous 500 pip decline during the past two days. The pair has declined 290 pips or 1.79 percent for the week. Resistance was seen early in the session at the 1.6050 level.

The aussie (Aud/Usd 0.8661) has spent the past two weeks trading within a confined 200 pip channel between the 0.8780 high and the 0.8580 area. For the day, the pair found resistance at the 0.8720 area and support at 0.8610 which is near the 20 day moving average at 0.8590.

The cad (Usd/Cad 1.0913) found support at the 1.0865 level which is where the 50 day moving average has been trading as well as the neutral pivot point. Resistance on the pair was spotted at the R1 level at 1.0990 as momentum ceased for the weekend.

The swissy (Usd/Chf 1.0271) found a level of support at the neutral pivot point at 1.0276, a level which has attracted price nearly all week long. The pair had resistance at the 1.0350 level and will encounter more at the 20 day moving average at 1.0420 should the trend continue.

The yen (Usd/Jpy 89.56) declined 150 pips on the day breaking below an important swing point at the 90.20 level and not finding new support until reaching 89.50. The pair is currently trading below the S2 support level at 89.80 going into late Friday trading

Trade Plan of the Day: TheLFB Trade Plan is Eur/Usd, one of the six that are available to me

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